Wealthify.com Review

Based on looking at the website Wealthify.com, it appears to be a UK-based online investment platform and savings provider.

While it aims to simplify wealth management through various accounts and investment styles, including ethical options, its core offerings involve interest-bearing savings accounts, stock market investments, and pension schemes.

These activities, particularly those involving interest riba and investments in conventional stock markets that may not adhere strictly to Islamic financial principles, raise significant concerns from an Islamic perspective.

The platform emphasizes ease of use, expert management, and competitive rates, but these benefits do not negate the underlying issues of impermissible financial dealings.

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Platform Focus: Online investment and savings platform.
Key Products: Stocks and Shares ISA, Self-Invested Personal Pension, Junior Stocks and Shares ISA, General Investment Account, Instant Access Savings Account, Cash ISA.
Ethical Investing Claim: Offers “Ethical Plans” with funds committed to positive societal/environmental impact, screened by PRI signatories.
Ownership: Owned and backed by Aviva, a large UK financial institution.
Pricing: Implies “low-cost” and “competitive rates,” but specific fee structures require deeper investigation beyond the homepage.
Major Concern for Muslims: The explicit mention of “variable interest rate” on savings accounts and the nature of conventional stock and shares investments inherently involve riba interest and potential exposure to non-Sharia-compliant businesses, which are forbidden in Islam.

The website positions itself as an easy way to manage money online, offering a range of “award-winning products” to help achieve financial goals.

It highlights features like expertly managed portfolios, competitive rates for cash savings, and a way to consolidate pensions.

While the emphasis on “ethical fund providers” and positive societal impact might seem appealing, the fundamental issue lies in the operational mechanisms, particularly the reliance on interest-based savings accounts and the broad nature of “Stocks and Shares ISAs” and “General Investment Accounts” which typically do not exclusively filter investments based on Sharia compliance.

The “Capital at risk” disclaimer is standard for investments, but the core issue for a Muslim audience is the permissibility of the financial instruments themselves.

For those seeking truly ethical and permissible financial solutions, Wealthify.com falls short due to its conventional financial model that includes riba and potentially non-halal investments.

Best Alternatives for Ethical Financial Management:

Wahed Invest: An excellent choice for Sharia-compliant investing, offering diversified portfolios across various risk levels, all screened by an ethical review board. Wahed focuses on avoiding forbidden sectors like alcohol, gambling, and conventional banking, ensuring your investments align with Islamic principles. It’s a robo-advisor, making it easy for beginners.
Amanah Income Fund: While not a direct online platform in the same vein as Wealthify, Amanah offers mutual funds that are meticulously screened for Sharia compliance. These funds typically invest in real assets, sukuk Islamic bonds, and Sharia-compliant equities, providing an avenue for ethical growth without interest.
Sharia-Compliant ETFs: For those who prefer direct investment or through a brokerage that supports these, Sharia-compliant Exchange Traded Funds ETFs are designed to track indices composed of companies that meet Islamic ethical standards. Examples include funds excluding companies involved in conventional finance, entertainment, or tobacco.
Islamic Microfinance Institutions: These institutions focus on providing interest-free loans and financing to individuals and small businesses, often in underserved communities. While not a direct investment platform, they offer a way to contribute to real economic growth and social good without engaging in riba.
Gold and Silver Bullion: As tangible assets, physical gold and silver are considered permissible forms of wealth storage and investment in Islam, provided they are acquired with immediate possession. They offer a hedge against inflation and currency devaluation.
Real Estate Investment Trusts REITs – Sharia Compliant: Some REITs are structured to be Sharia-compliant, investing in income-generating real estate properties while adhering to Islamic finance principles, such as avoiding interest-based debt in their operations. These offer exposure to real estate without direct property ownership.
Halal Business Ventures: Direct investment in ethical, Sharia-compliant businesses through equity partnerships or profit-sharing agreements. This is a more hands-on approach, but it aligns perfectly with Islamic economic principles of sharing risk and reward.

