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New to investing or transferring a pension? Bag up to £5,000 for the move

New to investing or transferring a pension? Bag up to £5,000 for the move
Rebecca Goodman
Written By:
Rebecca Goodman
Posted:
05/01/2024
Updated:
05/01/2024

A host of investment platforms offer bonuses to new and existing customers, with Interactive Investor dishing out up to £5,000. Here's a round-up, but make sure you read the Ts&Cs very carefully.

Competition for new investment customers has led to a range of perks being offered to new and existing customers for a set period of time.

The deals vary depending on the investment platform but include one-off cashback payments, refund of exit fees, entry into prize draws as well as refer-a-friend rewards.

We’ve included the offers that you can get direct from the investment platforms themselves. But don’t forget to check out cashback sites too in case any offers are available exclusively through the likes of TopCashback or Quidco. But remember, the cashback offered through these sites isn’t guaranteed so don’t let it sway your investment decision.

The current stand out offer is from Interactive Investor offering up to £5,000 (see below for details). But 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 as 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.

The investment firms offering perks

Here’s an alphabetical rundown of all the current offers available:

AJ Bell

AJ Bell isn’t currently running a hard cash offer (it ran up to £200 back in May), but it’s offering to pay up to £500 in transfer costs with a previous provider if you’re looking to move your ISA, SIPP or dealing account to it.

It’s open to both new and existing customers but the value of the funds being transferred must be £20,000 or more. It will cover up to £35 per investment moved and up to £100 for general exit fees, up to an overall maximum of £500 per person.

New customers need to open an account and complete the transfer-in form as part of the application process.

For existing customers, you need to log in and choose ‘Transfers’ from the ‘my account’ menu.

To claim the money, you’ll need to email ‘transferoffer@ajbell.co.uk’ with copies of documentation confirming the transfer costs you’ve paid to your old provider for moving. If your claim is valid and the transfer completes, the money will be paid into your bank account within 28 days.

If you recommend a friend to AJ Bell, and they transfer more than £10,000, you’ll both receive a £100 Amazon voucher too.

Bestinvest by Evelyn Partners

There’s currently no hard cash offer available to new or existing customers.

However, Bestinvest runs a refer-a-friend cashback scheme. If you introduce a friend to the firm, and they invest £5,000 through the platform, you can both get £100 as long as your friend remains invested for 120 days. You can also refer up to five friends a month.

There’s also a monthly savers prize draw, giving people the chance to win £250 when setting up monthly savings of £50+ before the 12th. Entry is automatic.

Foresters Friendly Society

New customers to Foresters Friendly Society who open a Stocks & Shares ISA or transfer an existing one by 21 January can get an online gift card worth up to £310.

The cashback differs depending on which product is selected and as is common, they’re also on a tiered basis varying by the amount you save or invest.

For example, customers can net up to £310 with a stocks and shares ISA after three successful payments have been made:

  • £60 for an investment or transfer of £5,000 to £9,999 or a monthly direct debit of £100 to £199
  • £70 for a monthly direct debit of £200 to £299
  • £80 for a monthly direct debit of £300 to £399
  • £90 for a monthly direct debit of £400 to £499
  • £100 for a monthly direct debit of £500+
  • £110 for an investment or transfer of £10,000 to £19,999
  • £160 for an investment or transfer of £20,000 to £29,999
  • £210 for a transfer of £30,000 to £39,999
  • £260 for a transfer of £40,000 to £39,999
  • £310 for a transfer of £50,000+

Do note that if accounts are closed within 12 months, it “reserves the right to deduct the value of the gift card(s) from any surrender value or refund of premiums”.

The gift card can be used at over 200 retailers.

Freetrade

Freetrade’s deal offering customers who open the app and transfer a GIA, ISA, or pension with at least £10,000 can get a free share worth between £100 and £2,100:

  • Net transfer amount of £10,000 – £19,999 = £100 free share value
  • Net transfer amount of £20,000 – £39,999 = £200 free share value
  • Net transfer amount of £40,000 – £79,999 = £400 free share value
  • Net transfer amount of £80,000 – £159,999 = £800 free share value
  • Net transfer amount of £160,000 – £249,999 = £1,200 free share value
  • Net transfer amount of £250,000 – £499,999 = £1,800 free share value
  • Net transfer amount of £500,000+ = £2,100 free share value.

Transfers need to be made on or before 31 January 2024. You’ll need to keep your account open and above the £10,000 threshold to see the deal through.

The free share will be added to accounts within 90 days of completion.

Hargreaves Lansdown

Hargreaves Lansdown’s “biggest ever” cashback offer allows investors to earn up to £3,500 when transferring pensions, and up to £1,000 for ISAs and investments to the platform by 29 February 2024.

New savers to its Active Savings platform can earn up to £100 when registering and opening an account before 31 January 2024 (see below for details).

Pension savers can get between £100 and £3,500 cashback when they transfer pensions worth £10,000 or more in total into the HL Self-Invested Personal Pension (SIPP) or HL Drawdown Pension. The amount of cashback depends on the transfer value of your pension – you’ll need £1m or more to get £3,500 in cash.

