We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Wealthify - maximum gains and losses you've noticed

Options
13»

Comments

  • Alexland said:
    There was a tiny profit but I didn't think it was worth mentioning. Similarly our youngest son just made an 83p profit on his £30 Onefamily Junior ISA which we only opened for the £80 Topcashback which has now paid so the account is transferring to Vanguard.
    Update on this. I closed plan back in February. Balance of Plan was: £488.15
    It comprised of:  deposit =  £300.00 
                              monthly payments = £20.00 x 6 = £120.00
                              manual payment = £20.00   (somehow in February 2020 I've done a manual payment. No idea why I did this!)
                             Bonus = £40.00
                             Plan growth = £8.15
                              Total           = £488.15
    Wish I'd kept it open now (considering the dire interest rates offered on savings accounts)
  • dunstonh
    dunstonh Posts: 119,585 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Alexland said:
    There was a tiny profit but I didn't think it was worth mentioning. Similarly our youngest son just made an 83p profit on his £30 Onefamily Junior ISA which we only opened for the £80 Topcashback which has now paid so the account is transferring to Vanguard.
    Update on this. I closed plan back in February. Balance of Plan was: £488.15
    It comprised of:  deposit =  £300.00 
                              monthly payments = £20.00 x 6 = £120.00
                              manual payment = £20.00   (somehow in February 2020 I've done a manual payment. No idea why I did this!)
                             Bonus = £40.00
                             Plan growth = £8.15
                              Total           = £488.15
    Wish I'd kept it open now (considering the dire interest rates offered on savings accounts)

    Markets fell around 35% between 24th Feb and 24th March.  It then bounced back quickly over the months that followed.
    So, your Feb payment may well have gone in after some of the drop and benefitted from the recovery.   The earlier money would have suffered the whole drop. Although it would be back in profit again by now.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • OceanSound
    OceanSound Posts: 1,482 Forumite
    Seventh Anniversary 1,000 Posts Name Dropper
    edited 15 September 2020 at 8:55AM
    dunstonh said:
    Alexland said:
    There was a tiny profit but I didn't think it was worth mentioning. Similarly our youngest son just made an 83p profit on his £30 Onefamily Junior ISA which we only opened for the £80 Topcashback which has now paid so the account is transferring to Vanguard.
    Update on this. I closed plan back in February. Balance of Plan was: £488.15
    It comprised of:  deposit =  £300.00 
                              monthly payments = £20.00 x 6 = £120.00
                              manual payment = £20.00   (somehow in February 2020 I've done a manual payment. No idea why I did this!)
                             Bonus = £40.00
                             Plan growth = £8.15
                              Total           = £488.15
    Wish I'd kept it open now (considering the dire interest rates offered on savings accounts)

    Markets fell around 35% between 24th Feb and 24th March.  It then bounced back quickly over the months that followed.
    So, your Feb payment may well have gone in after some of the drop and benefitted from the recovery.   The earlier money would have suffered the whole drop. Although it would be back in profit again by now.
    Looked at the statement for February 2020. Payment to 'winterflood sec' (which is what shows up on statement for DD's to wealthify) on 10 Feb 2020 for £20.00. Then I've made a manual payment on 14 Feb 2020 for £20.00. I may have made manual payment because somehow I was concerned that the last DD hadn't gone through, which of course would have affected the bonus payment (as it needs 6 monthly payments to quality). Or I may have simply been curious how to make manual payments into the plan. I think it was the latter. Not 100% sure though.
    edit: only 5 payments were required to qualify for offer, so I probably made manual payment to 'test' how to make additional payments (I remember, was at one point considering keeping the plan and adding about £1000-2000), how long it takes to go through and be added to the plan etc. 
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.7K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.7K Work, Benefits & Business
  • 598.5K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 256.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.