Find detailed reviews on Trustpilot, Reddit, and BBB.org, for software products you can also check Producthunt.

IMPORTANT: We have not personally tested this company’s services. This review is based solely on information provided by the company on their website. For independent, verified user experiences, please refer to trusted sources such as Trustpilot, Reddit, and BBB.org.

Table of Contents

Wealthify.com Review & First Look

When you first land on Wealthify.com, you’re greeted with a compelling offer: “You could earn £50-500 cashback” for new registrations and deposits.

This is a common marketing tactic designed to draw in new users, but it immediately raises a flag for those scrutinizing financial services through an Islamic lens.

The website pitches itself as “Your easy way to manage money online or on our app,” promising “Simple choice of investment styles built around you and expertly managed.” They highlight a range of “award-winning products” such as Stocks and Shares ISAs, Personal Pensions, and Instant Access Savings Accounts.

Initial Impressions on Financial Permissibility

The core offerings of Wealthify.com revolve around investment in “Stocks and Shares” and savings accounts that offer “variable interest rates.” From an Islamic financial perspective, this is problematic. Interest, or riba, is explicitly forbidden in Islam, whether it’s earned or paid. Therefore, any savings account that accrues interest, as Wealthify’s Instant Access Savings Account and Cash ISA do, is impermissible. Furthermore, while the platform mentions “Ethical Plans” that invest in organizations with a “positive impact on society and the environment,” the underlying structure of conventional stock market investments can still involve companies that engage in un-Islamic practices e.g., conventional banking, entertainment, tobacco, alcohol, gambling, conventional insurance, non-halal food production, even if screened for broader ESG Environmental, Social, and Governance factors. The “Principles of Responsible Investing PRI” are a good starting point for ethical investing, but they do not necessarily align with all specific Sharia requirements.

The “Capital at Risk” Disclosure

A prominent feature across the site is the disclaimer: “With investing, your capital is at risk.” This is standard for any investment platform and serves as a crucial reminder that investments can go down as well as up. While this transparency is laudable, it doesn’t address the inherent permissibility issues. The risk itself isn’t the problem in Islam. it’s the nature of the underlying assets and the methods of engagement e.g., interest-based transactions, excessive uncertainty/gharar, speculation. Fi.co Review

Wealthify.com Features

Wealthify positions itself as a comprehensive solution for various financial goals, from long-term investing to immediate savings.

They offer several account types, each designed for a specific purpose, alongside an emphasis on expert management and digital accessibility.

Range of Investment and Savings Products

Wealthify boasts a diverse portfolio of financial products aimed at different investor profiles.

Stocks and Shares ISA: This allows UK residents to invest up to £20,000 tax-efficiently each year, with no capital gains tax or income tax on growth. While the tax benefits are attractive, the underlying investments are in conventional stocks and shares, which may include companies not adhering to Sharia principles. The ability to withdraw money anytime without penalty is a flexibility point.
Self-Invested Personal Pension SIPP: Designed to help individuals take control of their retirement savings, allowing consolidation of previous pensions. Like the ISA, the pension fund invests in conventional assets, making it problematic for those seeking Sharia-compliant retirement planning.
Junior Stocks and Shares ISA JISA: A tax-free investment account for children, allowing contributions up to £9,000 annually. This product, while well-intentioned for a child’s future, faces the same Sharia concerns regarding investment types.
General Investment Account GIA: An option for those who have maximized their ISA allowance, offering unlimited annual investment. Again, the nature of the investments is broad and not Sharia-compliant.
Instant Access Savings Account: This account offers a “variable interest rate,” explicitly stated as 3.87% AER / 3.80% gross p.a. variable. The interest rate tracks the Bank of England base rate. The collection of interest makes this account impermissible from an Islamic perspective.
Cash ISA: Similar to the Instant Access Savings Account, this offers a tax-free way to save up to £20,000 annually with a “variable interest rate” of 4.07% AER / 4.00% tax-free p.a. Like any interest-bearing account, it falls outside the permissible bounds of Islamic finance.

