Sidekick review: A banking app that wants to empower you to grow your wealth

Sidekick says its aim is to be a “gateway to the financial advantages of the ultra-wealthy”. But what does this actually mean in practice?

What is Sidekick?

Sidekick is a money management app that offers savings and investment products. It offers an easy access savings account that comes with a competitive interest rate. It also lets you invest in its flagship investment fund (minimum of £1,000) and borrow money against your investments to use as a line of credit. It was founded in 2022.

How does Sidekick work?

Sidekick is an app, so to access it you need to download it from the Apple App Store or Google Play Store. From there you can sign up with an email address. You’ll need your National Insurance number and other personal details to set up an account. Then you need to upload a photo of your passport or driving licence. After you’ll be asked to take a selfie. The final step to set up an account is to connect to your bank account. Then you can apply for the different products. Overall it’s a slick app and user experience.

It costs £2.99 a month to use Sidekick, though this is waived for founding members. As of 1 October 2024, you can still sign up as a founding member and have that fee waived forever. It’s not clear how long Sidekick will continue accepting new founding members.

The easy access savings account has 3 different interest rates, depending on how long you’ve had it and whether you take out an investment product. The base rate is 4.34% AER (variable). It is boosted for the first 12 months by 0.55 percentage points, to 4.89% AER (variable). If you invest £1,000, it’s boosted again by 0.45 percentage points, to 5.34% AER (variable). This makes it among the best rates on the market, at least for the first 12 months. After that you might find better elsewhere, especially if you’re paying £2.99 a month to access those rates. There’s no withdrawal limits and you can get your cash the next working day if you need.

You can invest in its investment portfolio, which comes with a management fee of between 0.75% and 1% and an estimated strategy expenses fee of 0.10%.

You’re able to borrow up to 40% of your investment as well, which could be useful for someone who needs to free up some cash flow. Though you need to have at least £10,000 invested to do this.

What does the Sidekick app look like?

Who is Sidekick for?

Sidekick says it is for everyone, with a goal to offer products and services to help people grow their wealth by using the same strategies that ultra-wealthy people use to build theirs.

Is Sidekick safe?

Sidekick is authorised and regulated by the Financial Conduct Authority (FCA).

Savings deposits are held by GB Bank and protected by the Financial Services Compensation Scheme (FSCS) up to £85,000.

It uses DriveWealth as a custodian and partner for its brokerage services, which is registered with the Securities and Exchange Commission (SEC) in the US and is a member of the Financial Industry Regulatory Authority, Inc. (FINRA). DriveWealth is also a member of the Securities Investor Protection Corporation (SIPC), which safeguards your cash and securities up to $500,000 (including up to $250,000 in cash).

Pros and cons

Who might Sidekick suit?

Sidekick might someone who wants to get a high interest rate on their savings and also wants to invest with the same platform. In the first 12 months it offers an attractive interest rate, but after that there are other savings accounts with higher ongoing rates.