Another Wealthify £50 offer June 2022 - new customers only

masonic

redpete said:

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.

FWIW, my deposit was credited to my account within 24 hours of sending it, the investment order was placed the following day and holdings were visible the day after that. I could see my investment fluctuating online from that point, and settlement of the fund orders was T+3. Therefore it was a week until everything was visible, but the effective date of the investment was 2 days after sending the money. Rather surprisingly I'm currently up 17p after initially seeing a 25p fall. If only I had such luck with recent purchases in my main investment accounts.

drob4

You recently applied for a Wealthify account and we’re excited to have you on board, and get you started on your investment journey.  

It seems you weren’t the only person who made the decision to join us.

In fact, we’ve recently had such a high volume of customers, that it’s taking us a little longer to welcome everyone in our usual Wealthify way.  

We’re really sorry about this delay. Please bear with us while we process your application – we are hoping to get you set up by the end of this week.  

You don’t need to do anything as we will get in touch to let you know when your account is ready. However, if you have any questions, please get in touch.

Offer is limited to first 10000 applicants. Anyone with a funded account: Does your account let you know if you’ve qualified?

masonic

drob4 said:

Offer is limited to first 10000 applicants. Anyone with a funded account: Does your account let you know if you’ve qualified?

When you log in to the account, even before funding, you'll see the "MSE £50 cashback banner" with a link to the T&Cs. I'd assume that indicates you are one of the lucky 10,000. I think it was also displayed during application. Since it is first 10k "applicants", presumably they are counting people at that stage, whether or not they go on to meet the conditions.

wiseonesomeofthetime

If I'm not in the cashback group, I shall not be funding my account. If they ever verify my bank. 

wiseonesomeofthetime

Nearly two weeks now since I applied for this account/offer and still my account is not open/verified.

I am not willing to trust my money with any company as inept as this, regardless of the promotional offer.

alarch83

wiseonesomeofthetime said:

Apparently, I cannot create an account as I already have one, according to Wealthify, when I typed in my email. 

Have never deposited in one, however, I recall clicking on a link in Starling Marketplace once, so perhaps joined that way 🤷‍♂️

No login details in my password manager either. 

Oh well.

Not going to bother chasing as I clearly wouldn't be considered as a New Customer now anyway, so not entitled to promotion. 

They said I didn't qualify as I already had an account.  I didn't actually have an account - I took their questionnaire and they said I didn't have enough funds.  I decided to come back the next time the offer was on.  I explained this via the online chat facility and they give me the bonus.

wiseonesomeofthetime

Well, I have lost patience and told them to cancel my application and expunge my personal details.

Perhaps I am being impatient, however, there is nothing showing in the app either to indicate that I am one of the 10,000 successful new customers either, so not willing to play.

wiseonesomeofthetime

Woke up this morning to an email confirming my account as closed. 

Amazing that they can manually action that request in 14 hours, but not verify my Monzo account in 12 days! 🤷‍♂️

Nae bother 😁

texas_holden

Mmmmm. I’m not sure about these guys. I’ve invested nearly £40k with them and over 18 months I am down over 8%.

I get that the market has had its challenges but I’m sure arms, oil, gas and grain prices have not done badly so I’m not sure what my investments have been based on.

the other concern is that supposedly when you withdraw, they don’t pay out the investment value at that time. It takes 10 days and they pay you whatever value it has at the end of 10 days??? Sounds a bit scammy to me…

ZeroSum

texas_holden said:

Mmmmm. I’m not sure about these guys. I’ve invested nearly £40k with them and over 18 months I am down over 8%.

I get that the market has had its challenges but I’m sure arms, oil, gas and grain prices have not done badly so I’m not sure what my investments have been based on.

the other concern is that supposedly when you withdraw, they don’t pay out the investment value at that time. It takes 10 days and they pay you whatever value it has at the end of 10 days??? Sounds a bit scammy to me…

Taking a few days is normal. Not as long as 10 though. That said, if the market jumps whilst you're selling, then you'll click

I'm only in for the free £50 as their fees are a bit on the high side compared to some others.