Frequently Asked Questions

How do I set up an ISA?

When you’re building your Personal Investment Plan, the first question you will be asked is whether you would like to open an ISA or a regular account. Select ‘ISA’ to create an Investment ISA Plan. Under the current rules, you can only open one of each type of  ISA per tax year (Investment ISA, cash ISA, Innovative ISA and Lifetime ISA), but you can split your £20,000 annual tax-efficient ISA allowance between them however you like.

If you’re likely to exceed your ISA allowance, you can simply set up a Regular Investment Plan to invest additional funds. There’s no extra cost for having two or more Plans.

How much can I contribute to an ISA each year?

The maximum you can save in an ISA is £20,000. The tax year runs from 6 April to 5 April the following year. Under the current rules, you can put the full amount in either a cash, peer to peer lending, or investment ISA, or split it between the two in any combination you like.

What’s the difference between a Stocks & Shares ISA and an Investment ISA?

Nothing at all. They are just different names for tax-efficient investments 

Can I transfer in an existing ISA from elsewhere?

Yes, you can transfer your previous years' investment ISAs, innovative finance ISAs, or cash ISAs to another investment ISA provider at any time. Transfers don't impact your current year’s ISA allowance at all, so you can still invest this tax year’s full ISA limit as well as transfer existing ISAs over.

However, always, always, always use the transfer form!! Never withdraw the money to pay in, as you'll lose your tax-efficient benefits on that money forever. To arrange a transfer, simply create a Wealthify ISA Plan, then complete our simple ISA transfer form. We’ll arrange everything else.

Can I transfer my Wealthify Stocks and Shares ISA to another provider?

Yes, you can transfer your Wealthify Stocks & Shares ISA to either a Stocks & Shares ISA or a cash ISA with a different provider. If you want to transfer money you’ve invested in a Wealthify ISA in the current tax year, HMRC rules state you must transfer all of it, whereas previous years’ ISAs can be transferred in whole or in part. It’s worth checking with your new ISA provider for any restrictions or charges they may apply to transferring ISAs. Wealthify will never charge you for transferring ISAs in or out.

Are Wealthify ISA Plans treated differently from regular Wealthify Plans?

ISA Plans offer tax-efficient benefits compared to a Regular Investment Plan. With an ISA, you won’t pay any capital gains tax or UK income tax on your returns. The other main difference with an ISA Plan is that you can only pay in up to your annual ISA allowance each year. Regular Wealthify Plans do not limit the amount you can invest, but you will pay tax on your returns.

If I have regular and ISA Plans, do they count together to decide what fee I pay?

Yes. The fee you pay is a percentage of the combined value of all your Wealthify Plans.

Can I have more than one ISA with Wealthify in the same tax year?

Under current tax rules, you can contribute to one cash ISA and one investment ISA (aka Stocks & Shares ISAs) per tax year to take advantage of your tax-efficient savings benefits. These ISAs can be with the same, or different providers.

If you contribute to an investment ISA with Wealthify this tax year, you can’t contribute to an investment ISA with another provider this tax year, regardless of how much of your ISA allowance you have available.

However, you can create as many ISA investment plans within your Wealthify account as you like in one tax year, as long as the combined total contributions you make to these plans does not exceed £20,000. So, if you have various goals in mind, you can create different ISA pots for each one.

 

Who can open an ISA?

You can open an ISA with Wealthify if you:

Are over 18

Are UK tax resident

Have not opened an Investment ISA (other than within a Lifetime ISA) with another provider in the current tax year.

You can put up to £20,000 a year in a Cash ISA, Investment ISA, Lifetime ISA, or Innovative Finance ISA, or you can split your allowance between them. Please note, Wealthify only offers Investment ISAs.