EXPIRED - Wahed Invest - £50 bonus for £100+ investment

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Important changes to your Wahed Invest account




Fri, 2 Aug 2019 15:59

Wahed Support (uksupport@wahedinvest.com)
To:you Details


Hello gordon,

This is the first of two emails which describes changes and improvements to your Wahed Invest account.

This first email describes what to expect in regards to the change.

The second email provides notification from Winterflood (your current provider) about this same change as we are moving your account from Winterflood to WealthKernel. The second email will have a subject heading of 'Termination of the WBS Retail Client Terms and migration of your Investment Account(s)' and will be delivered by WealthKernel, so please look out for it!

We’re making some improvements to the services we provide you. This means that from 6 September 2019 there will be some changes to your Terms and Conditions, you can see the new terms by clicking the button below:

View new terms


Summary
We are making improvements to the service we provide to you. To enable this improvement the custody, safeguarding and trading functions of your assets will be transferred from Winterflood to WealthKernel. If you do not wish this to happen simply let us know in writing by 30th August 2019.
There are no additional costs to you in any way but there will be some changes to your Terms and Conditions.
During this improvement process there will be a short period where no payments can be made in or out of your portfolio. After 6th September 2019, service will resume as normal.
If you hold an ISA with us, WealthKernel rather than Winterflood will become your ISA Manager from 6th September 2019.
If you are currently funding your account with a standing order, you should take steps to cancel this immediately. You will be able to set up a new standing order after 6th September 2019 using the bank details that will be made available in the secure web-portal.

Change of custodian

The main thing to point out is that we are altering the custody arrangements. We are changing our custodian partner to WealthKernel Nominee Limited (from Winterflood Client Nominees Limited). WealthKernel is authorised and regulated by the Financial Conduct Authority in the United Kingdom, with a registered office at 4th Floor, 124 Goswell Road, Franklin Building, London, EC1V 7DP.

This means that WealthKernel, instead of Winterflood, will now be responsible for holding and safeguarding your assets, as well as to provide execution facilities for trades made on your account. Winterflood Client Nominees Limited will cease providing these services directly to you, but will continue to provide services to WealthKernel in the background. We are making these changes because we are growing quickly and we believe this new way of working will enable us to be more efficient and provide you with greater level of service.
There will be no change to your fees or any additional cost to you.

Standing orders

If you are currently funding your account with a standing order, you should take steps to cancel this immediately. You will be able to set up a new standing order after 6th September 2019 using the bank details that will be made available in the secure web-portal.

Timelines and possible disruptions

The custody of your assets will be migrated automatically to WealthKernel Nominee Limited on 6th September 2019. If you do not wish your assets to be migrated, you may transfer your investments to another provider or convert your holdings to cash before 30th August 2019.

We do not expect this migration to have a material impact on the service we provide you, except that we will have to cease trading and sending and receiving money for a short period around the migration date.

The bank details you use to transfer money for investment will change as a result of this alteration. The new details will be available through the secure web-portal after 6th September 2019. Please do not make any further transfers of cash after 30th August 2019 until you have the new bank details.

ISA holders

If you have an ISA account with us, WealthKernel will also become your ISA Manager from 6th September 2019. We will transfer all of your ISA, together with all rights and obligations, to a new 2019-2020 ISA account held with our nominee, WealthKernel Nominee Limited. That means that Winterflood will cease acting as your ISA Manager. We will transfer all subscriptions you have made in the current tax year and previous tax years in accordance with the Regulations. For more information, please refer to the new terms of service taking effect after the migration.

If you do not wish your ISA to be transferred to our nominee, you can send us a written instruction to transfer all or part of your ISA to another ISA Manager by August 30th. If you only want to transfer part of your ISA to the new ISA Manager, then you can transfer any part of the previous tax years’ subscriptions but if you want to transfer your current tax year subscriptions, then all of these must be transferred as it is not possible to transfer only part of your current tax year’s subscriptions.

If you have any questions in the meantime, just contact our customer support at uksupport@wahedinvest.com, we’ll be happy to help.

Best wishes,
The WealthKernel team

I will probably leave mine in, it's only a £100. Will be using it as a yard stick to see how they perform should I decide to put more money one day. Which is I guess the point in their introductory offer in the first place.

Already got the £50 cashback so not much to lose.

bluenun wrote: »

I funded my account with £100 on June 20th, Wahed bought Franklin Global on July 1st.

I assume I can withdraw funds as 180 days since the June 20th deposit was up yesterday.

Anyone made their withdrawal yet, did you just click withdraw or need to contact customer services?

I funded mine on 24th June, just clicked withdraw


Withdrawal request received


Thanks! We’ve successfully received your withdrawal request. The funds should be in your nominated bank account ⓘ
within 10 days.

bristolleedsfan wrote: »

I funded mine on 24th June, just clicked withdraw

I funded mine on the 20th June, and I have now just clicked withdraw too, my Moderate Portfolio £100 investment having stormed to a massive £102.07 :beer: :money: