Wealthify Cash ISA Expert Review: Save Instead Of Investing From £1
Is Wealthify's Cash ISA Any Good?
Rates: You get very good interest rates with Wealthify’s Cash ISA, “not 5 star, but certainly competitive”. However, if you want to get better returns on your money, you should consider a Wealthify Stocks & Shares ISA instead, where your money is invested in the stock market. However, this does come with the risk of going down as well as up.
Interest rates are variable, so they will move in line with if the Bank of England raises or reduces interest rates.
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 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: You only get one savings account option with Wealthify, which is managed by ClearBank (who also power other Cash ISAs including Chip, Allicia Bank & Raisin). But, that’s one of the things I like about Wealthify, it does the hard work for you and gives you a simple FSCS protected savings account where you’re money is protected up to £85,000. You don’t have to make too many decisions.
Wealthify’s Cash ISA is flexible so you can take money out if you need it and put it bank in again without it reducing your allowance, as long as it’s before the deadline.
App & Platform: I’ve always found the Wealthify apps and website really easy to use.
Customer Service: Even though Wealthify’s Cash ISA is an online savings account with no branches and is provided by a third party (ClearBank) you can still phone the nice people who work for Wealthify in Wales if you have any problems.
Research & Analysis: Some good guides on how cash ISAs work and blogs about investing for when (and if) you want to take on more risk for potentially better returns.
Pros
- Bank beating exchange rates
- Simple to use
- FSCS protected
Cons
- Provided by a third party
- Not the highest cash ISA rate available
- No transfer offer
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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.
You can contact Richard at richard@goodmoneyguide.com
