I have discussed the investment product June from Danske Bank in the past and since they just released an app, it seems a good idea to take a closer look.
The short version
Investing has never been easier + the app is really cool
Previous posts about June:
- June – nyeste skud på stammen fra Danske Bank (in danish)
- Fredagsspecial – Er June et skridt på vejen mod finansiel frihed (in danish)
- June – hvordan klarer investeringen sig (in danish)
This is not a recommendation of June as an investment choice but a review of their newly released app. I have a very small investment in one of Junes funds myself.
What is June
June is a relatively new type of investment from Danske Bank. In short this is June:
- 5 different funds: Defensive, Moderate, Balanced, progressive & Opportunity
- A cost of 0.80%
- ETF based
Pros & cons
If this is such an easy and good investment opportunity why haven’t I utilised it more? This is something I have explained extensively in previous posts, but since they were in danish let me briefly sum up the pros and cons.
- Easily get started investing
- Very simple to maintain
- Is now possible to control solely from an app
- minimum investment is 100 DKK
- Both the app and the web interface is as good as it gets, very impressive
- Should be easy to withdraw (I haven’t tested It yet)
- Cheaper than actively managed mutual funds
- Very expensive compared to DIY with ETFs
- ETFs are taxed at a disadvantage
- More expensive than using index-based mutual funds
- June is an index+ type of fund, meaning active management of passive funds
- Maximum investment is 300.000 DKK
Overall this leaves the impression that June is not intended for someone like me, but rather people looking to invest without much prior knowledge or people who want a simple all in one solution. Overall I consider June a very interesting product and if the tax laws concerning ETFs are corrected to match regular mutual funds and stocks, then June is a no-brainer solution for a lot of people. I consider the potential of June to be huge.
But let’s take a closer look at the app.
The June app
June wrote a blogpost about the app themselves (in danish)
First off the app is called June by Danske Bank (link to iTunes) and the logo looks like this:
Purple is the name of the game when it comes to June. The app is currently only available for iOS but june.dk is a fully mobile optimised site, so Android users, and others, should be able to use this if they want to make use of June.
This is very simple, just like June.dk itself. I had the same experience and felt the same way as I do with most of the apps developed by Danske Bank. Wow. The app is smooth both in terms of looks and how it feels. It is super responsive and from the git-go I could activate touch-id meaning I don’t have to use the stupid nemId. To put it simply, this leaves a lot to be desired by anyone else wanting to move the investing experience from the desktop to the phone or simplifying investing as a whole. It should be noted that I have already invested through June so I cannot show how to get started, what investing in the first place looks like. I have therefore reviewed the app as a means of following my investment.
The landing page, what you see when logged on, is this:
You can choose to view the development of your fund at intervals of the last 1 month, 3 months, 6 months or all(I assume since you started investing). If you place your finger along the graph the balance shown in the bottom left updates. Very neatly done and it seems very intuitive and responsive. In the bottom right your return for the interval chosen is shown. In the screenshot I have chosen a 1 month interval and so it shows the return from 1 month back.
If you tap the ‘i’ in the top right corner, you get two options: two means of contact, email or phone and the possibility of providing feedback.
If you tap anywhere along the horizontal line that says ‘Transfer’ you are presented with this screen:
Here you have the option of transferring funds through the ‘Deposit Now’ button. You can transfer funds either by Dankort(credit/debit card) or a simple account transfer. You can also set up a monthly deposit, much like how I use a monthly savings feature with my broker Nordnet, I imagine. Furthermore you have the options of withdrawing funds and viewing transactions. I haven’t tried withdrawing any funds yet so I can’t attest to how smooth that is.
If instead you press/drag/slide up the bottom part off the app, shown with two horisontal red lines, you get this:
From here you can see which of the 5 funds you have invested in, mine is the June Progressive fund. You can view distribution among asset classes, sectors, if you scroll down, and regions. From what I can tell it is not yet possible to switch to another fund, but I think it’ll just be a matter of time before this becomes a possibility.
As you can probably tell I’m quite impressed. I think the June app is a neat package with minimal features, which is the right way to go. This is the way to stay updated on a passive index based investment strategy. It is hands down a very impressive app. So the packaging, the wrapping paper, doesn’t get any better than this. I realise the review is short and doesn’t contain a lot of text explaining how the app works. This should tell you something about the quality. Let’s hope the tax on ETFs will soon be changed and possibly a lowering of the costs and this is a really powerful and simple investment choice. I don’t think I will be utilising it to the fullest, simply because I can do better choosing the ETFs or index funds myself as a true DIY investor, but for a lot of people this will be a very good way to invest I imagine.
I will keep on following the development of June with great interest and I look forward to seeing what they will come up with next.
If you have 8 minutes of extra time and speak danish, I can recommend Junes interview with Lars Kroijer. It is well worth a read. Who knows, maybe they’ll do an interview with me one day…
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