Automated Investment Management

One of Wealthify’s key selling points is its automated investment management.

The platform highlights that users simply choose an investment product, a risk style from Cautious to Adventurous, and a theme Original or Ethical, then “let our team of investment experts manage everything else for you!” Clevelandclinic.org Review

Risk-Based Portfolios: The offering of portfolios tailored to different risk appetites Cautious, Confident, Ambitious, Adventurous is standard in the investment world. While risk-taking in business is permissible in Islam, the nature of the investments within these portfolios is the critical factor. If they contain impermissible elements, the overall portfolio becomes impermissible.
“Ethical Plans”: Wealthify states they “joined forces with best-in-class ethical fund providers, to create five Ethical Plans that let you invest in organisations committed to having a positive impact on society and the environment.” They also mention that their fund providers are “signatories of the Principles of Responsible Investing PRI.” While this sounds promising, it’s crucial to understand that PRI focuses on ESG factors, which do not necessarily equate to Sharia compliance. For example, a company might be environmentally friendly but still derive significant income from interest or alcohol sales. A rigorous Sharia screening process goes far beyond typical ESG criteria, excluding companies based on their core business activities, revenue sources, and financial ratios e.g., debt levels.

Wealthify.com Pros & Cons Focus on Cons for Islamic Review

Given the nature of Wealthify’s offerings, particularly the inclusion of interest-bearing accounts and conventional investment products, a review from an Islamic perspective must heavily lean on the “cons” side, as these aspects directly conflict with fundamental Islamic financial principles.

Significant Cons for a Muslim Audience

The primary drawback of Wealthify.com for a Muslim user is its adherence to conventional financial models that contradict Islamic law.

Involvement in Riba Interest: This is the most glaring issue. Wealthify explicitly offers “Instant Access Savings Account” and “Cash ISA” with “variable interest rates.” Riba, whether earned or paid, is strictly prohibited in Islam. Engaging in interest-based transactions is considered a major sin. The website’s promotion of these accounts directly conflicts with a Muslim’s financial obligations.
Conventional Stock Market Investments: While Wealthify offers “Ethical Plans,” the broader “Stocks and Shares ISA,” “General Investment Account,” and “Personal Pension” invest in conventional markets. These markets frequently involve companies engaged in activities prohibited by Sharia e.g., alcohol, tobacco, gambling, conventional financial services, adult entertainment, pork products. Even the “Ethical Plans,” while addressing ESG concerns, do not guarantee full Sharia compliance. A company might be environmentally responsible but still carry significant interest-bearing debt or have impermissible revenue streams.
Lack of Explicit Sharia Compliance Screening: The website makes no mention of a Sharia board, Sharia advisors, or any specific Sharia screening methodology applied to its “Ethical Plans.” While PRI is a good start for general ethical investing, it’s not a substitute for a rigorous Sharia-compliant screening process that examines business activities, revenue sources, and financial ratios like debt-to-equity and interest-bearing assets from an Islamic perspective.
Ownership by Aviva: While Wealthify operates independently, its majority shareholding by Aviva, one of the UK’s largest conventional financial institutions, further complicates its ethical standing for Muslims. Aviva’s core business involves conventional insurance and investments, which typically contain elements of riba, gharar excessive uncertainty, and maysir gambling, all of which are impermissible in Islam.
Cashback Offer Conditions: The initial cashback offer, while seemingly beneficial, is tied to depositing or transferring substantial sums £5,000 or more into a Stocks and Shares ISA. This encourages engagement with a product that, as discussed, is not Sharia-compliant.

Wealthify.com Alternatives

For those seeking financial solutions that align with Islamic principles, it’s crucial to look beyond platforms like Wealthify.com, which, despite some ethical claims, fundamentally operate within a conventional framework that includes interest and non-Sharia-compliant investments.

