Wealthify refusing cashback

Wombat

I invested in a Wealthify ISA with the Moneysavingexpert cashback deal of 100% deposit match. After the 12 month required period I hadn't received any cashback. I contacted Wealthify and they replied that the cashback offer hadn't been applied to my initial investment and said they would rectify the problem and I would receive the cashback within 15 working days.

19 days later, still no cashback (although it shows in my account as pending). I contacted them again and received this reply: "Unfortunately we are currently experiencing an issue with our custodian and paying the cashback. We are working hard to resolve this, and I apologise for the inconvenience. ".

MX5huggy

@Wombat any luck? Mines been “pending “ for about 9 days now. 

subjecttocontract

I thought that we had to wait up to 30 days for the bonus after the end of the 1 year 'investment'.

where_are_we

subjecttocontract said:

I thought that we had to wait up to 30 days for the bonus after the end of the 1 year 'investment'.

Patience is a virtue. As subjecttocontact stipulates wait for the 30 day period. My £75 deposited via the MSEoffer in June 23 has grown to £81.67. I have a message on my dashboard - "Pending deposit of £75.00 will appear in your Plan once received." All seems ok.

What is the consensus on action once the £75 bonus is received.

I am inclined to close account and cash in my gains plus intial deposit once £75 bonus is received.

Is there any downside to this action?

Reason being that I am inclined to keep my stocks and shares investments as simple as possible and in an ISA wrapper.

 

MX5huggy

Cash in and run is the plan don’t want to get involved in dividend or capital gains tax. But their savings account is close to the best easy access saver right now. 

subjecttocontract

Initially I was gonna add a few £000 but came to the same conclusion......keep it in an ISA.

nottsphil

TheBanker said:

My Wealthify Pension currently has a balance of £3,000 - I stuck some money in at the end of March to protect it from the taxman, 

Is that because you got 40% tax relief then but will only be paying base rate when it's eventually paid out? Because otherwise, I've no idea why this would be advantageous tax-wise.

MX5huggy

nottsphil said:

TheBanker said:

My Wealthify Pension currently has a balance of £3,000 - I stuck some money in at the end of March to protect it from the taxman, 

Is that because you got 40% tax relief then but will only be paying base rate when it's eventually paid out? Because otherwise, I've no idea why this would be advantageous tax-wise.

Pensions are tax efficient for nearly everyone because on withdrawal the first 25% is tax free. 

artyboy

The £75 cleared for me today...

subjecttocontract

Ditto,.......