Wealthify offer T & Cs

blagoslovljena

I took up the £50 bonus offer on a £50 Wealthify investment that MSE had last June, that’s due to pay out after 12 months of investing (ie next month).

I’ve had my £50 in there ever since, taking a ‘cautious’ approach which has lost me nearly £3 of that over the 11 months to date.

As it’s mostly invested in bonds and the bond markets have gone a bit haywire lately, I’ve just asked them to move it all 100% into cash via Wealthify’s ‘cash plan’ option on my account (stocks and shares ISA), with the aim of preventing further losses before my bonus is paid out and I can close the account.

But it’s just occurred to me that moving all the bonds to cash might invalidate the MSE bonus offer as technically it’s no longer invested even though the money’s still in the account.

Does anyone have access to the terms and conditions for the bonus from when the offer was advertised last year please?

Bridlington1

All I can find of the June offer is this from the MSE website on the wayback machine:
https://web.archive.org/web/20220616181623/https://www.moneysavingexpert.com/savings/robo-funds/

If I recall correctly there was no option to hold the funds as cash when the June offer was launched so I don't know if they'd let you convert the funds to cash. Therefore I'd say it's best just to leave the £50 invested as this way you'll definitely get the £50 bonus. Double check with them by all means as they do seem to be pretty quick to respond to messages.

blagoslovljena

Bridlington1 said:

All I can find of the June offer is this from the MSE website on the wayback machine:
https://web.archive.org/web/20220616181623/https://www.moneysavingexpert.com/savings/robo-funds/

If I recall correctly there was no option to hold the funds as cash when the June offer was launched so I don't know if they'd let you convert the funds to cash. Therefore I'd say it's best just to leave the £50 invested as this way you'll definitely get the £50 bonus. Double check with them by all means as they do seem to be pretty quick to respond to messages.

Thanks!

There’s an option to convert to cash if you’re thinking of going the whole hog and making a withdrawal. They still have your money, so looking at the Ts & Cs of similar £50 offers they’ve run (managed to find one or two that weren’t done through MSE), they only want you to not withdraw any.

Looks like it’ll be ok to convert to ‘cash plan’, but thanks for the suggestion of contacting them - they’ve been quick when I’ve asked them things in the past too!

masonic

I don't think there was a good set of T&Cs for this one, but I had noted that the £50 had to be invested, and must remain invested for the full offer term. The product T&Cs state that funds in cash park are not invested. Would be a shame to miss out on the bonus through not asking, if there is still time to back out of the request to sell your investments.