Investment platforms are competing to attract new customers by offering up to £3,000 “free” cash for transferring an ISA or self-invested personal pension (SIPP).
Others are offering freebies for referring a friend, or money to cover exit fees when switching from a competitor.
If you're thinking of where to invest your ISA or SIPP this tax year, it makes sense to ensure you're with the best investment platform, and to see if there's any cashback you can scoop up when opening or transferring an account.
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Remember to do your research to make sure you are happy with the new platform's fees, investment choice and customer service, and to carefully check the criteria of who is eligible for the cash bonus or perk.
With some deals ending in the coming weeks, you'll need to be quick to snap up the best ISA and SIPP cashback bonuses. We list the providers offering deals on ISAs and SIPPs right now.
The best cashback offers for switching ISA or SIPP providers
Moneyfarm – Up to £3,000 for transferring old pensions
Moneyfarm says it will "find, check and transfer your lost pensions for you - all for free. Plus, you’ll get up to £3,000 cashback when you transfer".
The cashback is worth between £50 and £3,000 depending on the value of the pensions.
Customers must transfer at least £5,000 to be eligible for cashback. To claim the maximum of £3,000, the pension(s) must be worth at least £300,000.
The offer is open to new clients and customers with unfunded accounts. You must open a pension account by 2 December 2024 to qualify, and the deposited amount must remain invested until 28 February 2027.
| Transfer value | Cashback |
|---|---|
| £5,000 - £9,999 | £50 |
| £10,000 - £19,999 | £100 |
| £20,000 - £49,999 | £200 |
| £50,000 - £99,999 | £500 |
| £100,000 - £149,999 | £1,000 |
| £150,000 - £199,999 | £1,500 |
| £200,000 - £299,999 | £2,000 |
| £300,000+ | £3,000 |
Nutmeg - Up to £3,000 or 300,000 Avios when you transfer pensions
The UK's biggest digital wealth manager is offering free cash or Avios when you transfer at least £5,000 from existing pensions by 30 November.
The more you transfer, the bigger the reward – and you can make multiple transfers. Your reward amount is based on the total amount transferred. The offer is open to new and existing Nutmeg clients. You can choose between receiving cash or Avios points (you'll need to know your British Airways Executive Club membership number to get the latter).
The reward is paid within six months of the transfer being started, as long as the transfer is complete by then.
| Transfer value | Investment boost reward | Avios reward | Row 0 - Cell 3 |
| £5,000 - £9,999 | £25 | 2,500 | Row 1 - Cell 3 |
| £10,000 - £24,999 | £50 | 5,000 | Row 2 - Cell 3 |
| £25,000 - £29,999 | £150 | 15,000 | Row 3 - Cell 3 |
| £30,000 - £49,999 | £200 | 20,000 | Row 4 - Cell 3 |
| £50,000 - £99,999 | £500 | 50,000 | Row 5 - Cell 3 |
| £100,000 - £149,999 | £1,000 | 100,000 | Row 6 - Cell 3 |
| £150,000 - £199,999 | £1,500 | 150,000 | Row 7 - Cell 3 |
| £200,000 - £299,999 | £2,000 | 200,000 | Row 8 - Cell 3 |
| £300,000+ | £3,000 | 300,000 | Row 9 - Cell 3 |
Freetrade - Up to £2,000 when you transfer a pension
Freetrade is offering 1% cashback when you move £10,000 or more in pensions. The bonus is capped at £2,000, and you must have initiated the transfer(s) by 31 December 2024.
It's available to new and existing customers, but you'll need an annual Plus subscription (which costs £119.88 a year). To find out more about Freetrade, check out our article Best investing apps.
Wealthify – Up to £1,000 when you transfer a pension
New and existing customers who transfer an old workplace or personal pension to Wealthify can get up to £1,000 in cashback.
You can transfer as many pensions as you like, although the cashback amount will be limited to a maximum of £1,000 per person. For example, if you transferred two pensions worth £50,000 each, then you would be eligible for the maximum amount of £1,000 cashback (as their combined value is £100,000).
