Hi, I'm Jen! I'm a personal finance expert and money coach aiming to help you take control of your money. I went from being broke to a six-figure net worth and am now on track to be financially independent at age 40. Discover Jen's story
In this Wealthyhood review, we will look at another investment platform, Wealthyhood. There are many investment apps on the market and sometimes it pays off to pay attention to the smaller platforms.
Wealthyhood got my attention mainly because of its free share offer. But is Wealthyhood any good beyond its sign-up offer? Read this Wealthyhood review to find out!
🪧 Should you sign up through my affiliate links, I may receive a commission at no cost to you.
Wealthyhood Review
Wealthyhood is a legit investment site and app for long-term investors. The platform is targeted at beginner investors and creates a portfolio of ETFs for you.
If you are only here to bag yourself a free share, click on my Wealthyhood referral link and follow the instructions below:
How to Get the Free Share
2. Enter your verification code
3. Build your portfolio (all you need to do is click through the steps)
4. Enter your personal details
5. Deposit £20 within seven days
6. You will get your free share after a few days
7. Wait 60 days
8. Sell your investments and withdraw
Your initial investment may go down in value while you are waiting. You can leave your money invested for longer to see if it goes back up or accept a small loss.
Your free share should make up for any money lost.
When you invest, your capital is at risk and you may lose money. It is recommended to only invest money you do not need and can afford to lose.
Wealthyhood Overview
| Wealthyhood | |
|---|---|
| Platform | App and website |
| FCA regulation | Yes |
| FSCS protection | Yes |
| User ratings | – |
| Minimum deposit | £20 |
| Investment style | Robo-advisor Long-term investing |
| Available accounts | GIA, ISA |
| Available markets | ETFs |
| Fees | £1-£7 per month |
What Is Wealthyhood?
Wealthyhood is an investment platform for long-term investors. It is also a robo-investor (read more about the best robo-advisor apps).
This means that Wealthyhood will recommend you a portfolio that you can personalise if you want to. You can only buy exchange-traded funds (ETFs) on the platform.
Wealthyhood was founded in November 2020 by Alexandros Christodoulakis and Konstantinos Faliagkas. Its headquarters is based in London.
Wealthyhood also ambitiously states that they are “the first DIY wealth-building app for long-term investors.” It is unknown how this statement is meant to be interpreted given that they are not the first platform.
InvestEngine, which I previously reviewed (InvestEngine review), was founded in 2019.
They are also not really a DIY platform since Wealthyhood does not offer individual stocks like for example Trading 212. See my Trading 212 review for more details.
Is Wealthyhood Legit?
Wealthyhood is a legit investment website and app and not a scam. It is registered with the Financial Conduct Authority (FCA) with the number 933675.
Wealthyhood still seems to be one of the lesser-known investment apps which is perhaps why there are no ratings on Trustpilot.
In the App Store, Wealthyhood has a rating of 3.9 out of 5.0 but this is only based on 12 reviews.
We will need to wait until Wealthyhood has become more established to be able to get an accurate rating.
Is Wealthyhood Safe?
Yes, Wealthyhood is safe to use. As with any investment broker, you may lose money when you invest with Wealthyhood. This is the innate nature of investing.
When you deposit money to Wealthyhood, your cash is protected by the Financial Services Compensation Scheme (FSCS).
This means that in case of bankruptcy, you will get up to £85,000 of your money back. Note that this does not apply to investment losses.
Whealthyhood also states that they:
- Use cutting-edge security features
- Are partnered with top-tier financial institutions for the safeguarding and safekeeping of your assets
How Does Wealthyhood Work?
Wealthyhood is an online broker. Brokers enable customers to access the stock market and buy and sell shares. In the case of Wealthyhood, you can buy ETFs.
When you sign up, Wealthyhood will generate a portfolio for you based on your preference.
Thus, it is a platform aimed at beginner investors or those who do not want to have any input in their investments.
Signing up
If you want to join Wealthyhood, whether for the free shares offer or to invest your money, click the button below.
On the Wealthyhood site, you can scan the QR code with your smartphone’s camera to get a sign-up link. On the app, you need to enter your:
- Name
- Email address
- Postal address
- National Insurance Number
Your National Insurance Number is required to confirm that you are indeed yourself. It protects you and Wealthyhood from fraud and is required by all legit investment platforms.
