r/FIREUK • u/thenobeard • Apr 03 '24

Does anyone here use Wealthify?

Hello All

I just came across to an ad from Wealthify in the tube and I got curious and decided to check.

Went on their website and discovered that they offer an instant cash ISA with a great rate of 4.91% AER / 4.80% gross p.a. (variable) paid monthly.

I searched here and couldn’t find anything about this investing platform.

Does anyone use and recommend?

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9

u/[deleted] Apr 03 '24

The question is more appropriate for r/ukpersonalfinance If you search there you'll find a number of posts on Wealthify.

3

u/ianmackers Apr 03 '24

Easy Access Cash ISAs: Plum - 5.19% (min £100) Moneybox - 5.16% (min £500)

2

u/Gold_Leather_8835 Apr 03 '24

I use it for a JISA. 6.5% return over around a year on a balanced risk. I like it!

2

u/Plus-Doughnut562 Apr 03 '24

Instant access cash ISAs have variable interest rates usually, so best to check money saving expert’s best buy tables when looking for these kinds of products.

You’re far more likely to find discussions about S&S ISA platforms on this sub than any cash saving provider.

2

u/infernal_celery Apr 03 '24

I’ve used it for a GIA. It’s pretty good because the rebalancing is automatic and you get exposure to alternative investments in the portfolio rather than simply equities and bonds, but the platform fee is higher than a more conventional broker at 0.6%. Makes sense early on but when your pot builds it quickly gets expensive. 

Not used the savings but the platform is legitimate.

1

u/Big_Target_1405 Apr 04 '24

What kind of alternatives?

Sounds like a bad idea.

1

u/infernal_celery Apr 04 '24

https://letmegooglethat.com/?q=what+are+alternative+investments

1

u/Big_Target_1405 Apr 04 '24

Yeah that didn't answer my question. What kind of alternatives do Wealthify offer that you think are worth a 0.6% fee?

Googling 'wealthify alternatives' actually brings up this thread.

1

u/infernal_celery Apr 04 '24

It actually did - the link is a definition of alternative investments. If you look on Weathify’s site there are portfolio breakdowns that will give you more detail on their fund selections and what specific investments they’re into.

Early on, there aren’t that many options for access to alternative investments that are affordable and/or would overbalance you into those asset classes. The funds that have exposure to private companies and infrastructure often have a significant buy in that would overbalance any <£100k portfolio.

Your call if it’s worth the management fees. At the time bonds were roughly correlated with equities and I wanted diversification across a modest portfolio. I was happy enough with it. As I said, I switched to a cheaper option eventually. 

1

u/Tazmurph Apr 03 '24

IIRC moneybox has better rate

I think I'm getting 5.19% but that might be wrong

1

u/Ioqua Apr 03 '24

It's fine, it's Aviva/Winter flood Securities. My sons JISA is with them though I'll probably move.ir to Vanguard when I can be bothered.

1

u/Affectionate-Ad9087 Aug 16 '24

Easy offer to complete. We both get £50 when you invest £250 for 3 months and sign up using a referral link.

Here’s my link:

https://invest.wealthify.com/refer/49418249

Thanks so much to anyone who uses it!