| What is our Cash ISA |
Our Cash ISA is flexible and is a tax-efficient way to save cash up to a fixed ‘ISA allowance’ which resets at the start of each tax year; it’s currently set at £20,000 but could be subject to change in the future.
Any interest you are paid on your funds in the Cash ISA is tax-free and also doesn’t impact your £20,000 but could be subject to change in the future.
The tax year runs from the April 6th to April 5th of the following year.
To find out more about ISAs go to Individual Cash ISAs (ISAs): Overview - GOV.UK (www.gov.uk) |
| How much can I put into my Cash ISA? |
Get started with a minimum £1,000 initial deposit, then make further adhoc or monthly deposits big or small, to suit you. You are responsible for not exceeding your £20,000 tax-free ISA allowance. |
| What is a ‘flexible’ ISA? |
A flexible ISA means you can take money out and put it back in, without it counting towards your yearly ISA allowance for that year. You just need to make sure you replace the money in the same tax year as you take it out if you want to make the most of your yearly ISA allowance.
You are responsible for not exceeding your £20,000 tax-free ISA allowance. |
| What counts towards my ISA allowance? |
All contributions made to ISAs with any providers count towards your annual ISA allowance.
However, at Wealthify we only consider contributions you have made to our Cash ISA, or our Stocks and Shares ISA (also known as an Investment ISA). |
| How many ISAs can I have? |
Under the current rules, you can have as many ISAs of each type as you’d like (excluding Lifetime ISAs which are limited to one per person, and Junior ISAs which are limited to one per child), and you can also split your annual ISA allowance between them however you like as long as you remain under the £20,000 allowance (although Lifetime ISAs are capped at deposits of £4,000 per tax year, and Junior ISAs are limited to £9,000 per tax year). |
| Who can open a Wealthify Cash ISA? |
To open a Wealthify Cash ISA you must:
- Be 18 years or over
- Be a resident of the United Kingdom (excluding Channel Islands)
- Be a UK taxpayer
- Have a national insurance number
- Complete an ISA declaration confirming you are eligible to have a Cash ISA
- Not have exceeded the £20,000 allowance in this tax year across all of your ISAs with us and any other provider.
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| Can I transfer my ISA to another provider? |
Yes, this needs to be initiated with your new provider who will get in touch with us to start the process.
When you transfer your ISA you won’t lose any allowance you have used for this or the previous tax year. |
| Can I close/cancel my account? |
Yes, you can close your ISA anytime either in the web or mobile apps.
If you close your account you will lose the amount of allowance you have used in that tax year.
If you close your Cash ISA within 14 days of opening this will be treated as a cancellation and therefore your total ISA allowance will not be impacted by any transactions you’ve made in that period. |
| Is my money safe? |
Yes, your money is safe and it is held with ClearBank Limited who are covered by the Financial Services Compensation Scheme.
Please be aware that all your eligible deposits in accounts powered by ClearBank are added together when determining your level of FSCS protection. Compensation is limited to a maximum of £120,000 per person, per banking licence. Visit the ClearBank website to see which other deposit providers have accounts using ClearBank's banking licence.
If Wealthify were to fail: ClearBank will continue to hold your funds and there would be no need for the FSCS to step in.
If ClearBank were to fail: you would need to make a claim via the FSCS where they will step in to protect your funds up to a maximum of £120,000.
For more information about FSCS cover for savings products, visit the FSCS website.
For any other queries about FSCS cover with Wealthify, visit our dedicated FSCS Protection page. |
| Making a complaint |
We aim to provide you with the best possible service at all times, but understand that sometimes customers might feel disappointed. You can let us know about your complaint by sending us a message from your Wealthify account via our Live Chat; calling our team on 0800 802 1800; via secure messaging within your account; or by writing to us at Wealthify, Tec Marina, Terra Nova Way, Penarth, CF64 1SA. |