The alternatives focus on platforms and products explicitly designed to be Sharia-compliant.

Exploring Permissible Investment Avenues

Finding alternatives means seeking out financial products and services that adhere to Islamic finance principles, specifically avoiding riba interest, gharar excessive uncertainty, and investments in prohibited industries. Links.kaycapitalsuniversity.com Review

Wahed Invest: As a leading global halal digital investment platform, Wahed Invest offers diversified portfolios designed to be Sharia-compliant. They have a dedicated Sharia Advisory Board that rigorously screens all investments, ensuring they avoid industries like alcohol, tobacco, firearms, gambling, and conventional banking. This makes it a top choice for Muslims looking for easy-to-use, ethical investment solutions.
Amanah Income Fund: This is a strong option for those looking for mutual funds that are meticulously screened for Sharia compliance. Amanah funds typically invest in real assets, sukuk Islamic bonds, and Sharia-compliant equities, providing a reliable avenue for ethical growth.
Sharia-Compliant ETFs and Mutual Funds: Several financial institutions globally offer Sharia-compliant Exchange Traded Funds ETFs and mutual funds. These funds track indices of companies that meet strict Islamic ethical standards. Examples often exclude companies involved in conventional finance, entertainment, or non-halal food production. Investors can access these through conventional brokers, provided they specifically select Sharia-compliant options.
Islamic Microfinance Institutions: While not direct investment platforms, these institutions offer interest-free loans and financing. Investing in or supporting them can be a way to foster economic growth and social good within permissible boundaries.
Physical Gold and Silver: As tangible assets, physical gold and silver bullion are considered permissible forms of wealth storage and investment in Islam, provided the transaction involves immediate possession. They serve as a hedge against inflation and currency fluctuations.
Sharia-Compliant Real Estate Investment Trusts REITs: Some REITs are structured to adhere to Sharia principles, investing in income-generating real estate properties while avoiding interest-based debt in their operations. These offer exposure to real estate without direct property ownership, making them a permissible option.
Direct Investment in Halal Business Ventures: For those willing to take a more active role, direct equity partnership or profit-sharing in ethical, Sharia-compliant businesses offers a direct alignment with Islamic economic principles of shared risk and reward. This requires more due diligence but is fundamentally permissible.

How to Handle Wealthify.com If Already Engaged

If you’ve already engaged with Wealthify.com and have funds in their interest-bearing savings accounts or conventional investment products, the immediate steps should focus on disengaging from these impermissible financial dealings and reallocating your funds to Sharia-compliant alternatives.

Cancelling Wealthify.com Savings Accounts

For accounts explicitly generating interest like the Instant Access Savings Account and Cash ISA, the process is straightforward but needs to be handled with care to minimize further engagement with riba.

Stop Further Deposits: Immediately cease all automated or manual deposits into these interest-bearing accounts.
Withdraw All Funds: The website indicates “Instant Access Savings Account” allows “Access your money instantly, with no limit on withdrawals.” For the Cash ISA, it states “Access your money anytime, with no fees or restrictions.” Utilize these features to withdraw your entire balance.
Purify Any Interest Earned: Any interest earned on these accounts must be purified. This means it cannot be used for personal benefit and should be given away to charity for the poor or needy, without seeking reward for it from Allah. This act of purification is not considered sadaqah charity with reward in the conventional sense because the money itself was acquired through an impermissible means.
Close the Account: Once the funds are withdrawn and interest purified, proceed to formally close the account. Wealthify’s support channels email, Live Chat, or phone 0800 802 1800 should be used for this. Be clear about your intention to close the account completely.

Exiting Wealthify.com Investment Products

For investment products like Stocks and Shares ISAs, GIAs, and Pensions, the process is more nuanced due to capital at risk and potential losses, but the principle of disengagement from impermissible dealings remains.

