Frequently Asked Questions

What is an ISA?

An ISA is an Individual Savings Account which is a tax efficient wrapper that allows you not to pay tax on any growth or income you’ve made in investing or saving while your savings or investments remain within the ISA wrapper. The government allows every tax resident in the UK a set amount of tax-free allowance within each tax year - this tax year (2022/23) it’s £20,000. If you don’t use all your tax-free allowance for that year, it doesn’t roll over to the next year. 

You can read more about ISAs in our dedicated product page.

I already have an ISA, can I open another with you?

Provided you haven’t opened or funded a Stocks or Shares ISA in the current tax year, you can open an additional Stocks and Shares ISA with Clim8. If not, you can still open a new Stocks and Shares ISA with Clim8 but you will need to transfer over the whole of your existing ISA for the current tax year. If you’ve paid into a Stocks and Shares ISA in a previous tax year you can keep your existing previous years ISA account and complete a partial transfer or transfer the full ISA amount to Clim8.  If you have a cash ISA with another provider, you can open a Stocks & Shares ISA with Clim8, and you can split your tax-free allowance of £20,000 between the two (this applies for the 2022/23 tax year and future tax years may differ).

What is an ISA transfer?

In the UK, adults can open ISAs (Independent Savings Accounts) in order to create a “tax-free” wrapper around their investments below the ISA allowance (currently £20,000 for tax year 2022/23). There are 4 types of ISAs: Stocks and Shares ISAs (the type Clim8 offers), cash ISAs, lifetime ISAs and IFISA. You can have one of each type and make contributions to each in one given tax year. If you have an existing Stocks and Shares ISA, which you have opened or paid into in this financial year, and wish to open a new Stocks and Shares ISA with Clim8, you will need to transfer the full amount across to the new one when you open it. If you’ve paid into a Stocks and Shares ISA in a previous tax year you can keep your existing previous years ISA account and complete a partial transfer or transfer the full ISA amount to Clim8. If you have a cash ISA you can transfer the full current tax year’s amount as well as previous years to Clim8 in a full transfer- this will convert this to a stocks and shares, alternatively you can complete a partial transfer. However, once opened you can only add funds to your new stocks and shares Clim8 Stocks and Shares ISA in the current financial year, not your previous year’s ISA.

How do I transfer my current Stocks and Shares ISA to Clim8?

Once you’ve started opening your new Stocks and Shares ISA in-app, you can easily tell us you want to transfer your existing ISA with just a few taps.  For help with your ISA transfer, please contact our customer service team at support@clim8.com for more information.

How do I complete the ISA transfer form?

We’ve designed our transfer form to be simple and easy to complete. It’s worth checking with your current ISA provider what details they have on file as these will need to match the details you give us on the form for your transfer to go through successfully.

How long does an ISA transfer take?

Transfers normally take up to 4 weeks depending on your current provider. We always aim to process transfers as quickly as possible but if your transfer is taking longer than expected, you may want to follow up with your current provider to check progress. 

How do I cancel my Stocks and Shares ISA transfer request?

If you want to cancel your transfer request, please tell your current provider as soon as possible as well as our customer service team at support@clim8.com.

What types of ISA transfers does Clim8 accept?

We accept the following types of ISA transfers, below:

• Cash ISA
• Stocks and Shares ISA 
• Innovative Finance ISA (IFISA)

Please note Clim8 only offers Stocks and Shares ISAs, therefore non Stocks and Shares ISAs transferred to Clim8 will convert into a Stocks and Shares ISA. If you are thinking about transferring an ISA to Clim8, please check with your current provider about exit fees and timelines, as losses might occur during the transfer process e.g. from being “out of the market”. Please note, the risks associated with Stocks and Shares ISA are different from IFISAs and Cash ISAs. If unsure whether an ISA transfer is suitable for you,speak with an independent financial adviser.

Why is my transfer taking longer than expected?

