Savings app Chip has launched an investment platform with three funds from the BlackRock Consensus multifund range.
The money is invested by BlackRock, which looks after more than $8.67 trillion assets worldwide, into a collection of smaller tracker funds, containing a wide spread of equities and bonds, in markets all around the world.
Of the three funds, BlackRock Adventurous has returned up to 8% on average per year since it was created, whereas BlackRock Cautious and BlackRock Balanced have returned an average of 6% each year per fund since their creation in 2012.
Originally tested via a controlled rollout to a queue of 17,000 customers, the new invesment option will be made available to all customers on ChipAI and on its upcoming premium model ChipX. The former will charge a 0.75% annual platform fee on top of the £1.50 per month subscription fee, while the latter's £3 per month plan incur a 0.25% investment charge.
Simon Rabin, CEO of Chip, says: "Investing should not be an elite, exclusive world dominated by dusty legacy wealth managers or macho crypto-trading 'bros'. I believe that all people should have access to tools that aim to grow their wealth steadily over time; trading meme shares or buying bitcoin is not it.
"The three funds we’re offering at launch are just the start. When ChipX launches later this year, we'll bring even more funds into the app."