Assess Your Portfolio: Understand what your investments are currently in. While Wealthify manages the portfolios, you should have a breakdown of the underlying funds. Identify any direct investments in prohibited industries.
Consider Liquidating Investments: The ideal Islamic approach is to liquidate investments that are not Sharia-compliant. This involves selling your holdings. Be aware that “capital is at risk,” meaning you might sell at a loss. However, continuing to hold impermissible investments is not an option from a Sharia perspective.
- Strategic Liquidation: If the market conditions are unfavorable for immediate full liquidation, consider a phased withdrawal, prioritizing funds with the least permissible underlying assets.
- Purify Impure Gains: If any gains were made from the non-Sharia-compliant portion of your investments, a percentage of those gains proportionate to the impermissible activities of the companies invested in should be purified and given to charity. This is a complex calculation often requiring scholarly advice.
Transfer to Sharia-Compliant Alternatives: Wealthify mentions the ability to “transfer another Junior Cash ISA or Child Trust Fund to your Wealthify JISA.” Similarly, you should be able to transfer out. Explore options like Wahed Invest or Sharia-compliant ETFs/mutual funds as new homes for your investments. Ensure the receiving platform is genuinely Sharia-compliant.
Close the Account: Once funds are successfully transferred or withdrawn, and any impermissible gains purified, formally request to close the investment accounts with Wealthify.

Wealthify.com Pricing & Fees

While the Wealthify homepage promotes itself as a “low-cost home,” the exact fee structure needs to be investigated beyond the initial glance.

For any financial platform, understanding the fees is crucial, even more so when considering the ethical implications. Educationperfect.com Review

Understanding the Cost Structure

Wealthify states “low-cost” in relation to pensions and “competitive rates” for savings.

For investments, they typically charge a management fee based on the amount invested, plus underlying fund charges.

Wealthify Management Fee: This is the fee Wealthify charges for managing your portfolio. Typically, robo-advisors charge a percentage of your total invested assets. This fee covers their expertise, portfolio rebalancing, and customer support. For example, a common structure might be 0.6% or 0.7% per annum for smaller portfolios, decreasing for larger sums.
Fund Charges Expense Ratios: These are additional fees levied by the underlying funds ETFs, mutual funds that Wealthify invests your money in. These charges cover the operational costs of the funds themselves. Wealthify’s “Ethical Plans” might have slightly higher fund charges due to specialized screening and smaller fund sizes compared to conventional broad market funds.
Transaction Costs: While typically not a direct charge to the customer by Wealthify, there might be implicit transaction costs incurred by the underlying funds when they buy and sell assets.
Savings Account Rates: For the Instant Access Savings Account and Cash ISA, the “price” is effectively the interest rate offered. While Wealthify advertises competitive rates e.g., 3.87% AER for savings, these are interest-based returns, making them impermissible. The benefit of a higher rate is irrelevant if the source is haram.

Ethical Considerations in Pricing

From an Islamic perspective, the mere presence of fees for management or fund operation is not inherently problematic, as long as these fees represent legitimate costs for services rendered e.g., portfolio management, administrative services. The issue arises when the fees are intertwined with or derived from impermissible activities like interest-based lending or investment in prohibited industries.

Management Fees: As long as the management service itself is for Sharia-compliant investments, the fee is permissible. However, if the management is for a portfolio containing impermissible elements, then paying a fee for managing a haram portfolio would also be problematic.
Fund Charges for “Ethical” Funds: Even with “Ethical Plans,” if the screening isn’t robust enough to ensure full Sharia compliance, then paying fees for these funds still contributes to a system that might not align with Islamic principles. True Sharia-compliant funds charge fees that are permissible as they are for managing permissible assets.

Wealthify.com vs. Competitors

Comparing Wealthify.com with its competitors, especially from an Islamic perspective, reveals a stark difference in their fundamental approaches to finance.

