How to get an ISA and SIPP cashback bonus
Here are the best bonus deals available, with some providers giving away as much as £2,500 in cashback for opening or transferring an account.
Investment platforms are competing to attract new customers by offering up to £2,500 “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.
But 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 how to secure the cash bonus or perk.
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With some deals ending in early April, you will need to be quick to snap up the best ISA and SIPP cashback bonuses. We list the providers offering bonuses on ISAs and SIPPs.
The best cashback offers for switching ISA or SIPP providers
InvestEngine – Up to £2,500 for transferring an ISA
Robo-wealth manager InvestEngine is offering investors up to £2,500 in cashback when transferring their stocks and shares ISA.
The deal is open to new clients, and also existing clients that move an ISA to InvestEngine. The offer runs until 30 April, 2024.
Investment amount | Cashback bonus |
---|---|
£1,000 | £20 |
£5,500 | £55 |
£8,000 | £70 |
£15,000 | £120 |
£20,000 | £150 |
£30,000 | £225 |
£45,000 | £325 |
£65,000 | £525 |
£100,000 | £750 |
£120,000 | £1,100 |
£300,000 | £2,500 |
Fidelity – Up to £2,000 cashback and £500 towards transfer fees
Fidelity is offering between £200 and £2,000 cashback when you transfer your pension, ISA or other investment accounts to them by midnight on 1 April 2024.
You must transfer at least £25,000 to be eligible for the minimum cashback. Your cashback will be paid within 90 days of completing the transfer successfully.
Total transfer value | Cashback |
---|---|
£25,000 - £49,999 | £200 |
£50,000 - £99,999 | £500 |
£100,000 - £249,999 | £1,000 |
£250,000 - £749,999 | £1,250 |
£750,000 - £999,999 | £1,500 |
£1,000,000 or over | £2,000 |
£500 towards transfer fees
Fidelity will also reimburse any exit or redemption fees charged to a customer by their former provider when moving their ISA 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.
Freetrade – Get up to £2,100 in shares
When you transfer an ISA, a pension or a GIA with at least £10,000, you can get between £100 and £2,100 worth of free shares.
How much you get depends on your transfer amount.
Transfer amount | Free share value |
---|---|
£10,000 - £19,999 | £100 |
£20,000 - £39,999 | £200 |
£40,000 - £79,999 | £400 |
£80,000 - £159,999 | £800 |
£160,000 - £249,999 | £1,200 |
£250,000 - £499,999 | £1,800 |
£500,000+ | £2,100 |
New customers can open an ISA, GIA or SIPP account on the Freetrade app or online before the end of the current tax year on 5 April 2024. You must also start the transfer before this date, with a minimum of £10,000.
If you’re already a Freetrade customer with one of the relevant accounts, you must transfer at least £10,000 before the end of the tax year to be eligible.
The transfer amount must stay at £10,000 or more until you are awarded the free share. If the amount does drop, how much you get will be impacted. Once you have qualified for one of the accounts, you will receive your free share within 90 days.
Wealthify – Up to £1,000 when you open or transfer an ISA and pension
New customers who open or transfer an ISA and pension with Wealthify can get up to £1,000 free cash (£500 for each account). You can choose to open just one account, either an ISA or pension and still receive up to £500.
Any money in or transfers must be made within six months of opening your Wealthify account, and your cash has to be invested in the account for at least 12 months.
To get the headline bonus, you must deposit a minimum of £20,000. Deposits lower than this but above £1,000 can still earn you between £50 and £250 in cashback.
Investment / transfer value | Cashback |
---|---|
£1,000 to £4,999 | £50 |
£5,000 to £9,999 | £150 |
£10,000 to £19,999 | £250 |
£20,000 or more | £500 |
To qualify for the cashback you will need to open a Wealthify ISA or SIPP before 20 May 2024.
Moneyfarm – Up to £750 cashback when opening or transferring an ISA
Moneyfarm will pay up to £750 cashback to new customers investing or transferring their ISA.
The minimum investment to qualify for cashback is £5,000, with Moneyfarm paying a £50 bonus. To get the maximum cashback of £750, savers will need to deposit £50,000.
The stocks and shares ISA needs to be opened by 11 April 2024 to be eligible for the cashback. You must then deposit the minimum qualifying amount or initiate a transfer to the Moneyfarm account by 30 April to receive cashback. The deposit must remain invested until 30 April, 2026.
Investment / transfer value | Cashback |
---|---|
£5,000 - £9,999 | £50 |
£10,000 - £19,999 | £100 |
£20,000 - £49,000 | £350 |
£50,000+ | £750 |
AJ Bell – £500 towards transfer costs
When you transfer your pension, ISA or dealing account to AJ Bell, it will help cover the costs your current provider charges for transferring your 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.
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.
If you’re transferring during the current year, you must transfer all the money you’ve invested in an ISA. But for money invested in previous years, you can choose whether to transfer all or only part of your savings.
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, it might not be worth it.
Ruth is passionate about helping people feel more confident about their finances. She was previously editor of Times Money Mentor, and prior to that was deputy Money editor at The Sunday Times.
A multi-award winning journalist, Ruth started her career on a pensions magazine at the FT Group, and has also worked at Money Observer and Money Advice Service.
Outside of work, she is a mum to two young children, a magistrate and an NHS volunteer.
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