Why the change?
A number of banks have recently informed us they will no longer support Variable Recurring Payments (VRP) through Open Banking, which powers your Savings Plans. As a result, all VRP payments to InvestEngine accounts from these banks will be switched off on 8 November, and no further payments will be collected after this date.
If your Savings Plan is affected you would have received an email notification from us.
Why did the banks make this decision?
We’re disappointed by the banks' decision, as we feel it goes against their commitment to Open Banking and supporting customer needs. The banking group explained that this change is due to their use of Open Banking technology and is not a reflection on InvestEngine or our services.
Alternative Ways to Keep Investing
If your Savings Plan is affected, you can continue investing with us in one of these ways:
- Set Up a Direct Debit
Direct Debit is an alternative way to fund your Savings Plan, and you can set one up easily from your existing account. - Link and nominate a Different Bank Account
To continue using VRP, you can connect an account from a bank that still supports VRP payments, such as NatWest Group, Monzo or Santander.
One-off instant payments are not affected and can be performed from the same banks as before.