MyInvestor: Cheap Funds, Unreliable App

MyInvestor: Cheap Funds, Unreliable App

Nearly 20 months of testimonials about MyInvestor reveal a contradiction: some rank it as having the best fund and ETF commissions in Spain, while others describe it as a service that fails with a frequency unfitting for a bank. Both are true, leaving new users to choose which side they prefer.

Funds are said to be as protected as at Santander, but daily operations are not. Four days without being able to make a transfer, a "read-only mode" that blocks everything, balances showing zero for minutes, and phone support that doesn't answer. The most repeated summary: good for monthly fund contributions if you ignore it otherwise.

What MyInvestor Offers That Traditional Banks Don't

The fund catalog is the strongest argument. Some analyses claim no entity in Spain—neither major banks nor competitors like R4—offers such variety with significantly lower fees. Index funds tracking the S&P 500, money market funds, short-term fixed income, automated portfolios, and even Bitcoin-linked ETFs are cited.

Cost is the other pillar. For deposits, the bank advertises 3.5% APR for one month. For loans or pledging, rates range from 3.5% to 5.25% APR. Credit card rates stand at 6% APR. Above €30,000 in investments, free press subscriptions and legal consultations are added. Bizum and free bank certificates are also included.

Is It Safe to Keep Money in MyInvestor?

Yes, under standard protection. Coverage trinc European norms: up to €100,000 per holder, with AndBank as the associated entity. Several long-term users—four, six years—report no issues with funds and deposits beyond technical failures.

A useful distinction emerges: few recommend it as a primary bank; almost all do as a tertiary one. Diversifying across institutions is precisely the strategy suggested by initial consultants seeking more than just deposits and wanting cautious savings placement.

The Application: A Recurring Weak Point

Here, there's no debate. Crashes are the dominant complaint: unexecuted transactions, disappearing services, and blockages lasting hours or days. One affected user describes the full sequence—error, retry, error—until giving up.

A common fix: access via Inversis, the underlying platform. Many confirm operations work there when the app fails, though credentials don't always match. Others uninstall, restart their phones, and try again. The underlying feeling is uncomfortable: when you truly need to sell, the app won't be there.

Stocks, ETFs, and Changing Fees

Here, the bank loses shine. It's unbeatable for buying ETFs and funds, but cheaper alternatives exist for stocks. One stock purchase was described costing around €12 in exchange fees and commissions, a figure many found disproportionate. Frequent traders will find better terms with international brokers.

Changes have also arrived. Since February 1st, there's a minimum €1 commission for ETF subscriptions, making micro-purchases unprofitable. Stop-loss orders are only available on NYSE, Nasdaq, Xetra, and Madrid Stock Exchange, not other markets. For dividends, some charge no commission on Spanish stocks bought at €9.63.

How Do You Close an Account at MyInvestor?

There's no button. Phone contact is the first attempt and doesn't always work; the circulating alternative is zeroing the balance and sending an email. One user, with blocked funds, couldn't withdraw until reinstalling the app resolved it.

This episode leaves an unresolved question: if commissions are so good, why is the customer experience so bad? The entity claims improvements, and some confirm the new app is "good and fast." Others still wait. With this data, analysis stalls right there, on whether technical improvements are real or just pauses between crashes.