Cash ISA

The minimum amount you can deposit is £1, with the maximum currently being £20,000 each tax year (this is your annual ISA allowance, which is subject to change).  

No, you don’t. The Wealthify Cash ISA is a tax-efficient way to save money because, as with all Cash ISAs, you don’t have to pay any capital gains or income tax on the interest you earn.

The current interest rate on the Wealthify Cash ISA is 4.39% AER / 4.30% gross p.a. (variable) paid monthly.

AER (Annual Equivalent Rate) calculates how much interest you earn over a year, taking compound interest (the interest you earn on interest) into account. AER is displayed on all UK savings accounts, and is a good way to compare rates.

Gross rate doesn't include compound interest, and refers to the amount of interest paid to you without the deduction of UK income tax.

You can find out more about the Bank of England base rate by following this link.

While the amount of interest offered is set by Wealthify, it is a variable rate that’s in line with the Bank of England’s base rate. Our partner, ClearBank, helps with calculating and paying out the interest. Wealthify will provide 14-days' notice to customers if we are increasing the size of our margin, which would mean passing less interest onto you.

We're not required to provide any notice if we're passing more interest onto you by decreasing our margin or when the interest rate is moving up or down in line with the Bank of England base rate changes.

For a full list of reasons for an interest rate change, see our Terms & Conditions.

Interest is calculated daily based on the cleared funds in your account (as determined by ClearBank). That calendar month’s accumulated interest will then be paid monthly into your Cash ISA account directly by ClearBank on a gross basis, within 3 working days of the month's end.

An easy access Cash ISA – like Wealthify’s – means you can access your savings at any time without any fees. 

Wealthify’s Cash ISA is also a ‘flexible’ ISA, which means that during the tax year, you can withdraw your money and pay it back in, without it affecting your £20,000 annual ISA allowance. 

Both terms mean the same thing: being able to deposit and withdraw money from your Cash ISA at any time without penalty.

Even though they’re both savings accounts, there are two main differences between our Cash ISA and Instant Access Savings Account.

Firstly, our Instant Access Savings Account lets you save as much as you want; with our Cash ISA,  

Secondly, you don’t have to pay any tax on the interest you get with our Cash ISA; with our Instant Access Savings Account, however, the interest generated on your money is classed accordingly as taxable income.

Our Cash ISA is a savings account that offers guaranteed returns, meaning you can pay into it with the certainty of knowing how much interest your money’s going to make every month.

With a Wealthify Stocks and Shares ISA, however, your money is invested in the stock markets instead. And, due to the up-and-down nature of markets, the value of your investment can go down as well as up, so returns aren’t guaranteed.

No fee will be charged for the management of your Wealthify Cash ISA. 

ClearBank Limited power our Cash ISA. All money held within our Cash ISAs and Instant Access Savings Accounts is sent directly to ClearBank, and is never held by Wealthify.

ClearBank are authorised by the Prudential Regulation Authority. They are regulated by both the Financial Conduct Authority and the Prudential Regulation Authority.

Financial Services Register number: 754568

Registered address: ClearBank, Borough Yards, 13 Dirty Lane, London, SE1 9PA.

For more information, click this link.

Please note: correspondence regarding your Savings Account should be sent directly to Wealthify via our Live Chat service, email, or by calling us at 0800 802 1800.

Wealthify’s Cash ISA is protected by the Financial Services Compensation Scheme (FSCS). Up to the first £85,000 of your money saved in a Wealthify Cash ISA can be protected by the FSCS in the event of the insolvency of either our Cash ISA provider, ClearBank, or Wealthify itself.

The FSCS's compensation limit of £85,000 is per banking licence and as our Cash ISA is powered by ClearBank, this means the £85,000 limit is shared across all accounts you hold with ClearBank.

For example, if you have £80,000 saved in a Wealthify Cash ISA and £20,000 saved in another account powered by ClearBank elsewhere (including the Wealthify Instant Access Savings Account), only £85,000 of your deposits would be eligible for FSCS protection.

For more information, and to find a list of other accounts under the ClearBank banking licence, please visit the ClearBank website.

The Wealthify Cash ISA is available to both new and existing Wealthify customers. In order to open one, you need to:

• Be a UK tax resident aged 18 or over.
• Have a valid UK residential address (this doesn’t include a PO Box address).
• Have a valid National Insurance Number.
• Hold a UK bank or building society personal account in your name.

You can’t share an ISA or set one up on behalf of another adult, unless you hold Lasting Power of Attorney.

You can apply for and open a Wealthify Cash ISA account using the Wealthify app or website. You’ll need to provide some basic details about yourself to get started, such as your name, address, date of birth, proof of identity, and address. You’ll also need to pass our standard security checks.

You can pay into a Wealthify Cash ISA using regular and/or one-off payments. Regular payments can be made by setting up a standing order from your own bank. For standard one-off payments, you can use manual bank transfers; for quicker one-off payments, however, you also have the option to use Open Banking.

You can only open one Wealthify Cash ISA during each tax year.

As long as you don’t exceed your annual £20,000 ISA allowance, you can have as many Cash ISAs with different providers as you want.

Yes, you can. Because they’re two different types of ISAs, you’re also allowed to pay into a Cash ISA and Stocks and Shares ISA in the same tax year. In fact, having both could be a good way to prepare for your short-term goals and financial future.

However, you’ll need to make sure your total contributions across both accounts don’t exceed your annual ISA allowance of £20,000.

You can do this yourself, using either the Wealthify app or website:

App:

• Sign in to your app.
• Tap on the Savings tab.
• Tap "View Account".
• Tap the Details tab.
• Scroll to the bottom and tap "Close Savings Account".

You can also contact customer care via Live Chat on the website, call 0800 802 1800, or by sending us a secure message.

Website:

• Sign in to your account.
• Go to the Savings tab.
• Click "View Plan".
• Scroll down and click "Close Plan" on the right-hand side of the screen.