In this independent review, we'll take a look at Sidekick*, a new wealth management app that offers market-leading savings rates and actively managed investment portfolios. We explain how the Sidekick app works, its features and the pros and cons. We'll also take a look at alternatives to Sidekick such as Freetrade* and AJ Bell Dodl*.
What is Sidekick?
Sidekick is a new savings and investment platform which was founded in 2022. Its unique selling point is that it aims to offer ordinary retail investors "the financial advantages of the ultra-wealthy". This is accomplished in part through its innovative portfolio line of credit feature where investors can borrow money against their portfolio without having to worry about selling their shares.
It also aims to move away from the robo-advisor model and focuses on a more human-centric approach. This includes the opportunity to book a call with the CEO (Matt Ford) via the app. New customers can schedule a 20-minute chat with the founder to discuss the platform and what it has to offer when they create an account.
In addition, when you open an account with Sidekick, you're greeted by a video message from the CEO who explains what the platform is about. In his own words, Sidekick's mission is to "unlock the financial products and services typically reserved for the ultra wealthy" and "to make private wealth less private, more open and accessible for the aspirational investor".
How does Sidekick work?
Sidekick is an app-based money management platform. You'll need a smartphone to open an account and manage your savings and investments. Downloading the app and opening an account takes just a few minutes making it easy to explore what it has to offer before you commit to a specific product.
Sidekick is particularly well suited to investors looking for active management accounts or savers interested in easy access savings products. That said, the minimum investment amount is £1,000 and as such it's not necessarily the best option for those looking to make smaller, regular investments.
As it's a fairly new platform, there are only a few key products to choose from at the moment. There are also learning resources, such as the Market Pulse newsletter, which can be accessed directly from the app.
Sidekick key features
- Actively managed Flagship portfolio (via a General Investment Account) with frequent performance updates
- Boosted easy access savings account - earn up to 5.34% AER on savings up to £85,000
- Portfolio line of credit - borrow against your investments
- Investment Management Fee - Flagship Portfolio (up to £100,000)
- No FX fees, custody fees, or execution fees
- £2.99 monthly fee waived for Founding Members
- High initial review scores on the App Store and Google Play
- Market Pulse newsletter (available via the app)
- Minimum investment amount of £1,000
What products does Sidekick offer?
Sidekick is new to the game so its key products are limited. They include a boosted easy access savings account, the actively managed Flagship portfolio, and the innovative portfolio line of credit.
What is currently missing, however, is the option to invest via a tax wrapper such as an ISA or a pension. This is likely to be a significant downside for investors looking for tax-efficient options. The team behind Sidekick is currently exploring options to introduce tax wrappers so it's possible that this will be a feature in the future.
For now, Sidekick's products may still appeal to savers and investors who've already made use of their ISA allowance for the year (or who wish to invest outside of a tax wrapper). Below, we outline some of the key products on offer by Sidekick to help you decide whether it might be the right choice for your needs.
Boosted savings accounts
Sidekick's easy access savings account* currently offers a market-beating rate of up to 5.34% AER (variable). To put this into context, other easy access market leaders include Chip*, which at the time of writing, offers a 5% AER savings rate. Beyond this, most easy access savings accounts now offer a sub 5% interest rate, making Sidekick's easy access savings account a lucrative option.
The account is provided by GB Bank which is protected by the FSCS. The rate on the GB Bank account is 4.34% AER (variable), but you get a 0.55% Sidekick bonus for 12 months on any balances up to £85,000. In addition, you get an additional 0.45% bonus for up to 12 months as long as you invest a minimum of £1,000 into a Sidekick investment portfolio. So, in effect, to get the market-leading boosted rate, you need to be able and willing to invest £1,000 with Sidekick.
This is an easy access savings account which means you'll be able to make next working day withdrawals whenever you need to do so. Interest on your savings will be paid on a daily basis, but the bonus part of the interest rate is paid monthly.
Portfolio line of credit
The portfolio line of credit offers an opportunity to borrow against your investments so you can access cash whenever you need it. The aim is to enhance your liquidity without having to sell your investments.
Investors who have invested at least £10,000 with Sidekick could be able to borrow up to 40% of their portfolio value. The representative APR on the portfolio line of credit loans is 6.0% APR on loans between £10,000 to £19,900 which are repaid over 6 to 30 months. The maximum APR on a loan is 8.0%. There are also no early settlement fees, so you can pay back your loan earlier if you want to.
