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 General Investment 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 annual ISA allowance between them however you like.
If you’re likely to exceed your ISA allowance, you can simply set up a General Investment Plan to invest additional funds. There’s no extra cost for having two or more Plans.
The ISA limit and maximum you can save each year 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.
Yes, you can do an ISA transfer from 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.
If you’re an existing customer, simply head to your Dashboard and use the ‘transfer in’ button on your home screen. You can then choose whether you want to transfer your money into an existing Plan or create a new one.
Yes, you can transfer your Wealthify Stocks and Shares ISA to either a Stocks and 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.
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.
Yes. The fee you pay is a percentage of the combined value of all your Wealthify Plans.
Yes, you can withdraw funds from your ISA plan at any time, without penalty. However, if you withdraw money from this year's ISA, you will lose that portion of your ISA allowance.
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 annual allowance. So, if you have various goals in mind, you can create different ISA pots for each one.
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.