In a nutshell
Wealthyhood helps you to build an investment strategy and portfolio to grow your money over the long term. It guides you through building and managing investments similar to how the professionals do. It’s perfect for pretty much anyone who isn’t an expert. And it’s commission-free, with just one low monthly subscription. A solid 4 stars from us.
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When it comes to investing in the UK, you can either ‘go-it-alone’ and use an investment app where you need to make all the investment decisions (you buy and sell investments, such as shares in Tesla, or Apple etc.). Or, you can use an investment app where the experts manage everything for you, you simply add your money and leave it up to them.
There’s nothing in between those 2 extremes, until now. Wealthyhood aims to sit right in the middle of your investment app options. It guides you through the right way to invest successfully for the long-term, with you still making all the investment decisions, rather than the experts.
How? It helps you put together the right investment portfolio (mix of investments) for you, and how to continually optimise it for long-term success.
It’s perfect for beginners and those that aren't experts (which is most of us!), but still want to learn and manage their own investments rather than just leaving it to the experts.
If you do want the experts to manage everything for you, check out top rated Moneyfarm¹, and our best investment platforms – we also compare the best investment platforms to manage your own investments too.
Wealthyhood is a mobile app on both Apple and Android, and very highly rated – 5 stars on Apple in fact (although it doesn't have many reviews yet).
It’s completely commission-free too (no fees when you buy or sell investments). You’ll just pay a monthly fee (only £1). And that’s it, you can get started with just £10.
If you're interested and want to learn more visit the Wealthyhood website¹ – you’ll also get a free share worth up to £200 when you sign up with Nuts About Money.
Let’s dive more into the details.
Is Wealthyhood good for beginners?
Yep! It’s actually built for beginners. If you’re not sure what you’re doing and just getting started with investing, Wealthyhood could be perfect for you.
They’ll help you build the right investment strategy for you and your goals – which will often be growing your money as much as possible over the long term!
You’ll be guided through every step of the way, all through the easy to use app, from buying the right investments to suit your goals, and continually monitor and improve them over time.
You can also start with just £10, and can invest as little as £1 into each investment. Perfect for getting started. Plus, your money won’t be eaten up in fees, as it’s completely commission-free.
There’s also some great guides on investing and learning the basics of investing – which is in partnership with Finimize, one of the best investment apps for easy to understand financial news and analysis. Check out our Finimize review if you’d like to learn more about them, and even get 50% off with Nuts About Money.
If you’re struggling to actually save money, check out our best budgeting apps too.
How Wealthyhood works
Wealthyhood guides you through everything to get you investing the right way to meet your goals in the long-term.
First, you’ll get guided through what you actually want to invest in, which are:
Stocks and shares (equities): this is where you buy a small part of the company to own (a share of a company). This can increase in value over time, or pay out its profits to its owners.
Bonds: this is effectively loaning your money to governments and large businesses in return for interest payments.
Commodities: these are real things like gold and silver.
Property: this is often commercial property that generates rent (income).
Note: these are often called asset classes, and the investments themselves are assets.
You’ve then got the option to invest across the world, or just base your investments in the US (where some of the most popular and largest businesses are based, such as Amazon and Google).
Then you need to decide which industries you want to invest in, such as healthcare companies, technology companies or financial services, or a range of industries.
Wealthyhood will then do their magic and pick out the best investment options for you to create the right investment portfolio.
These investments are mostly exchange-traded funds (ETFs), which are groups of investments all pooled together into one easy to manage (and cheaper to buy) investment, for instance the top 100 companies in the UK. And these are bought and sold on stock exchanges (places to buy and sell stocks and shares).
And finally, you’ll decide how much of each investment you want within your portfolio, which is called ‘weighting’. But don’t worry, they’ll actually handle this bit for you, and suggest the best weighting for you – but you can adjust it if you like.
It’s as simple as that – you’ve now got a professional investment portfolio suited to your interests and goals!
If you’re keen to get started, here’s the Wealthyhood website¹, where you can also get a free share worth up to £200 when you sign up.
Wealthyhood investment features
Once you’ve got your portfolio set up, you can set up the auto-investment feature, which is pretty great in itself, and great for building up your savings over time too.
When you want to invest more money (such as every month), your money will be automatically split between all the investments in your portfolio, so you don’t have to worry about individually buying all of them – as there can be quite a few! And it will stick with your weighting that you originally set for your portfolio.
As your portfolio grows, you’ll find that the weighting changes as some of your investments grow faster than others (or some might not grow at all). This means that your strategy is now not exactly as you’d like, and you might have too much risk (for instance, having too many of a certain type asset class (like stocks), or too much of your total portfolio within a certain investment, such as shares in Tesla).
