The OpenMoney app is now featured on the CCU website and members may now receive financial advice in the form of a recommendation based on their personal and financial circumstances via this app.

If OpenMoney believes a members is not in a good financial position to invest, they help by getting the members finances into shape through the money management app. This app’s account linking feature, and transaction analysis tool, encourages members to reduce their debts and build cash savings.

Additionally, OpenMoney will tell members whether they think investing is right for them, and if so, which product mix and portfolio fits their profile. OpenMoney is authorised and approved by the FCA to provide financial advice, but not all robo-advisers are. With OpenMoney members have the opportunity of speaking with a qualified financial adviser at no additional cost. Some providers may offer guidance, so they can help members narrow down their options. Others offer financial advice but at a premium cost.

If a member does invest how safe is their money with OpenMoney? As with most investments, when, and if, a member invests they are putting their money at risk. This means members might get back less than what they put in. OpenMoney manages this risk by ensuring the portfolio they recommend is inline with a members risk level and capacity for loss.