Wealthify Instant Access Savings Account Expert Review
Product Name: Wealthify Instant Access Savings Account
Product Description: Up until recently, your only option was to risk your money in the stock market with Wealthify. But now the digital wealth manager has launched an instant savings account that pays 4.13% AER (variable) interest on deposits from £1 upwards with no upper limit on deposits into the savings account.
Offer price: https://goodmoneyguide.com/visit/wealthify/
Is Wealthify's Instant Access Account Any Good?
It’s got decent savings rates and you can access your money straight away. A good choice if you are tucking some savings away in the short term. However, with access to just one account it doesn’t offer as many accounts as savings platforms. But, you can also opt for a Wealthify Cash ISA, where your savings profits are tax-free within your allowance.
Wealthify Interest Rates: The current rate of interest is 4.13% AER / 4.05% gross p.a. (variable) . The rate will be variable and will track changes in UK base rates.
The account is open to UK residents and taxpayers who are 18 years of age or older. For now, at least clients will only be able to open one instant savings account with Wealthify.
Easy Access To Funds At Wealthify: Customers can access their funds at any time without restrictions via the Wealthify website or app.
Transfers can take up to three hours to process and withdrawals will be paid into the client’s nominated bank account. This will normally be the account from which the funds were deposited in the first instance.
Clearbank: Wealthify is not a bank and its new instant savings account is powered by ClearBank a fully regulated UK bank.
As such customer deposits will be covered by the UK FSCS, up to a value of £85,000. ClearBank operates purely online and does not have any physical branches, nor will Wealthify customers be able to withdraw funds from their savings account via an ATM.
Pros
- Good interest rates
- Easy to access savings
- FSCS protected
Cons
- Better rates are available
- Returns not as good as the stock market in the long run.
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Rates
(4.5)
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Market Access
(4)
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App & Platform
(5)
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Customer Service
(5)
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Research & Analysis
(4.5)
Overall
4.6
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.
You can contact Richard at richard@goodmoneyguide.com
