Does this count as a subscription

afis1904

I signed up with Wealthify a while ago (partially for the sign up bonus) and the cashback is due in about a month and they pay it directly into my ISA. Am I right in assuming that that counts as a subscription?

colsten

Subscription is when you make a deposit. So no, their cashback payment doesn't count as a subscription.

Alexland

colsten said:

Subscription is when you make a deposit. So no, their cashback payment doesn't count as a subscription.

When you enter into the offer terms and conditions you are authorising the ISA manager to add the bonus into your account on your behalf so it does count as a subscription against your allowance and a contribution into that type of ISA for the year. I have seen this consistently over the years with different provider bonus offers.

Looking at a recent Wealthify offer the terms could be clearer but "10. If your ISA or Junior ISA have reached their maximum allowance, the cashback will be paid directly into your bank account". They wouldn't say this if it wasn't an ISA contribution using annual allowance.

https://www.wealthify.com/moneysavingexpert/january-2020-offer/terms-and-conditions-january-2020

afis1904

Yeah I thought that would be the case after reading that point but I couldn't find anything in the T&C's specifically. Thank you