Netwealth offers all of the following account wrappers: ISA, pension, JISA, and a general investment account (for investments made outside of a tax wrapper) including Junior GIA (bare trust), company and trust accounts.
You are able to open any of these accounts when you first sign up as a client, or by navigating to the ‘Add New Portfolio’ section of the website if you are an existing client. For each new account, or for a new portfolio within an existing account, you will be taken through the steps to design your investment in line with your preferences.
On the Netwealth platform you are able to hold a Stocks & Shares ISA, Pension and General Investment Account. Within each of your accounts at Netwealth, you can create as many separate portfolios as you wish, to invest for different investment goals with different preferences. The minimum portfolio size is £5,000 per portfolio for GBP accounts, $20,000 for USD accounts and €20,000 for EUR accounts. The only exception is for a JISA when you are only able to create one portfolio per child with a lower minimum portfolio size of £1,000.
You can make payments into your account using one of three methods: bank payment (Faster, BACS or CHAPS), Direct Debit for regular contributions, or standing orders. The bank account details can be found by hovering over ‘Add/Withdrawal’ and by clicking on ‘Payment/Transfer.’ If you would like to make a Direct Debit into your portfolio, please send a secure message with the amount and a member of our Client Service team will send you a Direct Debit form. Our direct debits are collected on the 7th of the month (or the following business day).
Once the payment has been received, we will allocate the money to your portfolio. If you have more than one account or portfolio, we will contact you via a secure message if we are unsure as to how the funds should be allocated.
To change your risk level, log in to your account and select ‘Full Breakdown’ on the ‘My Accounts’ page. From here select the portfolio you wish to review on the right-hand side and choose ‘Review and Update’. This will show your current projection based on your initial investment design and to update click on ‘Make Changes’ at the bottom of the screen. This will allow you to edit your original information and change the risk level. Once submitted, you will see on the ‘My Accounts’ page that this request is ‘Pending with Client Service.’ Once the change has been implemented, a Client Service Representative will send you a secure message to confirm and set this to complete.
You can change your risk level of your portfolio twice free of charge, on a rolling annual basis. Any further changes within this period will be charged at a 0.12% of the portfolio’s market value.
You are free to withdraw your money from your Netwealth ISA or General Investment Account (GIA) at any time. Please note that the Netwealth ISA is not a flexible ISA therefore if you are withdrawing money deposited in this tax year then your ISA allowance will remain used.
Due to HMRC restrictions, there are limitations on withdrawing from a Personal Pension account before the age of 55 and from a JISA before the child is 18 years old.
Once we receive an instruction to withdraw then the sales will be instructed at the next daily trading point. All transactions take 2-3 days to settle and payments will be instructed by BACS following settlement (same day CHAPS payments are available for a £25 additional charge). Please therefore allow 6-7 business days from the date of instruction for the money to arrive in your nominated bank account.
Please note that we will only make payments to a nominated bank account held in your name (or joint names). If you would like to withdraw any funds please contact us via the message centre.
You will earn 0.4% below the Bank of England’s Base Rate, subject to a minimum of 0.0%.
You can review the details we have set up by navigating to ‘Information and Settings’ underneath your name on the right-hand corner of the website. If you would like to change any of these personal details, please send us a secure message by clicking on ‘Messages’ at the top of the page with the details you wish to change. Please note that we may request further information from you prior to these changes taking effect.