Why is mynestegg closing?
The recent performance of the business has meant that it is unfeasible for us to secure follow in investment which was required to grow the business. As a result, in the interests of protecting clients, our shareholders have decided to wind up the company now to ensure that clients have sufficient time to find a new home for their investments.
What does this mean for me?
You will have received an email from mynestegg explaining what this means for you as a client going forward, the actions you need to take and the timeframe you have to take action.
What are my next steps?
You will have received an email from mynestegg explaining what this means for you as a client going forward, the actions you need to take and the timeframe you have to take action.
How do I initiate a transfer to a new provider?
To initiate a transfer of your pension or ISA to a new provider you'll need to initiate this via your new chosen provider. We cannot initiate the transfer from our side and it cannot be done via the mynestegg website or mobile app.
You'll likely need your policy number and account balance to initiate the transfer with your new provider, both of which can be found in your mynestegg account.
mynestegg isn't listed as an option to transfer from with my new provider
We are still a relatively new company and therefore most providers won't have us on their list of providers to choose from on their website.
This does not mean you cannot transfer your account to them, you'll just need to contact them to make them aware and they should be able to help you get set up.
How long before mynestegg will cease operations?
You have 6 weeks to transfer any pensions and/or ISAs to a new provider or withdraw ISA funds to your bank account. Once this 6 week period has passed, your investments will then remain as they are and you will be given access to a new online portal provided by Seccl (your product provider and custodian). The new portal will allow you to view your investment balance and instruct withdrawal requests but you will have limited functionality compared to the current mynestegg portal and mobile app.
To clarify the six weeks is a time frame on when you'll need to take action. For example if you initiate a transfer during this time but the transfer takes longer than six weeks, the transfer will still continue to be transferred to your new chosen provider even when mynestegg ceases.
How do I contact you?
You can contact our Client Care Team via email at [email protected] or provide us with your telephone number and a member of our team can call you back.
Our team are working as hard as possible to ensure a smooth transition for you at this time.
Is my money safe?
Yes, your money is protected under the Financial Services Compensation Scheme (FSCS) up to £85,000 per fund provider. This protection is only in place should something happen to your underlying fund provider .e.g Blackrock or Fidelity. mynestegg closing down does not impact the security of your investments as we do not hold client money.
What happens if I don’t complete the next steps before the closure date?
Your account will be passed to Seccl as product provider and custodian and you will need to liaise with them directly to transfer your investments to a new provider or initiate any withdrawals from ISAs
I have already initiated a transfer, will this go ahead?
All transfers in to mynestegg that are "in progress" will be cancelled to protect you and you will have received a specific email about this.
Why can't I withdraw all of my money from my ISA?
This is a limitation of our third party provider but we can manually process full withdrawals of your ISA account to the bank account linked to your mynestegg profile. Please email us at [email protected] and one of our team will initiate a full withdrawal for you.
I want to withdraw my pension
Pension products cannot be withdrawn to your bank account, these will need to be transferred to an alternate provider.
Can I close my account early?
Yes, you can close your account any time. Please email us at [email protected] and we will complete this process for you. To close the account the balance must be zero and all direct debits must be cancelled.
How do I cancel my Direct Debit?
The best way to cancel your direct debit is to do so directly via your bank for peace of mind.
You can also reach out to our Client Care Team at [email protected] who can also cancel your direct debit.
On 10th April 2025 we will be closing all direct debits down and cancelling them all from our side, after this date you'll no longer need to cancel it yourself.
My contribution has been taken but does not show in my dashboard.
Whenever a contribution is debited from your bank account, this is then placed into an investment process. The process can take around 4-6 working days during which the funds will not be visible in your mynestegg dashboard. Once the investment process has complete, the funds will be visible the following working day.
If you have any concerns regarding funds not visible or it has been longer than 6 working days, please contact our Client Care Team at [email protected] who can investigate further.