Frequently Asked Questions

Who can open a Wealthify account?

Anyone over the age of 18 living in England, Scotland, Wales or Northern Ireland can open any account with Wealthify. Residents of the Channel Islands can open a GIA. Unfortunately, we can’t accept US citizens due to the tax reporting required by the US Passive Foreign Investment Company.

You can only open a stocks and shares ISA if you’re a UK tax resident and haven’t opened or paid into another stocks and shares ISA in the same tax year. If you have, you will need to transfer the full amount to Wealthify or open a General Investment Account.

For our pension, you’ll need to be over 18 and under 75 to open an account.

 

Do you cater for US 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 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.

What is the minimum account size?

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

You can open a Wealthify ISA, Junior ISA and General Investment Account with as much or little as you like. 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.

Is there a maximum account size?

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

For example, ISA Plans have a yearly 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. That said, there’s no limit on the amount you can transfer from 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 £40,000 or 100% of your salary in a tax year. 

But, with our General Investment Account, the sky is the limit! There are no restrictions on the amount that you can contribute each year. 

 

 

 

What happens to my account if I die?

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.

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 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.

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 closing 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, or transfer to a new provider in the case of a pension or Junior ISA. 

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, you can build as many Plans as you like. Some people prefer to keep their money all in one place, others will prefer to split it into separate savings 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.

Can I set up an investment fund for my Children?

Yes, you can – in our Junior ISAs which won best in class in the 2019/20 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.

If a Junior ISAs isn’t the right option for you, then you could open a Wealthify ISA investment plan for each child and name it after them.

 

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 to provide us with your new details. We will need to verify your identity before we can change your bank account details. 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’.