Frequently Asked Questions

Who can open a Wealthify account?

We are pleased to accept customers over the age of 18 who live in England, Scotland, Wales or Northern Ireland, or the Channel Islands. Unfortunately we cannot accept U.S. citizens at this time.

Note that you should only open an ISA if you are resident in the UK and have not opened one this tax year.  Otherwise please use a Regular Plan.

Do you cater for U.S. Citizens?

Unfortunately, we are not able to accept U.S. Citizens due to the U.S. Government’s tax reporting rules. This includes anyone holding a U.S. passport or anyone who has an obligation to pay tax to the U.S. tax authorities.

Do you do financial checks when I apply?

We don’t run a credit check, but we will ask you for some personal information, like your bank details and we will use credit reference agency searches to help verify your identity. The searches will leave a footprint on your file, but do not affect your credit score. When you apply, we will also ask you some questions to check that the level of risk you are choosing to take is appropriate for you. We do this because we’re committed to being responsible providers.

Is my account secure?

Wealthify considers the security of your personal information to be of the utmost importance and we take several measures to ensure it is kept safe.

Any information you provide on our website is transmitted using secure SSL technology with 256-bit encryption. Where we store sensitive information, such as passwords and bank account numbers, we use strong encryption algorithms similar to those used by the major high-street banks.

We also insist on a minimum password length and require you to use upper case letters, numbers and special characters in your password to make it more secure.

Account security is also your responsibility. You should never share your password with anyone else, or let anyone else have access to your Wealthify account.

What is the minimum account size?

You can open a Wealthify Plan with just £1 and there's no additional fees or charges for small value Plans. Even with a small investment, we can build you a plan with an appropriate level of risk for you. Find out more about how we can build you a diverse portfolio for you with just £1 

Is there a maximum account size?

ISA Plans have an annual investment limit (currently £20,000), but for Regular Plans and ISA transfers the sky’s the limit!

What happens to my account if I die?

Upon receipt of certified proof of death, the assets you hold would be frozen. The investments you hold would remain static, though we may need to sell down some of your assets to recover any fees owed to us. We would then wait for instructions from your legally-appointed executors on what to do with any remaining funds.

What reports will I receive from you?

We will email you regular reports securely to your Wealthify account. You can expect to receive:

  • Account Statements: Emailed to you quarterly, these provide a snapshot of the investments you hold, what they are worth and capture any transactions that have been made on your account.
  • Consolidated Tax Voucher:  Emailed to you annually, a Consolidated Tax Voucher is a summary of any UK and overseas dividends and interest paid, as approved by HMRC.  
  • Contract Notes: These will be securely mailed to you each time we trade on your behalf.

You can also view how your plans are performing online, 24/7 via your Wealthify Dashboard.

Can I close my account?

Yes, if you wish to, you can request to close your account completely. Please send us a secure message confirming your request. To send a secure message, log in, go to Messages and hit compose. It can take up to 10 working days for us to sell your investments and return your money to you. If you wish to reopen your account again at any time, simply get in touch via Live Chat on the website, call 0800 802 1800, or send us a message.

Are there any charges for opening / closing accounts?

No, none at all.

Can I open more than one investment Plan?

Yes, once you’ve opened a Wealthify account you can create multiple investment Plans from your dashboard, by clicking Create a New Plan. Then you just follow the same process you used to build your first Plan, but without having to give us all your details again. You could create an investment Plan for each of your financial goals: kids’ trust fund, wedding, university fees, dream car or just a rainy day fund. There’s no charge for opening or closing Plans and you’ll only pay one fee based on the value of all of your plans combined.

Can I set up an investment fund for my Children?

Yes, you can open as many Wealthify Plans as you like for any savings goal. You could open one for each child and name it on their behalf (or even get them to name it themselves!).

Plus, if you’re not already using your full annual ISA allowance, you could make your child’s Plan an ISA plan, so that they benefit from tax-efficient savings.

We are working hard to bring you JISAs (which give your children their own tax-efficient savings allowance on top of your own).

Do you offer joint accounts?

No, not at the moment, but we are planning to in the future, so watch this space.

I need to declare any investments I hold to my employer. Can you help me do this?

Yes, we can provide you with a discretionary letter. This confirms to your employer that Wealthify is a discretionary investment management service, meaning that we have complete discretion over your investments and you cannot influence any decisions we make. This is usually acceptable to most employers and should negate the need for you to declare each individual investment we buy for you. Instead, you would just need to log Wealthify as a single investment.

However, company policy varies between employers and it’s advisable to check with your employer first.

Can I change my Bank Account?

You can currently only register one bank account for deposits and withdrawals into your Wealthify account. If you would like your registered bank account changed then you must contact Customer Services and provide evidence of both your current account registered and your new one. The evidence must be in the form of a recent bank statement showing your name, account number and sort code so we can verify your new details and update your account. If you attempt to pay in using an account not yet registered with Wealthify, unfortunately we will have to return the payment to the account it came from.

Why have you asked for a bank statement and how do I supply it?

From time to time, it’s necessary to ask customers to supply a copy of their bank statement, to check the account holder’s name and/or address match their Wealthify account. This is to ensure that payments are not made by 3rd parties.

The quickest way to provide a statement is to download a copy from your online banking service. More information about how to do this can be found on our Guide to Downloading Bank Statements.

Once you’ve downloaded a copy, send it to us in a secure message, via your Wealthify account. To do this simply sign in to your account, go to the messages tab and hit ‘Compose’, then attach your bank statement to the message.

If you receive paper bank statements, you can use your phone to take a photo of the statement (please ensure it’s face-on, clear and in focus), then sign into your Wealthify account via your phone's browser and send us a secure message with the photo attached. We also accept document scans, if that’s easier.

You can also send a paper copy (not the original) by post to: Wealthify, Tec Marina, Terra Nova Way, Penarth, CF64 1SA.

How can I update my marketing preferences?

You can update your marketing preferences any time. All you need to do is sign in to your account, go to your profile and change them in ‘Preferences’.