In Orca you are able to invest as little as £1 👍 Thus, it is not necessary to start with a large amount of money to begin your investment journey☺️
If buying a stock was as simple as buying an apple🍎, you would not be reading this. Unlike the fruit market, the stock market needs some time to make sure stocks and cash you pay for them come to their new owners. It usually takes 2-3 working days: today you put your order to buy a stock, after tomorrow the money you paid for it will reach its destination. Therefore, until the stock is credited to you, you cannot sell it as well as use the funds for its purchase, since it takes the part in the settlement process⏳ “Why is it only after tomorrow?” – because it is a “T+2” scheme in the UK: one day to receive your order, two more days to do the payment🛒
The most important thing to keep in mind when investing is to be sure you are making the right decisions. Orca takes the complex and makes it simple so that you can start investing more easily. For this reason, Orca has developed the tools to analyze instruments and your portfolio, and we also provide educational tips to help you to invest in the right way.
You can set up either a General Investment Account (GIA) directly on the app. GIA has no limits on your balance allowance. However, you must pay the taxes on any profits made.
There is no minimum contribution to be paid into the account. There is no maximum contribution limit.
You can transfer your existing GIA, in cash, into a GIA with us. In order to do this, you can request a transfer via app. The transfer must be in the form of a cash payment and in this case, you will have to sell all of the investments held under your GIA before the transfer is completed. Doing so may incur Capital Gains Tax charges; if you are in any doubt about the suitability of a transfer into your GIA you should contact a qualified financial adviser.
You can transfer the value of your GIA to another provider at any time. In order to do this, you can request a transfer form via mobile app. The transfer will be in the form of a cash payment and so you will have to sell down your investments held before the transfer can be completed.
Your money will be invested in Securities, or Exchange Traded Funds of your choosing. You are fully in control of what Securities or Exchange Traded Funds you select within the list of Investments available through the Orca GIA.
Yes. You can check the value of your holdings at any time through the Orca app, and can find valuation, performance, and contribution details there.
You can make contributions to your Orca General Investment Account through your Nominated Bank Account.
The Orca GIA is a long-term investment. You can withdraw cash from your GIA at any time. You can either withdraw the full balance held in your GIA, or withdraw part of the balance. There are no charges for withdrawing cash from your Orca GIA.
Any income generated from the assets inside your Orca GIA will be reinvested, so cannot be withdrawn as natural income.
You have a right to cancel your GIA if you change your mind. A cancellation notice is provided in Schedule 3 of this Key Features document. This will give you the right to cancel during the next 30 days. Your GIA will be invested in assets during this period. If you choose to cancel your Account during the cancellation period, any investments held in your Account will be sold and we will return any contributions or transfers. In the case of a transfer, the previous provider might not accept the funds back. The amount to be repaid maybe less than the amount paid to us if the value of the investment has fallen at the time it is sold or where we have deducted any applicable charges.
Yes. The Financial Services Compensation Scheme (FSCS) protects consumers when financial services firms fail [or go bust]. It is the compensation scheme for customers of UK authorised financial services firms, and includes investment firms. The maximum claim that could be made by your GIA is £85,000. Further information about the compensation arrangements is available from the Financial Services Compensation Scheme at www.fscs.org.uk.
Our GIA could be right for you if you: • Are looking to build up a portfolio of investments • Understand that growth is not guaranteed • Want unrestricted access to your money • Require access to a range of investment opportunities • Are looking for a long-term investment If you are in any doubt about the suitability of an GIA, you should contact a qualified financial adviser. You can join and contribute to a GIA with us if you are resident in the UK and aged 18 or over.
If the total dividends received across all of your unwrapped investments (those not in a tax-beneficial account such as an ISA) are below your annual dividend allowance then no tax will be due on your dividend income. Any dividend income that exceeds your annual allowance will be subject to tax at the applicable dividend tax rate for your personal circumstances. The selling and buying of holdings when switching investments, or the sale of holdings to make a withdrawal may be liable to Capital Gains Tax. You will not receive interest on any cash held in your GIA account. This is based on our understanding of current UK tax law and HM Revenue and Customs practice. Tax benefits, law and practice may of course change in the future. Your tax liability will depend on your own individual circumstances, including your country of residence for tax purposes. If you are unsure about your own situation you should contact a qualified financial adviser.
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