The portfolio line of credit is a good way to keep your funds invested even when you need cash. It's worth keeping in mind, however, that if you choose to borrow with Sidekick, you will not be able to make any further investments while you're repaying your loan. As such, the loan can't be used for investing purposes.
What can you invest in with Sidekick?
Sidekick is still fairly new so investment options are limited to its actively managed Flagship Portfolio. That said, Sidekick plans on introducing additional investment options down the line with products including traditional offerings like stocks and bonds as well as alternative investment strategies.
Below, we outline the types of investments you can choose to invest in with a Sidekick account.
Flagship Portfolio
Sidekick offers an actively managed portfolio which is looked after by the company's in-house investment team. The portfolio is growth-focused and designed to outperform a global equity benchmark set by Bloomberg.
The Flagship portfolio is held within a general investment account. The strategy allocates at least 90% to global developed market stocks while around 10% is held as cash. The portfolio is new, so performance data is limited.
The portfolio is considered high risk, however, this typically also has the potential for higher rewards.
Venture Capital Trusts (VCTs)
Sidekick's Venture Capital Trusts (VCTs) are another "ultra-wealthy advantage" product which is due to launch soon. The goal of the VCTs is to offer retail investors an alternative investment option which is tax efficient and has high growth potential.
With Sidekick, VCTs will be available to investors who have at least £3,000 to invest. You can register your interest in VCTs via the Sidekick website so you're notified as soon as they become available.
A Venture Capital Trust typically invests in small, unlisted companies that are chosen for their high growth potential. VCTs are particularly lucrative as they come with 30% income tax relief on investments up to £200,000 per year if certain conditions are met. In addition, any dividends you receive will be tax-free and there is typically no Capital Gains Tax (CGT) to pay as long as you hold your VCT shares for at least five years.
That said, as tax-efficient and potentially lucrative as they are, VCTs are also volatile and high-risk. New businesses, even those with high growth potential, often fail. In addition, many of the tax efficiency benefits only kick in after 5 years, meaning you'll need to be in for the long haul to truly see the benefits. As such, while it's good to have this option, it won't be right for all investors.
Sidekick itself says that Venture Capital Trusts will only be open to "sophisticated and high net worth investors" and you'll need to pass certain criteria to invest in VCTs with Sidekick once they're available.
Sidekick fees
Sidekick does not charge any custody fees, foreign exchange fees, or execution fees. There are currently no monthly fees but eventually, a £2.99 monthly fee will be introduced for non-Founding Members. Founding Members won't need to pay this fee.
In the table below, we've summed up the main fees you may need to pay if you're a Sidekick customer.
| Fee type | Amount |
| Monthly membership fee | Currently free, will eventually cost £2.99 (waived for life for Founding Members) |
| Investment Management Fee - Flagship Portfolio (up to £100,000) | 1% |
| Investment Management Fee - Flagship Portfolio (more than £100,000) | 0.75% |
| Market spread when Sidekick buys or sells assets on your behalf | Approximately 0.10% |
| FX fee | £0 |
| Custody fee | £0 |
| Third-party fund fee | Varies |
Is Sidekick safe?
Sidekick is authorised and regulated by the Financial Conduct Authority (FCA). It offers different protections depending on the products you've taken out. The easy-access savings account, for example, is provided by GB Bank, which has a full UK banking licence, which means that deposits are protected up to £85,000 under the Financial Services Compensation Scheme (FSCS).
Sidekick's custodian and partner for brokerage services is DriveWealth which is registered with the United States Securities and Exchange Commission (SEC). It's also a member of the Securities Investor Protection Corporation (SIPC) which provides safeguarding for your cash and securities up to $500,000. In addition, Sidekick's e-money provider Currencycloud is authorised by the FCA and while it's not FSCS-protected, it does offer safeguarding to keep your funds safe.
Overall, Sidekick is FCA-regulated and offers protection for your money both through the FSCS scheme as well as safeguarding depending on whether you've got a savings account or you've chosen to invest your funds.
Sidekick customer reviews
Sidekick has a 4.6 out of 5.0 score on the App Store based on 22 reviews and a 3.3 out of 5.0 score on Google Play based on 9 reviews. Those who liked the platform praised the straightforward onboarding process as well as the educational content on the app. Many were also pleased with the great savings rates and slick app design. However, some complained about facing technical difficulties with the app. The platform is still very new which is why it doesn't have many customer reviews on the App Store or Google Play.