While Wealthify competes with mainstream platforms like Nutmeg, Vanguard, and Hargreaves Lansdown in the UK market, its direct competitors from an Islamic standpoint are those explicitly offering Sharia-compliant investment and savings solutions. Devere-group.com Review

Comparison with Conventional Robo-Advisors

Wealthify vs. Nutmeg/Vanguard Conventional:
- Investment Philosophy: Wealthify, Nutmeg, and Vanguard primarily offer diversified portfolios using ETFs and mutual funds across various asset classes, often driven by algorithms. The key difference from an Islamic standpoint is that these platforms typically invest in conventional markets without specific Sharia screening.
- Fee Structure: All generally operate on a percentage-based management fee model, plus underlying fund costs. Wealthify aims to be competitive in this space.
- Product Range: Similar range of ISAs, pensions, and general investment accounts.
- Islamic Permissibility: None of these conventional platforms inherently cater to Sharia compliance. They all involve conventional stock market investments and potentially interest-bearing components, making them largely unsuitable for a Muslim investor.

Comparison with Sharia-Compliant Alternatives

Wealthify vs. Wahed Invest Sharia-Compliant:
- Core Principle: This is where the fundamental divergence lies. Wahed Invest’s entire model is built on Sharia compliance, with a dedicated Sharia Advisory Board overseeing every investment. Wealthify, despite its “Ethical Plans,” does not claim or adhere to full Sharia compliance.
- Investment Screening: Wahed applies rigorous Sharia screening, excluding industries like alcohol, gambling, conventional finance, and weapons. Wealthify’s “Ethical Plans” focus on broader ESG factors but do not specifically filter for all Sharia prohibitions.
- Product Offerings: Wahed focuses solely on investment products ETFs, Sukuk, gold that meet Sharia standards. Wealthify offers a mix of conventional investments and interest-bearing savings accounts.
- Interest/Riba: Wahed explicitly avoids interest. Wealthify explicitly offers interest-bearing savings accounts.
- Target Audience: Wahed specifically targets Muslim investors and those seeking genuinely ethical, values-aligned portfolios. Wealthify targets a general market with a nod to broader ethical ESG investing.
- Fees: Both charge management fees. Wahed’s fees are for managing a Sharia-compliant portfolio, which makes them permissible. Wealthify’s fees, when applied to non-Sharia-compliant assets, would be problematic.

Conclusion on Comparison: For a Muslim seeking financial solutions, Wealthify.com and similar conventional platforms are not viable options due to their reliance on interest and lack of comprehensive Sharia screening. The true competitors for a Muslim investor are platforms like Wahed Invest and other dedicated Islamic financial institutions that prioritize Sharia compliance in every aspect of their operations.

Frequently Asked Questions

What is Wealthify.com?

Wealthify.com is a UK-based online investment platform and savings provider that aims to simplify wealth management through various types of accounts, including Stocks and Shares ISAs, personal pensions, and interest-bearing savings accounts, with options for different investment styles.

Is Wealthify.com suitable for Muslim investors?

No, Wealthify.com is generally not suitable for Muslim investors because it offers interest-bearing savings accounts riba is forbidden in Islam and its investment products, even “Ethical Plans,” do not guarantee full Sharia compliance in their screening methodology, potentially investing in non-halal sectors or instruments.

Does Wealthify.com offer Sharia-compliant investments?

Wealthify.com offers “Ethical Plans” that invest in companies committed to positive societal and environmental impact and are signatories of the Principles of Responsible Investing PRI. However, these do not equate to full Sharia compliance, which requires specific screening against Islamic finance principles to exclude riba, gharar, and investments in prohibited industries.

What types of accounts does Wealthify.com offer?

Wealthify.com offers several account types, including Stocks and Shares ISA, Self-Invested Personal Pension, Junior Stocks and Shares ISA, General Investment Account, Instant Access Savings Account, and Cash ISA. Yourdoctors.online Review

Do Wealthify’s savings accounts pay interest?

Yes, Wealthify’s Instant Access Savings Account and Cash ISA explicitly state that they offer a “variable interest rate,” which is considered riba interest and is forbidden in Islam.

Is my capital at risk with Wealthify.com?

