Santander has reached out to millions of customers via email on Thursday, May 14, aiming to “clear up myths” surrounding investing and encourage more people to take the first step toward growing their money.
In its communication, the high street bank tackled three common misconceptions that often deter individuals from investing. It emphasized that starting small is possible, with options to invest as little as £20 a month or a £100 lump sum through ready-made funds within an Investment (Stocks and Shares) ISA account.
Addressing concerns about market knowledge, Santander highlighted that investors do not need expert skills to participate. The bank manages these ready-made funds, allowing customers to simply choose options aligned with their financial goals.
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Regarding risk, Santander reassured customers that investment choices come with varying levels of risk. Investors can select a risk profile they feel comfortable with, making investing more accessible and tailored to individual preferences.
Additionally, Santander noted that customers seeking more control can access a wider selection of funds beyond the ready-made options. However, the bank also cautioned that investments can go down as well as up and that past performance does not guarantee future returns. It advised only investing money that will not be needed for at least five years and reminded customers that fees apply.
On security, Santander issued a warning against scams, stating it will never share One-Time Passcodes (OTP) with anyone, including Santander employees, nor will it ask customers to move money to a new account. Customers are encouraged to verify the identity of anyone claiming to be from Santander to avoid fraud.
By demystifying investment misconceptions and reinforcing safe practices, Santander hopes to empower more customers to explore investment opportunities with confidence.