While we always work hard on making sure your transfer goes through as quickly as possible, every now and then unforeseen delays can happen. These are the most common reasons for why your transfer might be taking longer than expected:

• Your current provider might accept transfers in different ways, some accept electronic transfers while others require to receive your forms by post. If that is the case we forward your forms via recorded delivery (the securest method) but occasionally things can get lost in the mail.
• If your current providers send funds via cheque and they don’t opt to send it via recorded delivery (securest method), this can take 3-5 business days to clear.
• Your current provider may also be experiencing a backlog of high inbound or transfer-out requests, which can delay the processing of your transfer
• Your details may not be updated with your provider and they have to get in touch with you first or ask us to get in touch with you to update your information 

Does transferring my ISA count towards my annual allowance?

No, ISA transfers do not count towards your annual allowance. Further contributions into your Clim8 ISA will count towards your tax-free annual ISA allowance. 

How much does it cost to transfer an ISA?

The process of transferring an ISA itself is free of charge and we do not charge for supporting your transfer process. Please check with your current provider in case they have exit fees, as we would not know this information.Once transferred, your ISA will become a Clim8 ISA with our transparent fee structure.

Do I need to open an account before I transfer my ISA to Clim8?

Yes, you will need to open a Stocks and Shares ISA portfolio account first, before transferring an ISA to us. 

How many ISAs can I transfer?

You can make as many ISA transfer requests as you want in-app, whenever you're topping up or opening a new ISA. If you need any help with this process you can contact our customer service team at: support@clim8.com. 

What is a full and partial transfer?

A full transfer is the whole of your current portfolio value transferred over to a new ISA provider. Partial transfer is where you want to only transfer a certain amount of your current portfolio value. Our transfer forms are clear, easy and simple; if partial, simply state the amount you would like to transfer over in the forms by contacting us on support@clim8.com 

A full transfer is the total value of your current ISA transferred over to a new ISA provider. If you’ve paid into your Stocks and Shares ISA this financial year you’ll need to transfer the full amount to Clim8. A partial transfer is where you want to only transfer a certain amount of your previous year’s ISA. If you have an existing cash ISA or an existing Stocks and Shares ISA and you haven’t put any money in it this tax year. Our transfer forms are clear, easy and simple – and you can start the process in-app.

Can I make a deposit into my Clim8 portfolio whilst transferring an ISA?

Yes, you can still make deposits (subject to annual allowance) into your Clim8 portfolio whilst your ISA transfer is in progress. 

How do I transfer-out my ISA?

If you want to transfer your Clim8 ISA to another provider, your new provider will need to email transfers@wealthkernel.com. Please note, we do only accept electronic requests and not paper forms.

How do I ask my IFA to get in touch with you about my portfolio?

Your IFA will need to contact operations@clim8.com.

How many accounts can I have?

You can have up to 3 General Investment Accounts (GIA) and 1 Individual Savings Account (ISA). You can open one GIA for each available risk type. You will be able to see which accounts are available on your Dashboard.

Can I have more than one ISA?

You can only have one ISA account right now, with a single risk type. However, we’re currently working on allowing you to spread your annual ISA allowance across more than account and risk type.

When we do launch multiple ISAs, the annual allowance (currently £20,000) will be shared across all your ISA accounts. So you won’t be able to deposit more than the allowance with Clim8 in a single tax year.

Can I change the risk type on an existing account?

You can open an account with a new risk type in the Clim8 app. If you want to move funds from one risk type to another, you’ll need to get in touch with us.

What about changing my account type?

You can open the new account in your Clim8 app, but you’ll need to get in touch with us if you want to move funds from one account to the other.

Can I open a shared account or open an account for someone else in my Clim8 app?

This is not something we offer right now but we’re currently exploring the option of offering Junior ISAs in the future.

How can I close an account?

Once you’ve withdrawn all your funds, you can ask our customer support team to close the account for you.

What is GIA?

A GIA is a General Investment Account. An account that gives you the freedom to invest as much as you want, unrestrained by tax-related restrictions associated with ISA accounts. Investments in GIA are, however, generally subject to tax.

How can I transfer a GIA from another provider?

