What types of accounts can I open at Wealthsimple?

We currently offer 3 account types (more to come!):

1) ISA

An Individual Savings Account is a type of account for holding cash and investments, and one of the most popular accounts for UK tax payers, as you do not have to pay any UK income tax or capital gains tax on any growth.

You have to be a UK tax payer of 18 years of age and not have taken out an ISA this year. You can invest up to the annual limit set by the government each year. This year it’s £20,000.

2) Personal investment account

Like an ISA, a personal account is an account for holding cash and investments. Unlike an ISA, however, you may be liable for UK income tax and UK capital gains on the growth, depending on your personal tax circumstances.

There are also no investment limits and can be held by UK tax-payers and non-UK tax-payers alike.

If you have already used your annual allowance of £20,000 or are a non-UK tax-payer and want to save more, this is the account you'll likely need to open.  

3) Junior ISA (JISA)

At Wealthsimple, we believe that the more time you have to save and invest, the better off you will be in the long term. So just what JISA's are designed for.

Like the grown-up version, a JISA can hold investments and cash while allowing investment gains and income to grow without having to pay anything away to the tax man.

They were launched by the government to help parents and guardians save for their child's further education or simply to give them a helping hand when looking to leave home.

The 2016/17 JISA allowance is £4,128 and the account can be opened by a parent or legal guardian if the child is under 16. When the child turns 16, they can open and/or manage their JISA and at 18 they have full rights to the money, it's theirs after all! Once the money goes in it becomes the child's.

For all three of these accounts you can transfer any existing account you may have with another provider to us easily and free of charge.  While you are getting your account set up, you can instruct us to get the transfer moving and we will do the heavy lifting for you.

If you're not sure which account is right for you, we can help! Please get in touch at support@wealthsimple.com or 0800 808 5653

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