Withdrawals

How long does a withdrawal take?

Withdrawals will typically take up to 10 working days. This is because your money is invested in stock markets and we need to sell your investments first before we can send you your money. It might be quicker than 10 days, but we can’t promise.

Is there a minimum amount that I can withdraw?

Yes, the value of any withdrawal you make must be at least £1.00. 
You’ll need to close your Plan if you’d like to withdraw your full balance.

Do I need to have a balance in my Plan to keep it open?

Yes, to keep a Plan open it will need to have a balance of at least £1.00. 
You’ll need to close your Plan if you’d like to withdraw your full balance.

When I withdraw money from my Plan, will I get exactly what is shown on my dashboard?

The amount displayed on your dashboard is an indicative amount only.

Investment price fluctuations mean that the value of your investments may change between the time that you place your request and the time that we sell.  This means that you could get back less than what was showing in your Plan. 

If you request a partial withdrawal, we’ll sell as many of your investments required to get as close to the amount you request. 

What happens if you cannot sell my investments straight away?

In the rare event that we cannot sell down your investments straight away, we’ll send you what we can, with the rest to follow when the remaining sale(s) can be completed.

Can I withdraw from my ISA?

Yes, you can withdraw money from your Wealthify ISA in the same way as a general investment account but anything you withdraw will still count towards your £20,000 allowance and can’t be replaced.

For example: If you invested the full £20,000 limit into your ISA and then withdrew £1,000, you wouldn’t be able to pay money into your ISA until the beginning of the following tax year, because you would have already used up your allocated ISA allowance.

But, if you’ve only paid in £10,000 and withdrew £5,000, you’d still be able to pay in an additional £10,000 and make full use of your remaining ISA allowance.  

What is Cash Park?

Cash Park can help to temporarily reduce your investment risk by moving some or all of your Plan into cash.

Some customers choose to change their investment style if they ever feel concerned about stock market movements, but our Cash Park facility goes one step further without affecting your ISA allowance as you don’t need to remove any money from your Plan. 

Cash Park is best used as a short-term measure as ‘parked’ money isn’t invested, so you won’t benefit from any improvements in the market. You should consider the potential impact of this on your expected returns.

You won’t earn interest on parked cash, and the effects of inflation on your returns may be greater. If you can, it’s generally better to leave your money invested, to allow the market opportunity to recover from any losses.

Cash Park isn’t a Cash ISA. Any money in Cash Park is held within your existing Plan. If you have a Stocks and Shares ISA, or a Junior Stocks and Shares ISA, any parked cash will still count towards your annual ISA allowance.

If you want to change your investment style, please contact us and we’ll make the change for you.

How do I use Cash Park?

You’ll need to login to your Wealthify account. From there, select the plan you want to amend, and you’ll see the option to ‘Park some of your plan in cash’.

Choose the percentage of your Plan that you want to park, and changes will be made the next time our investment team trades. It usually takes between 3-5 days for any changes you make to reflect in your Plan. You can adjust this percentage and reinvest at any time.

There must be £100 minimum held in the plan before you are able to benefit from using the cash park functionality. 

We’ll make the change the next time our investment team trades, it then takes between 3-5 days for any changes you make to reflect in your Plan.

How much of my investment can I move into Cash Park?

You can move as much or as little as you want, just select the percentage of your current investment you’d like to move. Your selected Cash Park percentage will also apply to any money you invest in this Plan in the future. You can come back and adjust this percentage at any time.

You can change the percentage of your Plan held in Cash Park at any time.

Transaction costs will be incurred each time you move money in and out of Cash Park. These are part of the investing process, and while not strictly a charge, they do slightly reduce your returns and therefore should be considered when using Cash Park. You can find out more about transaction costs here.

Is there a charge for using Cash Park?

You won’t pay annual fees or fund fees on money while it is held in Cash Park.

Transaction costs will be incurred each time you move money in and out of Cash Park. These are part of the investing process, and while not strictly a charge, they do slightly reduce your returns and therefore should be considered when using Cash Park. You can find out more about transaction costs here.