Before John Lewis Investments closes, you have 3 options:
1. Automatically become a Nutmeg customer
If you take no action, you'll automatically become a Nutmeg customer on 15 October 2024. There will be no change to your investment pot(s) when this happens and your account(s) will move over to Nutmeg unchanged. All of your chosen pot settings (investment style, risk level, pot name), as well as your username, password, preferences and Direct Debits, will remain exactly the same.
Nutmeg's expert team has managed all John Lewis Investment pots, and they'll continue to do so going forward. This means that the exact same team of investment experts will continue to manage, rebalance and review your investments, even after 15 October 2024. There will be no change to the costs and charges you currently pay, as these will remain the same if you become a Nutmeg customer.
You will be able to access your investments through the Nutmeg website from 15 October 2024.
You will also gain access to Nutmeg's mobile app, meaning you can manage your account on the go, as well as additional Nutmeg investment resources, such as the blog and monthly investor updates.
To get to know Nutmeg better, head to their website.
2. Transfer your investments to another provider
If you don't wish to become a Nutmeg customer, you can transfer your ISA or JISA to another provider. To do this, you'll need to reach out to your new provider to start the transfer request. This process will likely involve you completing a transfer application form from your new provider and sending it to them. The new provider will then contact us with instructions on how to handle the transfer. Please note, we don’t support partial transfers out of a JISA, so you'll need to transfer the full amount to a new provider.
When making a transfer, you may need the following details:
Current provider name: Nutmeg Saving and Investment Limited
Learn more about transferring your funds to another provider
Please note you’ll not be able to directly transfer a GIA. Instead, you’ll have to withdraw your GIA funds to your bank account and reinvest these with a new provider.
3. Withdraw your funds to your bank account
If you don't wish to become a Nutmeg customer, you can withdraw the funds held in your stocks and shares ISA or GIA to your chosen bank account. You won't be charged an exit fee, but you may have to pay Income Tax or Capital Gains Tax on any withdrawal you make from a GIA. The exact amount of tax you may have to pay will depend on your individual circumstances.
Withdrawals typically take 3-7 business days, but can take longer in some instances. All withdrawals must go through the following steps:
i) We will sell your investments at our next twice-weekly investment cycle, typically on a Monday or Thursday.
ii) Once sold, the trades take 2 business days to settle before we receive the cash to send back to you.
iii) Once the trades settle, we send the money to your nominated bank account by electronic transfer, which will arrive the following business day.
Please remember, if you're withdrawing from an ISA, any allowance used in this tax year will be lost and you won’t get it back if you later pay back into your ISA. The value of your investments may fluctuate during the period between your withdrawal request and when the trade is executed to sell your investments.
Learn more about withdrawing your funds.
IMPORTANT
If you've initiated a withdrawal or transfer to a new provider and it's still in progress on 15 October 2024, you will remain a John Lewis Investments customer and will be able to access your account via the John Lewis Investments website until the withdrawal or transfer is complete. Once the withdrawal or transfer is fully complete, your account will be closed.
If you hold a Junior ISA, you can’t withdraw the money until the child is 18 as the money belongs to the child. If you have a Junior ISA and you don't wish to become a Nutmeg customer, you will need to transfer your JISA to a new provider.
Further details on transferring and withdrawing can be found in our terms and conditions.
No changes will be made to the settings of your GIA, unless you choose to withdraw funds. You will not be able to directly transfer a GIA. Instead, you'll have to withdraw your GIA funds to your bank account and reinvest these with a new provider.
Once you become a Nutmeg customer, you'll be able to access your account by logging into their web dashboard, or using their mobile app. Your username, password, preferences and Direct Debits will all remain the same. You can edit these settings at any point, if you choose to.
No changes will be made to the settings of your Junior ISA, unless you choose to transfer funds to a new provider. Remember, only your child can withdraw from a John Lewis Junior ISA, and they are not able to do so before their 18th birthday, unless specific criteria are met as outlined in our terms and conditions.
Once you become a Nutmeg customer, you'll be able to access your account by logging into their web dashboard, or using their mobile app. Your username, password, preferences and Direct Debits will all remain the same. You can edit these settings at any point, if you choose to.
As we will no longer be offering investments, this means that our Nest Egg promotion will end on 15 October 2024. You have until that date to take advantage of your 1.25% Nest Egg cashback reward, and this will be credited to your account as before. Any activation bonuses that are pending after 15 October 2024 will still be paid to eligible participants, as defined in the Nest Egg terms and conditions.
Once your Junior ISA moves over to Nutmeg on 15 October 2024, it will become a standard Junior ISA account with no Nest Egg cashback reward.
From 15 October 2024, you’ll be able to log into your new Nutmeg account using the same username and password.
You’ll be able to access the login page through the top right-hand corner of the Nutmeg website, or you can download their mobile app from the App Store or Google Play.
You can get in touch with our team via:
Email – johnlewisinvestments@nutmeg.com
Phone – 020 3014 7485
Nutmail which can be accessed via your dashboard
If you choose to move over to Nutmeg, they will email you after 15 October 2024 with more information on the company and the new investment products and styles available to you. You can also book a free call with an expert from Nutmeg's wealth services team.
With investment your capital is at risk. Tax treatment depends on your individual circumstances and may change in the future.
John Lewis plc trading as John Lewis Money acts as an Appointed Representative of Nutmeg Saving and Investment Ltd for the purpose of making introductions to Nutmeg and distributing financial promotions. John Lewis Investments services are provided by Nutmeg Saving and Investment Limited; authorised and regulated by the Financial Conduct Authority, no. 552016, registered in England and Wales, no. 07503666, with a registered office at 25 Bank Street, Canary Wharf, London E14 5JP.