So to adjust your portfolio back to your agreed weighting (% of each investment), you’ll need to ‘rebalance’ your portfolio – which is buying or selling investments to get the percentage back to the right ratio. And Wealthyhood can do this for you automatically.
Too complicated? Basically Wealthyhood will help you keep the right amount of risk within your portfolio to suit your goals.
Range of investments
The range of investments you can buy is good. It’s not huge, but good enough for a beginner to build a very good (diverse) portfolio. And new options are added all the time.
You can buy investment funds (called ETFs) in all the major things you’d want to. For instance, global stocks, UK stocks, US stocks. Or maybe smaller companies, just technology companies, healthcare, pharmaceuticals etc.
You can’t buy individual stocks and shares, such as just shares in Apple – you’d have to buy them within an investment fund. This is because buying individual stocks alone is actually very risky. For long-term investing, using a portfolio of companies via an investment fund is much safer as you have a wider mix of companies and are not affected by the value of any particular company changing in value (as you are more diversified).
There’s also a good range of bonds (loans to governments and large corporations), from across the world.
When it comes to commodities there’s only gold. Which isn’t a problem for beginners as almost all portfolios that have commodities within them will just have gold, unless you’re a bit more advanced.
And when it comes to property (real estate), there’s only 2 options, which are either US based or from across the world (as investment funds).
Investment account options
Within the UK, there’s some pretty good account options to save for your future – with some big tax-free benefits.
However, with Wealthyhood, for now at least, your only option is to invest within a General Investment Account (GIA). This is the standard investment account anyone can open, but the money you make isn’t tax free.
However, you’ll only pay tax (Capital Gains Tax) if you make more than £6,000 per year in profit when you sell an investment. So, if you’re just getting started, it’s unlikely you’ll do this for many years. Remember it’s only the profit, and only when you sell.
If you do make more than that, you’ll pay either 10% or 20% depending on how much Income Tax you pay on your salary. If you’re a basic rate taxpayer, earning less than £50,270 per year, you’ll pay 10% Capital Gains Tax on your investments, and if you’re a higher rate taxpayer, you’ll pay 20%.
Learn more about this with our guide to Capital Gains Tax.
We’ve been told Wealthyhood is working hard on a Stocks and Shares ISA – which means everything you make within it is completely tax-free forever. Learn more with our guide to Stocks and Shares ISAs.
The customer support isn’t great. There’s only one option currently, and that is to email in. Unfortunately there’s no live-chat within the app (where you can chat to someone through the app), or even a phone number to call. However, the response times are good if you do email.
Also, there’s a big FAQ section, which has most of your questions answered.
Is Wealthyhood safe?
Yep, it’s perfectly safe to use Wealthyhood. It’s been approved by the Financial Conduct Authority (FCA), to look after your money.
Your money is also protected by the Financial Services Compensation Scheme (FSCS), which means if someone should happen to Wealthyhood, such as going out of business, you’ll get up to £85,000 back.
However, you also have even more protection, as your investments are held with a large bank, separate from Wealthyhood, all in your name, and they can only be returned to you.
Wealthyhood pros and cons
Here’s a quick recap and the pros and cons of Wealthyhood:
- Perfect for beginners
- Create a custom professional investment portfolio
- Guided through the whole process
- Small range of investment options
- No Stocks & Shares ISA
- No personal pension
- No live-chat feature (support)
Investing is one of the best ways to grow your wealth over the long term, and that’s exactly what Wealthyhood does – so Nuts About Money are big fans!
You can invest like a professional without knowing a thing about investing, and they’ll educate you along the way.
The app itself is great, and easy to use. Plus, it’s commission-free too. All you pay is a monthly subscription of just £1. You can’t get much cheaper than that.
There’s currently no tax-free Stocks & Shares ISA (although it's coming soon), and the investment range could be improved, but as a beginner, you don’t need to worry about that – it’s got everything you need.
If you do want to solely manage your own investments without any help, or either have the experts fully manage everything for you, there’s better options – check out our best investment platforms to find out more. But if you’re looking to invest yourself in the right way for the long-term, Wealthyhood could be a great fit for you.
Overall, we think Wealthyhood is great, and a solid 4 stars from us.
If you’re keen to get started, here’s the Wealthyhood website¹, and you’ll also get a free share worth up to £200 if you sign up with Nuts About Money.
Is there a deal?
And it’s a pretty good one. Get a free share worth up to £200 when you sign up with Nuts About Money. Get started on the Wealthyhood website¹ to claim yours.
If you want to learn more about Wealthyhood first, here’s their homepage. You can always come back and claim the deal later when you’re ready to sign up.