Cash back from Wealthify

annehorne35

I invested £400 with Wealthify in June 2021,deal being that I would get £40 Cashback after a period of time.Thing is I can't remember how long I had to leave the cash in and didn't take note of it.Did anybody else invest and do you know how long the qualifying investment period is to qualify for cashback? 

pramsay13

I did it a few years ago it was £500 invested for £50 back after 12 months. 

Alexland

6-7 months according to the MSE email on 16 June but you could message them to ask the exact date you can leave. Next time save a copy of the offer terms.
https://www.moneysavingexpert.com/tips/2021/06/16/#cashback
New. Get £40 cashback for investing £400. MSE Blagged. If you plan to 'robo-invest' - where investments are selected for you based on your attitude to risk - then after fees, this Wealthify deal is equiv to a 9.6%-ish head start, provided you keep the full investment for a min 6-7mths. (The fact we've included it doesn't mean we recommend Wealthify - it's just if you're going to use Wealthify anyway, you can get cashback). 2,000 available.

london21

Looks like 6 months but might be worth contacting them.

https://www.moneysavingexpert.com/savings/robo-funds/ 

maxsteam

"No investing experience needed. Download the App. Start investing from £1."

What, exactly, have you invested £400 in? My big concern is not so much whether you can get your cashback but where your £400 has gone.

Alexland

maxsteam said:

What, exactly, have you invested £400 in?

A diversified mix of assets depending on the chosen risk level. Perfectly normal for a robo and Wealthify is owned by Aviva so hardly going to cause the OP substantial harm.

msallen

I did a Wealthify cashback offer back in January and it was 6 months then (and the actual investment had gone up about 5% when I withdrew everything immediately after the CB was credited).

grumiofoundation

maxsteam said:

"No investing experience needed. Download the App. Start investing from £1."

What, exactly, have you invested £400 in? My big concern is not so much whether you can get your cashback but where your £400 has gone.

No need to be too concerned.

As said above a diversified mix of assets. 

Webpage explained investment rationale and you can download factsheets.

https://www.wealthify.com/why-invest/how-we-invest

Daliah

msallen said:

I did a Wealthify cashback offer back in January and it was 6 months then (and the actual investment had gone up about 5% when I withdrew everything immediately after the CB was credited).

I started my Wealthify account in March. £40 was credited in September. Not counting the cashback, and after management charges, it is now up 7.61%, on a "Confident" investment style. I am currently invested in 20 different types, and 7 regions, and there have been a plethora of sales and purchases in the short period I have held the investment. 

Right now, I am not tempted to sell - quite the contrary, I might actually take out my 2022-23 ISA with them next April and move the existing investment into it, then top it up to £20K. 

maxsteam said:

"No investing experience needed. Download the App. Start investing from £1."

What, exactly, have you invested £400 in? My big concern is not so much whether you can get your cashback but where your £400 has gone.

The app is brilliant and shows you down to the last penny what you are invested in. Each and every move (buy / sell / fee) is also detailed, and you can examine it 24 x 7.

Alexland

Daliah said:

I started my Wealthify account in March. £40 was credited in September. Not counting the cashback, and after management charges, it is now up 7.61%, on a "Confident" investment style. I am currently invested in 20 different types, and 7 regions, and there have been a plethora of sales and purchases in the short period I have held the investment. 

Right now, I am not tempted to sell - quite the contrary, I might actually take out my 2022-23 ISA with them next April and move the existing investment into it, then top it up to £20K.

'Confident' is 65% equities which have generally returned over 20% year to date so it's worth considering if the return has been the result of any Wealthify asset allocation skill compared to what you would have got with a lower cost investment with the same contribution pattern.

Daliah

Alexland said:

Daliah said:

I started my Wealthify account in March. £40 was credited in September. Not counting the cashback, and after management charges, it is now up 7.61%, on a "Confident" investment style. I am currently invested in 20 different types, and 7 regions, and there have been a plethora of sales and purchases in the short period I have held the investment. 

Right now, I am not tempted to sell - quite the contrary, I might actually take out my 2022-23 ISA with them next April and move the existing investment into it, then top it up to £20K.

'Confident' is 65% equities which have generally returned over 20% year to date so it's worth considering if the return has been the result of any Wealthify asset allocation skill compared to what you would have got with a lower cost investment with the same contribution pattern.

As a passive investor, I would never have (knowingly) chosen the portfolio they chose. And not to talk about the ongoing balancing. I already have a list of SELL and BUY as long as my arm on my account.