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Set up a Direct Debit on our website:
Set up a Direct Debit using the app:
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, 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.
Depending on how you pay into your Investment account, it can take a different amount of time to reach us. Here’s the breakdown of each payment type:
ONE-OFF DIRECT DEBITS: Direct Debits can take up to 7 working days to leave your bank account because the Direct Debit Mandate allows you to change your mind. Once the money has left your account, it can take a further 2-3 days to show on your Plan.
Your money doesn’t come directly to Wealthify, as we don’t hold your money for you. It will either go to Winterflood Securities Limited (or Embark Investment Services Limited, if you’re adding to the Wealthify Pension), as they act as your custodian. This means they are responsible for holding your cash and investments safely.
DIRECT DEBIT: If you set up a recurring Direct Debit, the payment will leave your account on your chosen day, but it won’t show immediately in your Plan. It will go to Winterflood Securities Limited or Embark Investment Services Limited, when paying into your pension, who will then let us know the amount of your deposit.
BANK TRANSFERS: This is the quickest way to fund your ISA, JISA or GIA plans, and it can take between 3-5 working days. If you select bank transfer, you’ll need to arrange this with your bank. You can do this in branch, online or by using telephone banking.
CARD PAYMENTS: You can use a debit card to pay into your Wealthify Pension, but this feature is not currently available for our ISA or GIA products. Debit card payments generally reach your account much faster, typically within 2 hours. This money will go to Embark, as they act as your custodian and are responsible for holding your cash and investments safely.
An investment account is not the same as a standard bank account, where payments in and out can be instant. When you make a payment to your ISA or GIA Wealthify Plans, it’s sent to our custodian, Winterflood Securities Limited. Payments to your Wealthify Pension Plans are sent to Embark Investment Services Limited.
These companies hold the money securely on your behalf, so if anything were to happen to Wealthify your funds would be safe. Once the funds you deposit are with Winterflood or Embark, they are matched to your Plan (which is why you’re provided with a reference number when making a payment), and it will then show on your dashboard. Our Investment Team will then purchase funds for you based on your investment style.
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.
Yes, you can set up a standing order into your Instant Access Savings Account from your nominated bank account.
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.