Another Wealthify £50 offer June 2022 - new customers only

masonic

FWIW, my deposit made in the early evening yesterday has just been credited to my account.

Lifes_Grand_Plan

Thinking of going for this offer after seeing it in the newsletter. I guess if I put the £50 in and go adventurous 
, then after 12 months I get my £50 back regardless and anything else - which could be big or zero - is a bonus....?

One query - Martin said that the only risk is if they go bust and you don't get the £50 offer bonus. Presumably the main investment is protected though?

masonic

Lifes_Grand_Plan said:

Thinking of going for this offer after seeing it in the newsletter. I guess if I put the £50 in and go adventurous 
, then after 12 months I get my £50 back regardless and anything else - which could be big or zero - is a bonus....?

One query - Martin said that the only risk is if they go bust and you don't get the £50 offer bonus. Presumably the main investment is protected though?

The main investment is protected, although as you point out, you could see it eroded due to investment losses. An investment of this type is not going to go down to zero, although if you were extremely unlucky you might only get a little over half of it back if you were to cash in after a year. Most people already hold investments, even if only in a pension, so this additional £50 is not going to be significant in that context.

Nardy

I've signed up for this deal and I was wondering if anybody knew if there was anything unique about their offerings? Have they got something that nobody else offers?

Ozzig

I've applied and they've emailed they were unable to confirm my bank details electronically and I need to send a PDF bank statement. 
It's a major high street bank and no one else has ever had problems verifying my details, not suggesting Wealthify are dodgy just it's a bit odd.

masonic

Nardy said:

I've signed up for this deal and I was wondering if anybody knew if there was anything unique about their offerings? Have they got something that nobody else offers?

They have their own mix of assets, but it's broadly similar to its robo competitors and even multi-asset funds that could be held in a DIY platform. They do not offer the best value in terms of charges, so in short there is nothing compelling beyond the incentive.

redpete

masonic said:

adindas said:

I did £1 transfer test yesterday, manually. If you transfer money manually, how long will it take from your Bank AC to reach Wealthify

They say up to 3 working days, although it is hard to see why it would take that long unless they are manually processing each incoming transfer. I've also got a payment pending since yesterday.

I asked why it takes several days for a Faster Payment to reach them from a bank account.  Answer was:

 " it will reach the account between 2-3 working days , because first it would go into our custodian who keep your money safe, and from then once they match your name to the account it will go into our bank account"

Now opened accounts for me and Mrs me, happy to go through painless account opening process and risk 2 * £50 in a relatively standard diverse set of funds to get 2 * £50 in a year.

masonic

redpete said:

masonic said:

adindas said:

I did £1 transfer test yesterday, manually. If you transfer money manually, how long will it take from your Bank AC to reach Wealthify

They say up to 3 working days, although it is hard to see why it would take that long unless they are manually processing each incoming transfer. I've also got a payment pending since yesterday.

I asked why it takes several days for a Faster Payment to reach them from a bank account.  Answer was:

 " it will reach the account between 2-3 working days , because first it would go into our custodian who keep your money safe, and from then once they match your name to the account it will go into our bank account"

Now opened accounts for me and Mrs me, happy to go through painless account opening process and risk 2 * £50 in a relatively standard diverse set of funds to get 2 * £50 in a year.

So manual processing by the custodian. Thanks for asking.

wiseonesomeofthetime

Still waiting for the process to complete before I can deposit my fifty pounds 

redpete

masonic said:

redpete said:

masonic said:

adindas said:

I did £1 transfer test yesterday, manually. If you transfer money manually, how long will it take from your Bank AC to reach Wealthify

They say up to 3 working days, although it is hard to see why it would take that long unless they are manually processing each incoming transfer. I've also got a payment pending since yesterday.

I asked why it takes several days for a Faster Payment to reach them from a bank account.  Answer was:

 " it will reach the account between 2-3 working days , because first it would go into our custodian who keep your money safe, and from then once they match your name to the account it will go into our bank account"

Now opened accounts for me and Mrs me, happy to go through painless account opening process and risk 2 * £50 in a relatively standard diverse set of funds to get 2 * £50 in a year.

So manual processing by the custodian. Thanks for asking.

and then...

"We typically invest your money within 2 working days of receiving it, then it can take a couple of days for the investments to show on your dashboard due to the investing process."

So potentially 7 days between initiating an immediate payment into the account and you seeing it invested in one of their fund schemes.