Sidekick has a score of 2.5 out of 5.0 on independent customer review site Trustpilot, giving it an official rating of 'Poor'. There were only 7 reviews at the time of writing and the negative reviews centred around technical difficulties in trying to connect bank accounts and withdraw funds. We will continue to monitor customer reviews and feedback and update this article accordingly.
Pros and cons of Sidekick
Below, we've outlined some of the pros and cons of saving and investing with Sidekick.
| Pros of Sidekick | Cons of Sidekick |
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How to open an account with Sidekick
Opening a Sidekick* account is a straightforward process which only takes a few minutes to complete.
To open a Sidekick account, you'll need a smartphone where you can download the Sidekick app. You can download the Sidekick app by scanning the QR code on the website, or by searching for Sidekick Money on the App Store or Google Play.
Here's what to do once you download the app:
- Open the app and click "create an account"
- Fill in and verify your email via the Magic Link in your inbox
- Fill in your name
- Choose whether you want to save or invest or skip for now
That's it! You'll have access to the app, and you'll be able to explore the products on offer as well as read the latest market updates via the Market Pulse newsletter.
When you decide whether you want to save or invest with Sidekick, you may need to complete a few more steps to set up your account.
For instance, if you want to invest in the Flagship product, you'll need to answer questions about your attitude to investing, general knowledge questions, and questions about your financial situation to ensure you're the right fit for the product.
And, whether you want to apply for a savings or investment account, you'll need to meet certain criteria. You'll need to:
- Be at least 18 years old
- Be a UK resident (you can't be a resident elsewhere as well)
- Be a UK tax resident
- No be a US citizen
Overall, applying for an investment or savings account with Sidekick is very similar to the process you'd need to go through with any other provider due to the regulatory requirements that money management platforms need to meet.
Sidekick alternatives
There are other app-based platforms which offer the opportunity to save and/or invest depending on your goals. Below, we take a look at how platforms such as Freetrade and AJ Bell Dodl compare.
| Sidekick* | Freetrade* | AJ Bell Dodl* | |
| ISA accounts | NO | YES | YES |
| SIPP accounts | NO | YES | YES |
| Actively managed investment funds/portfolios | YES | YES | YES |
| Easy access savings account | YES | NO | NO |
| Minimum investment | £1,000 | £2 | £100 lump sum or £25 per month |
| Platform fees | No monthly fees yet, but will eventually charge £2.99 per month | £0 to £11.99 per month (must opt for a paid version if you want an ISA or SIPP) | 0.15% annual management fee (minimum £1 per month) |
| Trading fees | FREE | FREE | FREE |
| FX fees | FREE | 0.39% to 0.99% | 0.25% to 0.75% |
AJ Bell Dodl and Freetrade do not offer easy access savings accounts but they both pay interest on uninvested cash held within your investment accounts. Interest rates vary, but with AJ Bell Dodl, you can earn up to 5.09% AER variable on uninvested cash within Stocks & Shares and Lifetime ISA accounts, while with Freetrade, you can earn between 1% AER to 5% AER on between £1,000 to £3,000 uninvested cash depending on your plan.
Should you use Sidekick for your savings and investments?
Sidekick* offers innovative features that will appeal to some retail investors and savers - particularly those who enjoy being early adopters. From market-leading easy access savings accounts, to an actively managed portfolio, to the portfolio line of credit option, there's a lot on offer even though the app is fairly new. The fees are transparent and fair on the whole.
That said, Sidekick is missing tax wrappers such as ISAs and pensions, and for many investors seeking tax efficiency, these will be non-negotiable when looking for a place for their money. In addition, while Sidekick is great for those who prefer to have their portfolios looked after by experts, others may be put off by the inability to choose your own stocks. Sidekick has said that it has plans to offer additional investment options and it's also exploring the possibility of incorporating tax wrappers in the future.
At the moment, while Sidekick will be the right choice for some savers and investors, others will likely look at providers that offer more tax-efficient options or more opportunities to take control of their portfolios. More established players are likely to have a larger choice of assets as well. Similar alternatives on the market which do offer ISAs and pensions include Freetrade* and AJ Bell Dodl*.
If a link has an * beside it this means that it is an affiliated link. If you go via the link, Money to the Masses may receive a small fee which helps keep Money to the Masses free to use. The following link can be used if you do not wish to help Money to the Masses or take advantage of any exclusive offers - Freetrade, AJ Bell Dodl, Chip.