Here’s a breakdown for the pension/SIPP cashback offer:

  • Transfer value of £10,000 – £29,999 nets £100
  • Transfer value of £30,000 – £59,999  nets £250
  • Transfer value of £60,000 – £89,999 nets £500
  • Transfer value of £90,000 – £109,999 nets £1,000
  • Transfer value of £110,000 – £124,999 nets £1,250
  • Transfer value of £125,000 – £999,000 nets £1,500
  • Transfer value of £1,000,000+ nets £3,500.

 

However, the transfer of a defined-benefit (DB) pension, such as a final salary scheme, will not qualify for cashback.

You can also receive between £50 and £1,000 cashback when transferring accounts worth £4,000 or more in total into the HL Stocks and Shares ISA or HL Fund and Share Account:

  • Transfer Value of £4,000 – £9,999 gains £50
  • Transfer value of £10,000 – £19,999 gains £100
  • Transfer value of £20,000 – £39,999 gains £150
  • Transfer value of £40,000 – £59,999 gains £300
  • Transfer value of £60,000 – £79,999 gains £500
  • Transfer value of £80,000 or more gains £1,000.

 

For those with cash savings, Hargreaves Lansdown is offering between £10 and £100 cashback to people adding at least £5,000 into a savings product on the Hargreaves Lansdown Active Savings platform before 31 January 2024.

Here are the associated tiers as part of this offer:

  • Value of savings £5,000 – £9,999 nets £10
  • Value of savings £10,000 – £19,999 nets £20
  • Value of savings £20,000 – £29,999 nets £30
  • Value of savings £30,000 – £49,999 nets £40
  • Value of savings £50,000 – £79,999 nets £50
  • Value of savings £80,000+ nets £100.

Interactive Investor (II)

Interactive Investor is offering up to £5,000 cashback for new and existing II customers opening a SIPP (excludes existing II pension holders).

Meanwhile, new customers opening an ISA or General Investment Account could net up to £1,500 in cashback.

The offers run till 31 January 2024, with the exact level of cashback depending on your balance.

SIPP deposit/transfer value and cashback brackets are as follows:

  • £10,000 – £24,999.99 = £100
  • £25,000 – £69,999.99 = £250
  • £70,000 – £99,999.99 = £500
  • £100,000 – £159,999.99 = £1,250
  • £160,000 – £499,999.99 = £1,500
  • £500,000 – £999,999.99 = £2,000
  • £1m – £1,499,999.99 = £3,000
  • £1.5m – £1,999,999.99 = £4,000
  • £2m = £5,000

II confirms multiple transfer requests and contributions count towards your total qualifying transfer amount.

Cashback will be paid after 12 months. For customers with its Pension Builder and Pension Essentials plans, the cash will be paid into your nominated bank account.

Customers in the Investor Essentials, Investor or Super Investor plans will have the cashback paid into trading accounts.

The account needs to be open for a minimum 12 months, and cashback is usually deposited into your individual trading account within 30 days of meeting the criteria.

For new customers considering transferring or opening an ISA or GIA, the following thresholds apply:

  • £2,000 – £9,999.99 = £100
  • £10,000 – £19,999.99 = £150
  • £20,000 – £49,999.99 = £250
  • £50,000 – £99,999.99 = £500
  • £100,000 – £199,999.99 = £750
  • £200,000 – £499,999.99 = £1,000
  • £500,000+ nets £1,500.

Once the transfer is complete, II will pay the cashback into your trading account after 12 months.

It’s also running a £200 refer-a-friend scheme for the investor (minimum £10,000 must be invested) while the new customer gets a free monthly subscription to II’s service for a year.

Moneyfarm

No active, direct offers from Moneyfarm at the moment. It previously ran a prize draw to win up to £20,000 which ended in December 2023.

Scottish Friendly

New customers signing up to a stocks and shares ISA with Scottish Friendly can gain a My Rewards gift voucher worth up to £45 once they start investing.

It’s on a tiered basis, based on the monthly premium paid in:

  • £10-£14.99 gets a £15 My Rewards voucher
  • £15-£19.99 gets a £20 My Rewards voucher
  • £20-£24.99 gets a £25 My Rewards voucher
  • £25-£29.99 gets a £30 My Rewards voucher
  • £30-£34.99 gets a £35 My Rewards voucher
  • £35-£39.99 gets a £40 My Rewards voucher
  • £40+ gets a £45 My Rewards voucher.

You can redeem your voucher at numerous retailers throughout the UK including Argos, John Lewis & Partners, and Marks & Spencer.

The My Rewards voucher will be sent within 28 days of Scottish Friendly receiving your first payment. Once registered you will be able to access the full list of retailers.

The mutual is also running a prize draw giving investors the chance to win back their ISA payments paid in cash – up to £20,000.

Once you make a qualifying investment in a Scottish Friendly ‘My ISA’ (£100) or ‘My Junior ISA’ (£50) into a new policy/pot or a minimum regular monthly payment into a new policy/pot from £10 per month for a ‘My Junior ISA’ or ‘My ISA’, you’ll be automatically entered into the prize draw.

Entries must be made by 23:59, 5 April 2024. Winners will be drawn after 30 April 2024 and will be notified via post before 31 May 2024. Payment of the prize money (by cheque) will be made within 30 days of the notification.

Wealthify

No active, direct offers from Wealthify at the moment.

Related: The winners of the YourMoney.com Investment Awards 2023