Frequently Asked Questions

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.

When you apply for a Wealthify account, we will ask you for personal information such as:

• Your Full Legal Name
• Residential address
• Date of birth
• Employment status and annual income
• Your bank account details

We will use this information to process credit reference agency searches to help verify your identity and searches will leave a footprint on your file, but do not affect your credit score.

At Wealthify, we want to protect our customers, and our business, from fraud and financial crime.
For us to keep your money safe, we need to ensure the information we have about you is correct, so we will:

• Review all our customers accounts to check we have all the details we need.
• Contact you if we need you to confirm, update or provide new information.

We will ONLY contact you using the details you have registered with us.

If you have received a secure message from us in your app, or via your registered email address, requesting information or documentation, then all you need to do is respond to the message and our account review team will review your response within 24 hours, and confirm if any further information is required or if our query can be closed.

Should you need any additional support, please contact our customer care team:https://.wealthify.com/help-centre

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 and numbers 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.

Our minimum account size depends on the products you are interested in.

Instant Access Savings Account

You can open a Wealthify savings account with just £1. You can top this up through instant bank transfer, one-off faster payments through open banking, and standing orders from your connected bank account.

Investment Plans

You can open a Wealthify ISA, Junior ISA and General Investment Account from just £1. You decide if you want to add to it with lump sums, regular Direct Debit payments, a combination of both or adding whatever you can afford. It’s all up to you! Our Pension is a little bit different. To open an account, you’ll need to add a minimum of £50, and any deposits you make also have a minimum payment amount of £50.

There’s no maximum account size, but, for some of our investment products, there is an annual limit.

For example, ISA Plans have an annual investment limit across all ISA types, which is currently £20,000. If you have a Cash ISA and Stocks and Shares ISA, you can split the limit across two, for example, £10,000 in your Cash ISA and £10,000 in the Stocks and Shares ISA. That said, there’s no limit on the amount you can transfer from both Cash and Stocks and Shares ISAs from previous tax years.

Junior ISAs also have an annual tax year limit which is lower than an adult ISA. Currently, the government has set it at £9,000.

Our Pension doesn’t necessarily have a limit, but you won’t receive tax relief if you exceed £60,000 or 100% of your salary in a tax year.

But, with our Instant Access Savings Account and General Investment Account, there are no restrictions on the amount that you can contribute each year.

This isn’t something anyone wants to think about, but if it does happen, we’ll freeze your assets upon receiving the proof of death certificate. This means that your investments would remain static, although if you owe fees, we may sell your assets to pay for this. We would then wait for instructions from your legally appointed executors on what to do with any remaining funds.

This process is slightly different with pensions, as it will depend on what age you are when you die and whether you’ve accessed your pension. The main difference happens if you die before 75, in which case your pension passes - tax-free - to your beneficiary.

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 are transaction receipts that can be viewed from your Plan activity page. 

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

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.

No, none at all.

Yes, you can build as many Investment Plans as you like. Some people prefer to keep their money all in one place, others will prefer to split it into separate investment plans - Wealthify lets you do either. You can even choose different investment styles for each Plan. Whatever you decide, you can rest assured that there’s no additional charge for creating more than one Plan.

Yes, you can – in our Junior ISAs which won best in class in the 2023/24 Personal Finance Awards 

Junior ISAs are a great way for parents or guardians to put aside money for when the child turns 18 in a tax-efficient way. You can find out more about this product in the Junior ISA section of these FAQs.

No, not at the moment, although we do allow friends and family members to contribute to Junior ISAs.

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.

You can currently only register one bank account for deposits and withdrawals into your Wealthify account. If you would like to change your registered bank account you can do this in your account either on the website or in the app. We may need to verify the account belongs to you and will attempt to do this electronically. 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.

To change your bank account details on the website:

1. Log into your account
2. Click "Your Account" in the top right hand corner
3. Select "Your Profile"
4. Choose "Bank account" from the options on the left hand side
5. Scroll to the section called "Your current bank account" and click "Change your bank account"

To change your bank account details in-app:

1. Open the app
2. Tap the cog in the top right hand corner to go to your settings
3. Select "Profile"
4. Tap "Bank account" from the options under your profile picture
5. Scroll to the section called "Your Current Bank Account and click "Change Your Bank Account"

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 3^rd 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.

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’.

Yes, you can use two-factor authentication (2FA) to add another layer of security to your account. When you log in, you’ll need to enter both your password and a code generated by an app on your phone. If you lose your device, you'll need to get in touch with us to restore access to your account

Step 1: Install an Authenticator App

Before you can set up two-factor authentication, you need to install Google Authenticator or Authy on your device from Google Play or the App Store.

Step 2: Go to your Wealthify settings

On a desktop, you’ll find two-factor authentication under your profile in the password settings. On the app this feature is in your settings.

Click on “Enable Two-Factor Authentication” and follow the instructions.

When the barcode appears, scan it with your authenticator app or enter the key manually.

Step 3: Verify Code

Once you’ve scanned the code, you’ll need to enter the code generated by your authentication app to enable two-factor authentication.

Every time you log in to your Wealthify account after doing this you will need to enter a code from your authentication app. Please note that if you lose the device with your authentication app on it you'll need to get in touch with us to restore access to your account.

Instant Access Savings Account customers can switch from the automatic opt-in SMS/Email codes, to app-generated 2FA if they choose to.