Wealthify cashback

masonic

Compound_2 said:

razord said:

Good question... can you create a plan without any funding? For me, I got an email after the funding to say the account was now open... so it's possible the year timer will start from that day?

The application allows you to 'skip for now' the ISA declaration. However, the effect is that no ISA is opened even though an application to subscribe would appear unnecessary for a transfer. If you apply to subscribe, perhaps you can 'skip for now' on the transfer/deposit as the financial details may not be to hand?

I wonder if for tax purposes if the reward is properly considered a capital gain? If so, as part of an ISA it shouldn't count as a subscription.

An ISA declaration is always required as a pre-requisite for opening a new ISA under HMRC rules. The declaration is merely that you won't subscribe to another ISA of the same type in the same tax year as you subscribe to the one you are opening. The declaration is not that you will subscribe to the ISA you are opening. Failing to make an ISA declaration will prevent you from transferring in, and therefore disqualify you from the cashback offer, which has funding criteria.

DeafCassette

There is a big issue I have with this, as follows:

To verify, they want you to share your passport, live picture, etc. and it isn't Wealthfy that wants this information: It is a third party data monitoring service that can use your details for facial recognition technology and has a slew of information pertaining to US government monitoring policies.

I had a similar third-party with equally onerous obiligations if I wanted a "speedier" check in on a BA flight in December last year.

Now that my tin-foil hat is off, I have no great issue with this as all of our infomation is recorded, Gmail, our phones track us everywhere etc etc.

But it isn't really a free fifty quid. It's fifty quid to provide a heck of alot of personal information than can be explicitly used for onerous purposes above and beyond standard AML checks. I work in finance so understand the importance of proper AML checks, but not as described by the small print of the third party wanting lots of information.

So, tin-foil hat goes back on and I say - thanks, but no thanks.

GraceCourt

Just a warning in relation to this Wealthify cashback offer - my wife and I both opened qualifying plans last year and I noticed that the company only paid in one £50 cashback... when this was queried, she was advised that this is because we have a joint current account and that she will need to send details of her own sole name current account to receive the £50 due.

She has advised that she doesn't have another current account, and requested where in the terms and conditions this was specified, but it looks as though this will now have to be adjudicated by the Financial Ombudsman Service.  Have we missed something or is the company trying to wriggle out of paying?

ForumUser7

GraceCourt said:

Just a warning in relation to this Wealthify cashback offer - my wife and I both opened qualifying plans last year and I noticed that the company only paid in one £50 cashback... when this was queried, she was advised that this is because we have a joint current account and that she will need to send details of her own sole name current account to receive the £50 due.

She has advised that she doesn't have another current account, and requested where in the terms and conditions this was specified, but it looks as though this will now have to be adjudicated by the Financial Ombudsman Service.  Have we missed something or is the company trying to wriggle out of paying?

Have you raised a formal complaint with Wealthify and have they sent you a final response?

This would be needed before an FOS referral, so would be a good next step (if you haven’t done it already).

https://www.wealthify.com/faq/complaints

TheBanker

A FOS complaint will take weeks at best. And they may not find in your favour.

Although you are entitled to go down the FOS route, it would probably be quicker for your wife to open a current account in her sole name, or open another joint account. Having a second current account with a different bank is a useful contingency anyway in case there are ever any problems with your main account. 

masonic

GraceCourt said:

Just a warning in relation to this Wealthify cashback offer - my wife and I both opened qualifying plans last year and I noticed that the company only paid in one £50 cashback... when this was queried, she was advised that this is because we have a joint current account and that she will need to send details of her own sole name current account to receive the £50 due.

She has advised that she doesn't have another current account, and requested where in the terms and conditions this was specified, but it looks as though this will now have to be adjudicated by the Financial Ombudsman Service.  Have we missed something or is the company trying to wriggle out of paying?

The T&Cs are no longer available online, but the refer a friend T&Cs in force at that time specified "Cashback will be paid into the first Wealthify Plan created in an account."

If there is a 1:1 relationship between Wealthify accounts and nominated bank details, then it could be the case that you have registered for two plans under one account. Is Wealthify offering to split your plans into separate accounts in order that you can both benefit from this offer?

Beddie

Are you really going to involve the FOS for £50? It's a tiny amount of money compared to what you no doubt have. You tried to play the rules and it didn't work out this time. Move on.

If you do complain, it will cost the company far more than that in time and fees. So they should chuck you the £50 to go away, if they have any sense.

TheBanker

I'm not even sure a FOS complaint would succeed. Wealthify have offered a solution - the OP's wife needs to send her own account details to receive the cashback - they haven't refused to pay the cashback, just requested a different account to pay it into. FOS may well say that's reasonable.

As I said the quickest solution would be for the OP's wife to open another bank account to receive the £50 cashback. It would take about 5 minutes to open an a second account with their existing bank. TBH I am surprised that someone pursuing Wealthify for their £50 bonus doesn't already have a 'spare' bank account from the switching incentive merry go round or to claim monthly bank account rewards. 

masonic

A sole account can be opened in minutes, especially if using the same bank where the joint account is held. Probably less hassle than complaining.

The notion that a bank will always cave in to any complaint that would cost them more not to uphold it is a flawed argument. If they did this, then they would be flooded with frivolous complaints. They need to hold their ground on complaints with no merit to avoid large-scale exploitation of the complaints scheme.

PloughmansLunch

Has anyone had the Feb 2023 MSE cashback credited yet? My GIA is still as it was a year and a day ago (give or take a few pounds market movements)