You can contact support@clim8.com requesting to transfer your GIA, please note we currently only accept GIA transfers in cash. Alternatively, you can withdraw your funds from your GIA portfolio with your current provider and then deposit the funds once received to your new provider. If you transfer a GIA, however, there may be a period of time when the money will be out of the market.

What is right for me, an ISA or a GIA?

Clim8 does not offer financial advice as part of our services. However, we outline the main features of ISAs and GIAs on our website which may help you to decide if an ISA or GIA is right for you. If unsure, please speak with an independent financial adviser.

Why do we ask suitability questions when you sign up?

We ask questions about your investment knowledge and experience, your financial situation, your ability to bear loss, and your investment objectives and risk tolerance in order to make an assessment of whether our services are suitable for you (the “suitability assessment”). It is a regulatory requirement to enable us to act in your best interest.

Why do you need my National Insurance number?

We need your National Insurance Number as this is one of the ways in which we can easily identify you. We also require it, particularly with regards to the ISA, for Her Majesty’s Revenue and Customs (HMRC) tax reporting purposes.

Why do you ask for citizenship?

It helps us verify your identity and make sure we can offer our services to you (which are currently limited to the UK and Channel Islands). You do need to have British citizenship to be eligible, but you must be a UK resident.

What is an “Easy bank transfer?”

An Easy bank transfer uses Open Banking to allow you to deposit money into your Clim8 account without having to enter any payment details or account numbers into your online or mobile banking platform. With Open Banking, you authorise payments to a specific third party (like Clim8) by logging into your banking application and confirming you’re happy for that third party to initiate the payment. We currently offer Easy bank transfers to all the major UK banks. However if you don’t see the provider of your nominated bank account listed when making a payment, you’ll need to make a regular bank transfer instead.

Who are Truelayer and why did their name appear when I went to make a payment?

TrueLayer is one of the leading Open Banking technology providers in the UK. We use TrueLayer to connect to your bank account to initiate a payment securely. When authorising the payment you will need to give permission for “Pay with TrueLayer” to make a financial transaction on your behalf. You will be asked to do this each time you make a payment using Easy bank transfer so you stay in control.

TrueLayer is authorised by the Financial Conduct Authority (FCA) as an E-money institution and a Payment Institution. 

What is a portfolio risk type?

Risk appetite and risk tolerance can vary significantly between individual investors. We offer three portfolios each carrying a different level of risk (Cautious, Balanced and Adventurous). Equities typically carry more risks than, for example, fixed income or cash over a long-term horizon, but equally they also tend to offer the potential for  higher expected returns. Consequently, individuals with a greater risk appetite, and ability to bear potential loss, would generally seek to invest in portfolios with a higher risk profile (generally with greater exposure to equities). Conversely, individuals with a lower risk tolerance would generally seek to invest in portfolios with a lower risk profile (generally with greater exposure to fixed income).

How do I change my portfolio risk type?

You can’t do it in the app yet, but we’re working on it. In the meantime, contact support@clim8.com, stating which risk type you would like to select and confirm whether or not your circumstances have changed in relation to your previous answers in the suitability questions. We may follow up with additional questions in order to make sure that the portfolio selected is suitable for you.

What does “Capital at risk” mean?

Investing in the market comes with exposure to risk, and the risk you can be comfortable with depends on your financial situation, your goals and your individual circumstances. The most important thing to understand as an investor is that the value of your investments can go down as well as up, so you may not get back the amount you originally invested. Thinking of investing as a medium to long-term activity can help you decide how much you want to invest and at what risk level.

What are Clim8’s “sustainable themes”?

Global greenhouse gases emissions come from a handful of sectors which, if decarbonised, can put us on the right track to limit global warming to well below 2°C from pre-industrial levels. That’s why we have tied five of our six investment themes to industries and services that play a critical role in accelerating the transition towards a low-carbon economy such as Clean Energy, Clean Technology, Clean Mobility, Sustainable Food and Circular Economy. Our last theme is Clean Water which is critical to driving economic growth and better healthcare, notably in developing countries.

What is a factsheet?

A factsheet is a document that contains certain key information on our portfolios. It contains information such as investment performance, portfolio holdings, and fee details. It is designed to help you assess the portfolio and understand where your money is invested. We update our factsheets every month, and you can view and download them in the app.

