Funding your Plan

How to set up a Direct Debit

Set up a Direct Debit on our website:

1) Sign into your Wealthify account
2) From your dashboard, select your Plan
3) On the right-hand side you’ll see the option to set up a Direct Debit
4) Select this and follow the instructions.

Set up a Direct Debit using the app:

1) Sign into your Wealthify account
2) From your dashboard, select your Plan
3) Scroll down to view your Plan details – you should see the words 'Direct Debit' and 'Set Up'
4) Select 'Set up' and follow the instructions.

How to fund your Plan by 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.

What is a 'one-off' Direct Debit?

One-off Direct Debits can be set up when you first open a Plan or to make adhoc 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 – as the name suggests, 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.

How long do payments take to reach my Plan?

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 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.

Your money doesn’t come directly to Wealthify as we don’t hold your money for you. It will go to Winterflood Securities Limited 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 who will then let us know the amount of your deposit.

BANK TRANSFERS:
This is the quickest way to fund your plan 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.

Why can’t I fund my Plan instantly?

An investment account is not the same as a standard bank account where payments in and out can sometimes be instant.

Wealthify does not hold your money directly. When you make a payment to your Wealthify Plan, it’s sent to your custodian, Winterflood Securities Limited. They hold the money securely on your behalf, which means if anything was to happen to Wealthify your funds would be safe. Once the funds you deposit are with Winterflood, 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.

Why can’t I use a debit or credit card to fund my Plan?

We would love to accept card payments as a way to fund your Plan. But, each time you make a transaction using a debit or credit card, we would be charged by the card issuer. The fee for making card payments is more than the cost of managing your Plan so we do not accept card payments to keep the cost of your Plan as low as possible.

Can I fund my Plan by standing order?

Sorry, not any more.  If you'd like to set up recurring payments to fund your Plan, you can do this by setting up a Direct Debit from your dashboard.  

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