Q

What's a Wealthsimple Personal account?

A

Like an ISA a personal investment account is an account for holding cash and investments.

That’s how it’s like an ISA. Unlike an ISA you may be liable for UK income and capital gains on the growth, subject to your personal tax circumstances. There are also no investment limits and can be held by UK tax-payers and non-UK tax-payers alike.

What are the pros? Well, if you have already used your annual allowance of £20,000 or are a non-UK tax-payer, you can still open a personal investment account.

Similar to the ISA you can transfer any existing personal investment account to us easily and free of charge.

If you need to access your funds you can at any time with the proceeds from the sale of your investments arriving into your account within 5 days.

But take note: You have to be a UK tax payer of 18 years of age or over to have a Personal account.

If you have not opened an ISA for the current financial year, and you qualify to open one, you should probably consider that first.

Similarly, if you are looking to save for your pension or a house purchase it would be wise to check if other accounts may be more suitable, such as a pension product or Help-to-Buy ISA.

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