To get the offer, you need to register for it on the Wealthify website, and you'll then have six months to start your pension transfer(s). The money must remain invested until the end of the 12-month period following the registration date.
To qualify for the cashback, you need to register before 9 December 2024.
| Investment / transfer value | Cashback |
|---|---|
| £1,000 to £4,999 | £25 |
| £5,000 to £12,499 | £100 |
| £12,500 to £24,999 | £200 |
| £25,000 to £49,999 | £400 |
| £50,000 to £99,999 | £800 |
| £100,000 or more | £1,000 |
Santander - Up to £1,000 when you transfer into a stocks and shares ISA
Santander's ISA transfer cashback offer allows customers to earn up to £1,000 when they transfer their existing ISA — whether a cash ISA or stocks and shares ISA — into a Santander Stocks and Shares ISA, through the bank’s online Investment Hub or Financial Planning Service.
To qualify, customers must transfer at least £5,000 from an existing ISA into a new or existing Santander Stocks and Shares ISA during the offer period. Transfers must be completed by 31 March 2025 for cashback to be paid by 1 May 2025.
The offer runs until 1 December 2024.
| Transfer value | Cashback |
|---|---|
| £5,000 - £9,999 | £50 |
| £10,000 - £24,999 | £100 |
| £25,000 - £49,999 | £250 |
| £50,000 - £74,999 | £350 |
| £75,000 - £99,999 | £500 |
| £100,000 or more | £1,000 |
Fidelity - Up to £500 towards transfer fees
Fidelity will reimburse any exit or redemption fees charged to a customer by their former provider when moving their ISAs, pensions, investment accounts, or junior accounts to the platform, up to a maximum amount of £500 per customer. The minimum transfer is £100.
Where a re-registration or transfer is not possible and the customer chooses to sell their investments held through another provider and subsequently make new investments through Fidelity, the platform will also cover up to £500 of fees. This is based on a minimum £10,000 investment though.
Claims for this money must be made within six months from the date of transfer.
AJ Bell – Up to £500 towards transfer costs
AJ Bell will also cover the costs when transferring a pension, ISA or dealing account. 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 be eligible, the account being transferred must be valued at £20,000 or more.
Once you make the transfer, you will need to write to the platform with documentation and will receive the money back within 28 working days.
You must keep the transferred funds in your account for at least 12 months or the money could be reclaimed.
Interactive Investor – £200 referral bonus
If you already have a stocks and shares ISA with Interactive Investor, you can get a £200 reward when you refer a friend. You will need a trading account for the amount to be credited to.
Your friend will also get their first year’s service plan, worth £120, for free. But to qualify your friend must transfer or fund their account with at least £10,000 in cash and investments.
£50 free trades
New customers can also get £50 worth of free trades when they open a stocks and shares ISA or an individual trading account by 31 October 2024.
It means the platform will cover the first £50 worth of trading fees when they invest in anything, from Amazon to Zoom.
InvestEngine – Up to £100 referral bonus
Robo-wealth manager InvestEngine will give customers an investment bonus of between £10 and £50 when they recommend a friend and the friend invests at least £100. The friend will also receive the bonus.
If you refer someone to a Business Account, the bonus is increased to between £50 and £100.
Customers can refer up to 25 friends. You must keep your bonus invested for at least 12 months before you can withdraw it.
Things to consider when transferring an ISA
You can transfer your ISA from one provider to another at any time, either to a different type of ISA or the same type of ISA.
Before 6 April, if you wanted to transfer your money to another ISA provider, it would have had to be the full amount. Since the 2024-25 tax year began, new ISA rules mean you have the flexibility to choose to move some or all of the funds.
To transfer your ISA, simply contact your provider and fill out the transfer form to move your account.
If you withdraw the money without doing this, it will lose its tax-free status, so make sure you’re following the correct process. Transfers take anywhere between 15 to 30 days.
Check that there is no charge to transfer your current ISA, as well as your new provider’s fees, to make sure it makes sense to move your money. If the new provider’s fees are higher, then it might be worth sticking with your current provider.
Equally, if the transfer fee would eat into your savings (and you can't reclaim this from the new platform), it might not be worth it.
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