Funding your Plan FAQs

You can fund all Wealthify Plans through bank transfer. If you'd like to fund your Plan by bank transfer, this is something you’ll need to set up directly with your bank. You can do this in branch, online, or by using telephone banking.

Unlike a Direct Debit (where we can collect the money from your bank account), you’ll need to arrange for the payment to be sent to us yourself.

When you select bank transfer, we'll provide you with the sort code, account number, and payment reference so that we can easily match your deposit to your Plan.

For our Instant Access Savings Account and Cash ISA customers, you can also use faster, one-off bank payments through open banking.

One-off Direct Debits can be set up when you first open an Investment Plan, or to make ad hoc payments when you select 'top-up' on your dashboard. It uses the same mechanism as a standard Direct Debit, but it won't re-occur; we'll only take one payment from your bank account.

When you set up a one-off Direct Debit, a Direct Debit Mandate is sent to your bank. Your payment can take up to 7 working days to leave your bank account, because the Direct Debit Mandate allows you this time to change your mind. Once the money has left your account, it can take a further 2-3 days to show on your Plan.

Please note: one-off direct debits are currently only available for our investment products.

You can use a debit card to fund your pension plan, with a minimum deposit of £50 per transaction. We do not accept credit card payments.

You can’t fund your ISA or GIA with a debit card, as there is greater payment flexibility on these products. As we’re charged for each transaction by the card issuer, the fee for accepting card payments would be higher than the cost of managing your Plan. So, instead of increasing your costs, we decided not to accept card payments.

Please also be aware we do not currently allow debit or credit card payments into our Instant Access Savings Account.

Savings Accounts

Yes, you can set up a standing order into your Instant Access Savings Account and Cash ISA from your nominated bank account.

Investment Plans

No, you can’t. But you can set up recurring payments to fund your Plan with a Direct Debit, which you can set up in your dashboard.

Yes, we’ve made it easy for you to do just that. You can add regular monthly payments to your Wealthify Plan by direct debit, or top-up at any time with a one-off direct debit or bank transfer.

Unfortunately, we only currently allow direct debit payments into our Investment Plans. If you want to establish regular saving habits, you can set up a standing order into your Savings Account instead.

As an instant access account, you should receive withdrawals in your account within 3 hours.

What happens if my payment takes longer than expected?

All deposits and withdrawals are processed via the UK Faster Payments Scheme; payments between banks are processed almost instantly, and most credit the destination account instantly, too.

Sometimes, the Faster Payments Scheme takes longer for banks to communicate and send funds to each other.

In addition, we have to review every deposit and withdrawal using automated systems. 

Some payments have to be reviewed manually, which can take longer than the normal instant processing or 3 hours we indicate. We know this is frustrating, but these checks are designed to try and keep our customers safe from fraudulent activity, and to ensure we're meeting our legal and regulatory obligations.

Please see the Terms and Conditions for further information.

A VRP is a variable recurring payment. They are similar to Standing Orders, where you set up a recurring payment, selecting an amount and date that the payment will automatically be taken on.

VRPs can be taken any day of the week including weekends and bank holidays. Please note other methods such as Standing Orders are limited to weekdays.

We currently offer VRPs to be used for our Instant Access Savings Accounts (IASA) only. Other plan types may still require Direct Debits or Standing Orders instead.

You can indeed have both a VRP and Standing Order set up. However, if you have VRPs available then you will not see the screen to set up a Standing Order. Therefore, if you want to make use of both you will need to set up the Standing Order directly with your bank.

When doing so, you will need to use your savings account details that can be found on the ‘Plan Details’ section of your plan page.

Only certain banks are eligible to set up a VRP against our savings accounts. To check if you are able to set one up, you can use the below instructions to help get started!

On the Website

1. Open the website and sign in.
2. Click "View Plan" on your Instant Access Savings Account.
3. On the right of the page, you will see the option to set up a VRP.
4. Click this and follow the instructions on the screen.

On the App

1. Open the app and sign in.
2. Tap "View Plan" on your Instant Access Savings Account.
3. On the top right, tap "Plan Details" and then select the option to set up a VRP.
4. Tap this and follow the instructions.

You can use the below instructions to edit your VRP:

On the Website

1. Open the website and log in.
2. Click "View Plan" on your Instant Access Savings Account.
3. In the area for your VRP, click the "Edit" button.
4. Input the new information and click "Update”.

On the App

1. Open the app and log in.
2. Click "View Plan" on your Instant Access Savings Account.
3. Tap "Plan Details" and then tap the pencil that is in the area for your VRP.
4. Input the new information and tap "Update".

Unfortunately, not all banks are eligible to set up a VRP for use with your savings account. However, the list of eligible banks is subject to change, so yours may be able to use this feature in the future.

For the meantime, you are still able to set up a regular standing order! To do so, you will need to use the account details found in the ‘Plan Details’ section of your savings account to set this up directly with your bank.