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Savings Accounts
You should receive withdrawals into your nominated bank account within 3 hours.
What happens if my payment takes longer than expected?
All deposits and withdrawals are processed via the UK Faster Payments Scheme; payments between banks are processed almost instantly, and most credit the destination account instantly, too.
Sometimes, the Faster Payments Scheme takes longer for banks to communicate and send funds to each other.
In addition, we have to review every deposit and withdrawal using automated systems.
Some payments have to be reviewed manually, which can take longer than the normal instant processing or 3 hours we indicate. We know this is frustrating, but these checks are designed to try and keep our customers safe from fraudulent activity, and to ensure we're meeting our legal and regulatory obligations.
Please see the Terms and Conditions for further information.
Investment Plans
Withdrawals will typically take up to 10 working days. This is because your money is invested in stock markets, meaning we need to sell your investments first before we can send you your money.
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.
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.
Savings Account
Interest is earned up to and including the day prior to withdrawal of funds or closure of the Account. Customer’s cash plans will not be closed until both funds are returned and interest is paid into the customers nominated account.
Investment Plans
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 you make your request and we sell. This means 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.
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.
Yes, you can withdraw money from your Wealthify Flexible Stocks and Shares ISA in the same way as a General Investment Account. Since it’s a flexible ISA, you have the added benefit of being able to withdraw and redeposit funds within the same tax year, without impacting your annual ISA allowance.
This flexibility sets Wealthify’s ISAs apart from standard, non-flexible ISAs. With a standard ISA, if you had already invested the full £20,000 annual limit then withdrew £1,000, you wouldn’t be able to add any more funds until the next tax year because your allowance would be used up. Flexible ISAs eliminate this restriction, giving you greater control over your money.
For Junior ISAs and Self-Invested Personal Pensions, you can only withdraw once they have reached maturity, this is when the child turns 18, or the pension holder turns 55 respectively.
Cash Park temporarily reduces your investment risk by moving some or all of your Investment Plan into cash. Some customers choose to change their investment style if they feel concerned about stock market movements. However, our Cash Park facility goes one step further without affecting your ISA allowance, as you don’t need to remove money from your Plan.
Cash Park is best used as a short-term measure, as ‘parked’ money isn’t invested, meaning 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 higher. 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 Investment Plan. If you have a 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.
Cash park is not available for our Wealthify Pension, Instant Access Savings Account, or Cash ISA.
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.
Cash park is not available for our Wealthify Pension, Instant Access Savings Account, or Cash ISA.
You can move as much or as little as you want, as long as you have a minimum of £100 held in your Plan; 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 also 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 should therefore be considered when using Cash Park. You can find out more about transaction costs here.
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 should therefore be considered when using Cash Park. You can find out more about transaction costs here.
No, these are two different Wealthify offerings. Cash Park is exclusively an element of our investment products, and does not act as a savings account.