How do you screen companies when selecting them in a portfolio?

Our investment team rigorously researches and screens stocks and funds for inclusion in our portfolios. They consider both the potential performance of the asset as well as the potential impact of the asset on the climate. You can read more about their investment methodology on our How we invest page.

Can I open multiple portfolios?

Yes, you can vary your risk levels and personalise your Clim8 investment to suit your circumstances. You can open one Stocks & Shares ISA with one risk level (Cautious, Balanced or Adventurous) and up three General Investment Accounts, one for each risk level.

What is the minimum investment amount?

When you set up a direct debit with us, you can deposit from as little as £10 and up to £2000 per payment. For a one-off deposit, you can start with £25 and there is no upper limit.

How to contribute to your Clim8 account

For one-off payments completed via an "Easy bank transfer" or manual bank transfer method, it usually takes a few hours to appear in your Clim8 account. If you’ve set up a direct debit, it can take up to 5 working days after the payment has been collected for it to show up in the app. 

When will the contribution appear in my Clim8 account?

For one-off payments done via Easy or manual bank transfer method, it usually takes around 1 day to reach your Clim8 account. If you’ve set up a direct debit, it can take up to 5 working days for your payment to show up in the app.

Why has my portfolio value not gone up or down?

Until we invest your contribution into your selected portfolio, you will not see any value changes. Trades are placed twice a week (trading days may alternate), and any payments received after 5 PM on a trading day will be processed and traded on the next available trading day.

Why has my contribution been rejected and returned to my bank account?

It is likely one of the two things happened:

1. The money you sent may have come from a bank account not registered with your Clim8 account, a so-called ‘non-nominated’ bank account. Therefore the payment couldn’t be matched and had to be returned.  2. The unique payment reference (displayed when you opt for “manual” payment within the Clim8 app to help us identify which portfolio and account the payment is for) was either not included or was incorrect. Therefore the payment couldn’t be matched and had to be returned. 

Why is my payment not showing in my account?

Contributions and payments will generally show within your Clim8 account the next working day. If you see that the funds have been deducted from your bank account but not showing If they have not, then the payment most likely wasn’t successful. If that happens, please contact support@clim8.com, and we can help.

I selected the easy bank transfer payment method but cannot see my nominated bank provider?

We use a third party called TrueLayer when you select the easy bank transfer payment method. They work with many bank providers, which you will be able to see in the list. If you cannot find your nominated bank provider, this means TrueLayer and your bank provider may not be integrated. Therefore, simply opt for the regular bank transfer payment method in order to make a payment. 

How can I set up a direct debit?

You can easily set up your direct debit in the app, using the “recurring payments” feature. Access it through your individual account view and simply choose your preferred payment frequency – monthly or weekly.

Can I end up in debt by investing with Clim8?

No, you cannot lose more money than you put into an ISA or GIA account with Clim8. You can however, in a worst case scenario, lose any amount invested.

What type of withdrawals do Clim8 offer?

You can do a full or partial withdrawal. For partial withdrawals, a minimum of £25 can be withdrawn and you must leave a minimum of £5 in your portfolio.

How to make a withdrawal?

You can start the withdrawal process through the app by clicking on your portfolio and following the steps.

What is the minimum withdrawal amount?

£25 is the minimum withdrawal amount you can withdraw from any of your portfolios.

How long does a withdrawal take?

As your money is invested in a range of assets in our portfolios, withdrawals may take up to 10 working days (time scales are on a best endeavours basis). During this process, the value of your investments may fluctuate while the trade is executed. This means that the final amount of cash you receive at the end of the process can be different from the moment you request the withdrawal, and can be higher or lower than that amount.  To give you the full picture, all withdrawals go through the following steps: 

1. We will sell your investments at our next twice-weekly investment cycle, typically on a Tuesday or Friday. 
2. Once sold, the trades are on a best endeavours basis to settle before our custodian receives the cash to send back to you. 
3. Once the trades settle, meaning they are finalised, our custodian sends the money to your nominated bank account by electronic transfer, which will arrive the following business day. 
4. Please note we don’t charge a fee to withdraw money from your account. Any trading and platform costs incurred to the point of withdrawal will be deducted as they are charged in arrears.

