Investors transferring accounts to these platforms can bag up to £6k for the move. Here’s what you need to know.
The standout offer is from Nutmeg, which is giving customers an investment or Avios boost when transferring at least £5,000 to it.
The best bit about the deal is that it’s for both new and existing customers and it applies to pensions (up to £3,000 or 300,000 Avios) and ISAs (up to £3,000 or 300,000 Avios).
As such, it means double the potential cashback of up to £6,000 or 600,000 Avios for your next adventure if you want to move both a pension and ISA to it.
The cashback or Avios is offered on a tiered basis, depending on the transfer value:
- £5,000-9,999 nets £25 or 2,500 Avios
- £10,000-24,999 nets £50 or 5,000 Avios
- £25,000-29,999 nets £150 or 15,000 Avios
- £30,000-49,999 nets £200 or 20,000 Avios
- £50,000-99,999 nets £500 or 50,000 Avios
- £100,000-149,999 nets £1,000 or 100,000 Avios
- £150,000-199,999 nets £1,500 or 150,000 Avios
- £200,000-299,999 nets £2,000 or 200,000 Avios
- £300,000+ nets £3,000 or 300,000 Avios
As part of the Nutmeg ISA offer, you need to transfer at least £5,000 from an existing ISA, Lifetime ISA, Junior ISA or Child Trust Fund by Wednesday 25 September.
For the Nutmeg pension offer, you need to transfer at least £5,000 by Saturday 30 November.
With one or both offers, you need to enter your email address in the form.
To choose Avios as your reward, enter your British Airways Executive Club membership number. To choose an investment boost, leave the box blank.
If you already invest with Nutmeg, tick the box to let it know. You’ll then need to click ‘Get started’. If you’re already a client, you’ll be prompted to log in. If you’re new to Nutmeg, you’ll be prompted to create an account.
Once you’re in the dashboard, click ‘Transfers’ on the left-hand side.
If you opt for the cash reward, it’ll be paid directly into your Nutmeg account as ‘unallocated cash’ for you to choose which pots to allocate it to, or to withdraw it. Remember, while it’s unallocated, the money won’t be in a tax-efficient account like an ISA or pension.
Get up to £2k cashback from Interactive Investor
Until Saturday 31 August, you can get £50 of free trades when you open an Interactive Investor ISA or trading account.
However, if you open or transfer a pension (Self-Invested Personal Pension (SIPP)), you can get up to £2,000 for the move.
As with Nutmeg, cashback is offered on a tiered basis:
- £10,000-49,999.99 nets £100
- £50,000-199,999.99 nets £250
- £200,000-499,999.99 nets £500
- £500,000-999,999.99 nets £1,000
- £1,000,000+ nets £2,000
Interactive Investor said it will pay the cashback within 30 days of your payment or transfer arriving in your SIPP account.
Its SIPPs start from £5.99 per month on its Pension Essentials plan. Once the value of your account grows above £50,000, you will move onto its £12.99 per month Pension Builder plan.
As with any offer, it’s important you understand the full terms and conditions, including exit fees if transferring an existing pension, ISA or General Investment Account.
And before you jump in, it’s crucial to look behind the scenes of the offer. That is, check the investments available, the functionality of the platform, and the ongoing, annual and trading fees and charges to see if the firm meets your needs and expectations.
Once you’re happy with a particular platform, consider the cashback or reward an added bonus. You may also need to show patience, as the cashback could be cancelled if you don’t sit tight with the new provider for a certain period of time.
