Almost everything can be done online in today’s fast-paced, digital-first society, including financial management and future planning. “Can I open a PEP account online?” is a frequently asked question. The simplest response is that you can. To clarify what a PEP is, how the procedure operates, and what to anticipate, let’s take a closer look.
What Is a PEP Account?
A PEP, or Personal Equity Plan, was a tax-advantaged investment account available in the UK before 1999. However, PEPs were phased out and replaced by Individual Savings Accounts (ISAs). So if you’re inquiring about a PEP today, it’s likely you’re referring to:
- A legacy PEP account that’s still active and managed by providers as a type of stocks and shares ISA, or
- A modern investment product in another country that might use the same acronym—such as Philippine Equity Plans or Personal Equity Plans in different financial systems.
For the purpose of this blog, let’s clarify based on current terminology and regions.
If You’re in the UK
PEPs no longer exist as new accounts. Since 1999, they’ve been automatically converted into stocks and shares ISAs. If you’re looking to open a tax-efficient investment account now, what you want is an ISA.
Can you open a stocks and shares ISA online?
Yes. Most banks, investment platforms, and robo-advisors offer online account setup. You’ll need:
- Proof of ID (passport, driving license, etc.)
- Your National Insurance number
- A UK bank account
Popular online providers include Vanguard, Hargreaves Lansdown, Nutmeg, and Freetrade, to name a few.
If You’re Referring to a PEP in Another Country (e.g., the Philippines)
In the Philippines, PEP may refer to educational savings plans or investment programs like Personal Equity and Retirement Account (PERA).
Can you open a PERA account online?
Yes—major banks and government-authorized institutions like BDO, Landbank, and Seedbox PH now allow you to open PERA accounts online. You’ll typically need:
- A government-issued ID
- A TIN (Tax Identification Number)
- A mobile number and valid email address
Some platforms also allow digital contributions and investment selections via their apps or websites.
General Tips for Opening a PEP or Similar Investment Account Online
- Do your research: Choose a provider that aligns with your financial goals and offers strong customer service.
- Compare fees: Investment platforms vary widely in terms of charges—watch for management fees, trading fees, and platform fees.
- Read the fine print: Even online, make sure you understand the terms, contribution limits, and tax implications.
Final Thoughts
While the term “PEP” might have evolved or been replaced in many regions, the ability to open investment and retirement accounts online has never been easier. Whether you’re saving for retirement, education, or simply want to grow your wealth, you can start your investment journey from the comfort of your home in just a few clicks.