Yes, like all investment platforms, Wealthify.com clearly states that “your capital is at risk” with investing.

This means the value of your investments can go down as well as up, and you could get back less than you invested.

Who owns Wealthify.com?

Wealthify.com is majority-owned and backed by Aviva, one of the UK’s largest conventional financial institutions.

How do Wealthify’s “Ethical Plans” differ from Sharia-compliant investing?

Wealthify’s “Ethical Plans” focus on ESG Environmental, Social, and Governance criteria and invest in companies with positive societal/environmental impact. Wimodifield.com Review

Sharia-compliant investing goes further by applying strict Islamic finance principles, excluding companies involved in activities like conventional banking, gambling, alcohol, pork, or excessive debt, which ESG investing might not fully cover.

Can I withdraw money from Wealthify easily?

According to the website, you can withdraw money from their Instant Access Savings Account and Cash ISA instantly and without fees.

For investment accounts, withdrawals are also possible without penalty, but the process may take a few days to settle.

How do I close my Wealthify account?

To close your Wealthify account, you typically need to withdraw all funds and then contact their customer care team via email, Live Chat, or phone to formally request account closure.

What are the fees associated with Wealthify.com?

Wealthify.com charges management fees for its investment products, typically a percentage of your invested assets, plus underlying fund charges expense ratios. For savings accounts, the cost is not a fee but the impermissibility of earning interest. Hushtv.org Review

What are some Sharia-compliant alternatives to Wealthify.com?

Sharia-compliant alternatives include platforms like Wahed Invest, which offers fully Sharia-compliant diversified portfolios, as well as Sharia-compliant ETFs and mutual funds, physical gold and silver bullion, and ethical real estate investments.

Is Wealthify.com regulated?

As a financial institution operating in the UK, Wealthify.com would be regulated by relevant financial authorities, likely the Financial Conduct Authority FCA. However, regulation does not imply Sharia compliance.

Can I transfer an existing ISA or pension to Wealthify?

Yes, Wealthify’s website indicates you can transfer existing ISAs, Junior ISAs, and personal pensions to their platform.

However, it’s crucial to consider the Sharia compliance of the new investment environment if you are transferring in.

Does Wealthify.com offer a mobile app?

Yes, Wealthify.com has an award-winning mobile app available for download on both iOS and Android devices mobile and tablet, designed for security with features like Face ID and Touch ID compatibility. Yieldstreet.com Review

What is the cashback offer mentioned on Wealthify.com?

Wealthify.com offers a cashback promotion where new customers can earn £50-500 cashback by registering by a specific date and depositing or transferring £5,000 or more into a Stocks and Shares ISA within six months.

How does Wealthify manage investments?

Wealthify uses a team of investment experts to manage client portfolios.

Users select an investment product, a risk style Cautious to Adventurous, and a theme Original or Ethical, and the team manages the underlying investments.

What is the difference between a Stocks and Shares ISA and a General Investment Account?

A Stocks and Shares ISA allows UK residents to invest up to a certain annual allowance £20,000 tax-free.

A General Investment Account GIA has no annual investment limit and is suitable if you’ve used up your ISA allowance, but any gains are subject to capital gains tax. Grove.co Review

Neither is inherently Sharia-compliant on Wealthify.

Is the “Ethical Plan” truly ethical from an Islamic perspective?

While Wealthify’s “Ethical Plan” aims to invest in socially and environmentally positive companies, it’s not synonymous with Islamic ethics.

Islamic finance has a stricter definition of ethical investments, excluding any company involved in riba, gambling, alcohol, or other haram activities, regardless of their environmental or social impact.

What should I do if I have interest earnings from Wealthify’s savings accounts?

If you have earned interest riba from Wealthify’s savings accounts, you should purify this amount by giving it away to charity for the poor or needy, without intending it as an act of sadaqah charity earning reward for yourself.

This is to cleanse your wealth from impermissible earnings. Carmenharra.com Review