Building Your Portfolio
After signing up, Wealthyhood will automatically create your portfolio. You will be asked to click through a series of questions with multiple-choice options.
These questions will assess:
- Which asset you would like to invest in
- Geographical area you would like to invest in
- Sectors and industries you want in your portfolio
Finally, you can preview your portfolio and add or remove specific assets.
Depositing and Withdrawing
Wealthyhood uses Truelayer to make deposits. This means you can directly pay in money from your bank account. Your bank account will then be linked to your Wealthyhood profile.
After depositing, your money is automatically invested in your portfolio (for me this took a day).
The minimum investment amount is £20 on Wealthyhood.
When you want to withdraw money from Wealthyhood, you first have to sell your investments. Wealthyhood states that it may take up to 30 days until you receive your money back.
You can find more information in the terms.
What Accounts Does Wealthyhood Offer?
At the time of writing this Wealthyhood review, only the Beginner plan is available. However, ultimately, Wealthyhood will have three plans:
- Wealthyhood Beginner: General Investment Account with basic features
- Individual Savings Account (ISA): All beginner features plus you can invest £20,000 per year tax free (depending on your tax allowance)
- Wealthyhood Pro: ISA, instant execution of orders, and premium tools (insights and tax optimisation)
| Broker | Beginner | Individual Savings Account (ISA) | Pro |
|---|---|---|---|
| Price (month) | £1 | £3 | £7 |
| Features | Commission-free investing Automated portfolio Real-time guidance More than one million portfolio templates Free deposits and withdrawals | All beginner features ISA account | All beginner features ISA account Instant execution Insights and tax optimisation |
What Can You Invest in on Wealthyhood?
On Wealthyhood, you can only buy ETFs. Single stocks and other investment assets are not available. However, their selection is quite large with over 5000 ETFs to choose from.
When you sign up, Wealthyhood will generate a portfolio based on your preferences. You can either leave it as it is or modify it.
What Fees Does Wealthyhood Charge?
Wealthyhood charges no trading commission. Instead, you pay a fixed fee depending on your plan:
- Beginner: £1 per month
- ISA: £3 per month
- Pro: £7 per month
Other than these, there are no fees on Wealthyhood. Depositing and withdrawing are free of charge.
What Other Features Does Wealthyhood Have?
While Wealthyhood is still pretty new, it comes with some useful features such as auto-investing and portfolio rebalancing.
Auto-investing means that you can set up a Direct Debit to automatically deposit money in your Wealthyhood account. Wealthyhood will then split this money between your investments.
It will also keep your original weighting in place.
The rebalancing feature is optional. It means that you can set up Wealthyhood to keep your original portfolio weighting. Some assets will grow faster than others and some will lose value.
This can mess up any investor’s portfolio and rebalancing manually is a hassle.
Does Wealthyhood Have a Friend Referral Scheme?
Wealthyhood operates a generous friend referral scheme that is also on my free money offers list. For each friend, you can get a free share worth £5-£200 at the time of writing this Wealthyhood review.
To get the free share, you and your friend must both:
- Complete the sign-up process
- Build a portfolio
- Invest at least £20
The free share can then be sold after 60 days.
Is Wealthyhood Beginner-friendly?
With a low minimum investment amount of just £20 and automated portfolio recommendations, Wealthyhood is a beginner-friendly investment app.
In fact, it is perfect for beginners since you will get your portfolio done for you.
Investing on Wealthyhood requires very little effort. Plus, if you sign up via my link, you will also get a free share.
Free shares are great for newbie investors as they can monitor the stock market without putting their own money at risk.
What Are the Pros and Cons of Wealthyhood?
Wealthyhood Review Pros
- Low minimum investment (£20)
- Simple user interface
- Simple fee structure
- Generous friend referral offer
Wealthyhood Review Cons
- Long withdrawal time
- Cannot buy individual shares
- Lack of tools and features
- ISA not yet available
Wealthyhood Review Summary
Wealthyhood is a legit investment site. In the future, the app may have the potential to become one of the best investment apps in the UK for long-term investors.
However, as of the time of writing this Wealthyhood review, the site is lacking quite a few features.
Still, their friend referral offer is very generous and you may want to sign up just to get the free share.
If you like this post, please help My Money Yard grow by sharing it with your friends.
