Yes, Wealthify offers a competitive, flexible Cash ISA with FSCS protection, no fees and an easy-to-use platform, making it a solid option for beginners and existing Wealthify customers. However, the rate is mid-market rather than top-table, so rate-chasers may find higher-paying alternatives elsewhere.
Wealthify Cash ISA Pays 3.35% AER/3.30% Tax-free
Account: Wealthify Cash ISA
Description: Wealthify’s easy-access Cash ISA pays 3.35% AER (variable) with tax-free interest paid monthly, no fees and flexible withdrawals that don’t affect your ISA allowance. The account is powered by ClearBank, meaning deposits are FSCS-protected up to £120,000 per person per banking licence, and sits within Wealthify’s award-winning platform backed by Aviva.
Is Wealthify's Cash ISA Any Good?
Rates: Wealthify’s Cash ISA currently pays 3.35% AER (3.30% tax-free p.a., variable) with interest calculated daily and paid monthly. Because the rate is variable, the amount you earn can rise or fall over time, typically moving in line with changes in the wider interest-rate environment. One advantage of using Wealthify is that savers can easily move into investment products on the same platform if savings rates fall and they want the potential for higher long-term returns.
As Wealthify’s Cash ISA interest rate is variable, the amount of money you get monthly will go up and down in line with any rises or falls in the Bank of England’s base rate.
But, the good thing about saving with Wealthify is that if rates go down again, you can switch into investments. One of the things that came up when I interviewed the then Wealthify CEO Andy Russell, back in 2020 was that it’s hard to educate people to invest rather than save, so hopefully, this may be people’s first step into a wider world of investing.
Market access & protection: Wealthify’s ISA is also flexible, so you can withdraw and replace money within the same tax year without affecting your £20,000 ISA allowance.
However, as the FSCS’s compensation limit of £120,000 is per banking licence, and the Wealthify Cash ISA is powered by ClearBank, this means the £120,000 limit is shared across all accounts you hold with ClearBank. For example, if you have £100,000 saved in a Wealthify Cash ISA and £40,000 saved in another account powered by ClearBank elsewhere (including the Wealthify Instant Access Savings Account), only £120,000 of your deposits would be eligible for FSCS protection.’
App & platform: Wealthify’s website and app are simple and beginner-friendly, making it easy to open and manage a Cash ISA online.
Customer service: Although there are no branches, customers can contact Wealthify’s UK-based support team by phone, email or live chat if they need help.
Research & analysis: Wealthify provides guides, blogs and educational content about saving and investing, helping users learn more if they decide to move from cash savings into investments in the future.
Pros
- Great app
- Simple to use
- Owned by Aviva
Cons
- Cash ISA provided by a third party
- Not the highest cash ISA rate available
- No cash ISA transfer offer
- £1,000 minimum deposit
-
Rates
(4.5)
-
Market Access
(4)
-
App & Platform
(5)
-
Customer Service
(5)
-
Research & Analysis
(4)
Overall
4.5
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.
To contact Richard, please see his Invesdaq profile.
