Last chance: The investment firms paying up to £1,200 to new customers
The deals on offer vary depending on the investment company but include one-off cashback payments, entry into prize draws, refunds of any fees paid, and rewards for recommending friends.
Competition for new customers has led to a range of perks being offered for new and existing customers, most of which are only available for a short period of time.
In order to bank the cash, there are strict terms and conditions you will need to meet. Usually a minimum amount needs to be invested or transferred into a pension or investment account and the money deposited for a set time – often six months.
The top levels of cashback are also only available for those making big deposits. To get the cashback you often need to jump through a few hoops too, such as using specific links so the cashback can be tracked or emailing the firm after you’ve signed up. Therefore before you sign up, make sure you have read the terms and conditions carefully.
It’s also important to look beyond the freebies at what you’re actually signing up to. It may seem appealing to be given a ‘free’ £500 but it’s not worth it if the investment product isn’t right for you.
Similarly, it’s vital to look at all the fees associated with the move, such as fees to transfer a pension or investment, as well as ongoing charges.
The investment firms offering cash ‘freebies’
Here’s a run down of all the current offers available, in order of when the deals close:
New customers signing up to Moneyfarm can get up to £500 in cashback. The cashback levels are tiered depending on the amount you invest and the money needs to be deposited by 11:59pm 28 October:
- Invest more than £50,000 to get the top rate of £500
- Invest £20,000 – £49,999 to get £240
- Invest £10,000 – £19,999 to get £120
- Invest £5,000 – £9,999 to get £60
- Invest £2,500 – £4,999 to get £30
To be eligible you need to be a new customer, or have an active account that you haven’t deposited money into before 12 September this year.
New customers must open and fund a Moneyfarm account through the dedicated link available on the promotional Moneyfarm landing page or using the coupon ’22UK_AutumnPromo’ during the subscription to be eligible.
Existing customers with an open but not funded account, must receive an email, a push notification, or a promotional message in their Moneyfarm dashboard which will contain a dedicated link to use.
The cashback will be paid from 30 November but you will need to keep the money you’ve invested within the account for 24 months. If you remove it in this time, Moneyfarm will withdraw the equivalent cashback from your account.
If you transfer an ISA to it by 31 October, you’ll receive a gift voucher of up to £500 which can be spent at a range of retailers including John Lewis, Wagamama, National Express, and Hello Fresh.
The amount is dependent on the sum you invest:
- Invest more than £100,000 to get £500
- Invest £75,000 – £99,999 to get £400
- Invest £50,000 – £74,999 to get £300
- Invest £25,000 – £49,999 to get £200
- Invest £10,000 – £24,999 to get £100
To get the offer you need to click through to the AJ Bell ISA transfer offer page. It’s only available when you transfer an ISA (not for other accounts including a SIPP, dealing accounts, Lifetime ISAs, Cash Savings Hub accounts, Junior ISAs or Junior SIPP).
Transfers need to be initiated before the end of October and completed within six months. If eligible, you’ll receive a link via email containing the voucher to download within 30 days of a successful claim being processed.
AJ Bell is also offering to refund any transfer fees of up to £500 charged by an existing provider if you transfer an ISA, pension, or dealing account worth more than £20,000.
This is for new and existing customers and it will pay up to £35 per investment moved and up to £100 for general exit fees, up to an overall maximum of £500 per person.
To claim the money, you will need to email ‘email@example.com’ with copies of documentation confirming the transfer costs you’ve paid to your old provider or you can post these. If your claim is valid, 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 voucher too.
New and existing Bestinvest customers can get up to £400 cashback when they deposit at least £10,000.
Cashback is tiered:
- Deposit £40,000+ to get £400
- Deposit £30,000 – £39,999 to get £300
- Deposit £20,000 – £29,999 to get £200
- Deposit £10,000 – £19,999 to get £100
The offer is not per customer, but per account held with the investment platform, so for those who hold multiple accounts there is the potential to earn £1,200 in cashback.
To qualify, both new and existing customers must first open a new account by the end of October. Then you will need to send an email by 30 November to ‘firstname.lastname@example.org’ quoting the promotion code ‘BestCashbackAutumn22’ and include your account number.
The cashback will then be paid to those who qualify six months after the promotion ends. The amount paid is dependent on how much was deposited, and left in the account for the six months.
The cashback can be paid directly into an account or into a bank account.
Interactive Investor (II)
Cashback of up to £1,000 is on offer from Interactive Investor if you transfer your current pension into a new or existing II SIPP by the end of October.
It applies both to a stand-alone II Pension Builder Plan and any SIPP taken out alongside II’s ISA or trading account.
The amount of cashback is tiered depending on the money transferred:
- £2m+ nets £500
- £1m – £1,99m nets £400
- £100,000 – £999,999.99 nets £300
- £25,000 – £99,999.99 nets £200
- £10,000 – £24,999.99 nets £100
The money will be paid 30 days after your qualifying deposit or you’ve opened a trading account, or your bank account has been verified, depending on the type of II account you have.
To be eligible you must keep the II SIPP open for at least 12 months after you make the transfer.
The investment firms also offers £200 if you recommend a friend and they invest at least £10,000. The friend will also get their first year’s service plan for free, a saving of £120.
Earn up to £200 cashback if you transfer a pension to Wealthify. Again, the rates are tiered:
- Transfer a pension of £20,000 or more to receive £200
- Transfer £10,000 – £19,000 to receive £100
- Transfer £50 – £9,999 to receive £50
To benefit, you need to click the ‘Activate Offer’ button on the Wealthify website. After this, you will have six months to complete your pension transfer. The cashback is available for new and existing Wealthify customers.
Cashback is paid once a transfer has been successfully transferred. To be eligible for the cashback, you need to remain invested in the Wealthify pension for six months. After this period, the cashback is paid directly into your pension plan or bank account within 30 days.
Wealthify also has a £20,000 prize draw running, for new and existing customers with an active and funded pension plan.
It’s free to enter to customers who have deposited money into their account by midday on Friday 11 November with a minimum of £50.
Existing and new eligible customers will be automatically entered into the prize draw.
The investment platform isn’t currently running a bonus offer for new customers but it told YourMoney.com that it expects to run a deal in November through to March 2023, similar to its spring deal on SIPPS, drawdown, S&S ISAs but excluding junior products and Lifetime ISAs.
Once the deal is live, we’ll let you know the details.