TSB and Wealthify have announced their new partnership which will make investment opportunities directly available to TSB’s five million customers – as TSB responds to customer demand and changing consumer behaviour with two in five (40%) people having prioritised their money more during lockdown.
TSB customers can now start investing with Wealthify by following a link from the TSB app or internet banking. Wealthify makes investing accessible to customers and breaks down some of the common barriers holding customers back, such as the belief that investing is only for those who are financially well off.
Investors using the Wealthify platform can choose from five investment approaches to suit their needs, from cautious through to adventurous. Across all of these, Wealthify offers options to invest ethically in organisations which, like TSB, are committed to having a positive impact on society and the environment.
Investment options start from just £1 and money is invested using a number of funds, that contain a collection of investment types, such as shares, bonds and property. Wealthify is surging in popularity and has seen an 85% growth over the year, with more than 30,000 active customers.
Pella Frost, Director of Everyday Banking Products at TSB, said: “Our partnership with Wealthify further strengthens our digital banking offer, offers more ways to make money work harder for our customers and will help build their money confidence.”
Although customers of all ages use Wealthify, it is most popular amongst those aged 30 – 34, who might be looking to meet specific savings targets, such as buying a house. TSB previously found that half the population (50%) feels more motivated to save when they are trying to achieve a specific goal and has seen over 10,000 Savings Pots opened by customers in just one month since the launch of the new Spend and Save account as customers look to make their money work harder.
This latest partnership adds to TSB’s growing digital focus – as well as its innovative options aimed at boosting money confidence, such as TSB’s new first-time buyer mortgage products and its new Spend and Save account.
Andy Russell, CEO at Wealthify, said: “This partnership is about giving customers more options when it comes to their savings. At Wealthify, we are committed to ensuring anyone can build their future wealth through easy access to investing. We’re extremely proud to work with TSB, and to offer their customers a simple-to-use investment solution which complements their existing service, and creates opportunities to grow their savings, without the cost or complexity that comes with traditional investing.”