Is my money protected with Clim8?

Clim8 is an appointed representative of WealthKernel Ltd, who is authorised and regulated by the Financial Conduct Authority (FCA) (FRN 723719). Customer money may be protected by the Financial Services Compensation Scheme (FSCS) for up to £85,000. This doesn’t cover losses incurred through investment performance or if you get back less than you originally invested.  

What’s the platform fee?

We charge a 0.6% annual service charge. We calculate and bill our service charge in the first week of each month, for the previous month. You will see this on your quarterly statement.

What’s the average product cost (estimated)?

Depending on the profiles and model portfolios, our average portfolio cost is typically between 0.46% and 0.61% per year. These are taken directly by the asset and fund providers and cover the costs incurred in trading assets in the portfolio and for providing the investment platform.

Let's look at an example in cash terms: Service charge James invests £1000 in a portfolio. Over the year, his service charge will be 0.6% of £1000, which is £6 per year or £1.50 per quarter or £0.50 per month. Product costs (estimated) James' portfolio is invested in these third-party funds: Jupiter, Pictet and iShares. Their respective share of his portfolio is 5%, 10% and 15%. To invest in these funds Jupiter charges 0.3%, Pictet charges 0.5% and iShares charges 0.4%, all on an annual basis. So the fund costs in this example are: Jupiter, we calculate 5% of the £1000 invested, is £50. Then we calculate 0.3% charge on £50, which is £0.15. Pictet, we calculate 10% of the £1000 invested, is £100. Then we calculate 0.5% of £100, which is £0.50 iShares, we calculate 15% of the £1000 invested, is £150. So the fee is 0.4% of £150, which is £0.60. Product cost using this example then equals a total of £1.25 over the year, or £0.31 per quarter or £0.10 per month.

What’s your market spread? 

Orders to buy and sell securities on your behalf are transmitted to the respective counterparties that the investment manager trades with. All investment order activity is subject to a market spread (the difference between the price to buy and the price to sell). We work hard to minimise the cost which we expect to be around 0.06% per annum. We are also subject to the best execution obligation to you, which means that when we transmit orders for execution, we need to have taken all sufficient steps to get you the best possible result with respect to the overall total cost of trading.

• Service charge: £6
• Product costs (estimated) : £1.25
• Market spread (estimated): £0.60
• Total cost: £7.85

What’s your withdrawal fee?

We don’t charge a fee to withdraw money from your account. Any trading and platform costs incurred to the point of withdrawal will be deducted as they are charged in arrears.

What’s your transfer-out fee?

We don’t charge a transfer-out fee if you decide to transfer to another provider. Only monthly costs incurred from trading to the point of transfer will be taken.

Am I locked in after opening an account?

No, you can withdraw whenever you want without paying any additional fees (aside from monthly fees to the point of withdrawal). You should, however, bear in mind that the minimum recommended investment term for stocks and shares investments is generally three years due to the nature of the investments.

How do I reset my passcode?

If you have forgotten your passcode, follow these steps to reset it: 

• Open Clim8 App
• Click on “forgot passcode?” 
• The next screen will ask you enter your email address
• You will receive a one-time login link to your email address
• Click on “log in” in the email 
• Set up your new pass code
• Confirm new pass code

How do I update my address?

Simply contact support@clim8.com and provide proof of your new address such as a bank statement or utility bill dated within the last three months.

How do I update my email address?

Simply contact support@clim8.com and our team will take care of the rest.

How do I update my personal details?

Simply contact support@clim8.com and our team will take care of the rest.

How do I close my account?

You will need to contact support@clim8.com to request the closure of your Clim8 account. You can close your account and withdraw your money at any time. As required by law, after we close your account, we hold your personal information for a period of time. You can find more information on our privacy policy.

How do I transfer-out to another provider?

You will need your provider to contact transfers@clim8.com