Aviva Wealthify £50 bonus on GIA or S&S ISA

Alexland · 18 October 2018 at 7:06PM

One for existing Aviva customers who have not tried Wealthify before.

Wealthify are offering Aviva customers £50 (as two £25 payments at the start and after 12 months) if you invest a lump sum of £300 or £25 per month for 12 months in their S&S ISA or GIA accounts. To get the bonus you need to login to MyAviva before you setup the account with the below link. In addition there are no fees for the first 12 months.

https://www.aviva.co.uk/investments/investment-products/wealthify/

Wealthify invest via Winterflood Securities Limited who are the same people Moola use. We both have Moola GIAs but I can't see anything in the terms that would stop us claiming this for Wealthify GIAs.

If you go with their S&S ISA be aware the final payment will count as a contribution in the next tax year. Please read the full T&Cs at the bottom of the page.

Alex

Alexland · 18 October 2018 at 9:56PM

Just tried to signup myself and selected their 'ambitious' option (risk 4/5 still only 65% equities) but after answering their nonsense risk assessment questions they decided that they were only willing to sell me their lower risk bond heavy options. They let me repeat the questions but still decided that I wasn't ready to risk my £25 per month. Now I have to wait until tomorrow until they will let me retry my application.

Just signed my wife up (from her MyAviva login), answered all the questions as ultra high risk (am surprised she is even still alive), it allowed the 4/5 option then it got stuck on verifying her address which failed for an unknown reason so they are going to ask for more information by email.

Alex

Captain_Bravo · 19 October 2018 at 5:55PM

Hello folks,

Thanks for posting this information Alex,

I had a look at this offer and from what I can see it does have pretty big Fees and Transaction Cost starting with Year 2.

Ok, ok, we get 50.00 pounds bonus for Year 1, which basically covers the fees for the first 2-3 years, IF we keep the investment low (eg. 50 pounds / month or less), but after that it's expensive to stay with them so I guess it's best to take this offer, stay with them for 2 years and then transfer your ISA to another provider completely ?
Can I do that for free or there's a small fee, or a big fee ? Never transferred ISAs before hence I don't know if there's additional fees involved.
Regards

Alexland · 19 October 2018 at 6:36PM

Yes I am not suggesting anyone would particularly want to make more than minimum contribution or stay with them beyond the 12 month second bonus payment. Similar to robos Moola, Nutmeg and Moneyfarm (all of who we have tried for signup bonuses) you would do better with a low cost option like Vanguard Investor. The best option is to go for the GIA and hold your S&S ISA and big money elsewhere.

I managed to signup today with my preferred risk profile and again it got stuck on verifying my address so that's both my and my wife's accounts in limbo. I sign up to a lot of deals and don't get this problem elsewhere. I dread to think how much Aviva paid to buy their shareholding in this primitive robo.

Alex

drphila · 19 October 2018 at 8:10PM

Thanks Alex; you're very good at sniffing out these cashback deals.

fatherandson · 20 October 2018 at 2:32PM

Am I correct in the belief that I can only pay into one S&S ISA per tax year? So if I have made payments into my existing iWeb ISA then I won't be able to take advantage of this cash back?

masonic · 20 October 2018 at 2:34PM

fatherandson wrote: »

Am I correct in the belief that I can only pay into one S&S ISA per tax year? So if I have made payments into my existing iWeb ISA then I won't be able to take advantage of this cash back?

OP suggests non-ISA account also qualifies for cashback. You wouldn't be able to subscribe to a second S&S ISA this tax year.

Zanderman · 20 October 2018 at 2:59PM

fatherandson wrote: »

Am I correct in the belief that I can only pay into one S&S ISA per tax year? So if I have made payments into my existing iWeb ISA then I won't be able to take advantage of this cash back?

Yes, you can't go for the ISA cash back but you can go for the GIA cash back as pointed out above.

But do also note that, as Alexland points out in the opening post, if you did go down the ISA route (for those who haven't opened one yet this year) the second bonus will be paid in NEXT tax year so will, in effect, open an S&S ISA for you that year as well this year.

The safest route, if you think you have or might want an S&S ISA elsewhere this year or next year is to choose the GIA option not the ISA one.

fatherandson · 20 October 2018 at 9:01PM

Thanks for your replies Zanderman and masonic. I hadn't considered that the second cash back would be in the next tax year - so looks like GIA is the way to go.

I'm assuming that there are no tax implications around the cash back?

masonic · 20 October 2018 at 9:27PM

fatherandson wrote: »

I'm assuming that there are no tax implications around the cash back?

If it was cashback, then it wouldn't be taxable, because cashback is effectively a discount on a purchase. It isn't referred to as cashback. Condition 8 of the offer suggests it might be taxable, although tax is not being deducted at source as is the case for the Halifax Reward (that one's an annual payment). So I don't think the tax treatment is clear.

Alexland · 27 October 2018 at 8:11AM

This is so painful that I am looking forward to leaving them already.

Wealthy sent my wife an email confirming that they had agreed our address with a link to continue the account setup. However the plan summary page no longer shows the 1 year no fees and £50 incentive offer so we have sent them a message. On my account they are still thinking about our address.

Alex.

Aviva Wealthify £50 bonus on GIA or S&S ISA

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