How to get an ISA and SIPP cashback bonus

Here are the best bonus deals available, with some providers giving away as much as £5,000 cashback on SIPPs and up to £2,000 for an ISA.

Isa cashback offers
(Image credit: © Getty images)

Investment platforms are trying to attract new account holders by offering up to £5,000 “free” cash if you transfer your self-invested personal pension (SIPP) to them, with bonuses also available for tax-free savings when switching Individual Savings Accounts (ISAs).

ISA providers are looking to drum up more business and some are offering as much as £2,000 when you move your ISA over or money for referrals and to cover exit fees. 

But remember to do your research to make sure it is worth it and check the terms and conditions carefully. 

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The rates on cash ISAs have become more attractive due to the Bank of England’s run of interest rate rises. But savers will need to act fast to bag top rates, as experts reveal savings might have reached their peak

However, savers and investors could boost their wealth further by taking advantage of switching offers. We list the providers offering bonuses on cash ISAs and stocks and shares ISAs, plus the best deals worth thousands of pounds when you move your SIPP.  

ISA Bonus: The best cashback offers for switching ISA providers

interactive investor - Up to £5,000 SIPP cashback bonus, up to £1,500 cashback when you open a stocks and shares ISA or general investment account, plus £200 referral bonus

Up to £5,000 SIPP bonus

The newest offer from ii gives between £100 and £5,000 cashback to those who open a SIPP with them. New customers are eligible as well as customers who do not hold a pension with ii, and you will need to deposit at least £10,000. 

The cashback offer is valid until 31 January 2024. 

Here’s how much cashback you could be eligible for, depending on the amount you deposit into the SIPP. 

Swipe to scroll horizontally
Deposit/ Transfer valueCashback
£10,000 - £24,999£100
£25,000 - £99,999£200
£100,000 - £199,999£500
£200,000 - £499,999£750
£500,000 - 9199,999£1,500
£1,000,000 - £1,499,999£3,000
£1,500,000 - £1,999,999£4,000

Up to £1,500 ISA / GIA cashback 

Additionally, you can get between £100 and £1,500 when you open an ISA or general investment account (GIA) with ii. You must be a new customer who hasn’t held an ii account before 1 January 2024. Plus, you will need to deposit at least £2,000 into the account. 

To bag the cashback, you must successfully transfer either a cash ISA, stocks and share ISA or an Individual Trading Account to ii, and the ISA must be funded for at least 12 months. 

The bonus will be paid into your ISA within 12 months of you qualifying for the bonus. Here’s how much cashback you could qualify for depending on your transfer value. 

Swipe to scroll horizontally
Deposit/ Transfer valueCashback
£2,000 - £9,999£100
£10,000 - £19,999£150
£20,000 - £49,999£250
£50,000 - £99,999£500
£100,000 - £199,999£750
£200,000 - £499,999£1,000

£200 referral bonus

If you already have a stocks and shares ISA with ii 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.

Hargreaves Lansdown (HL) - up to £3,500 SIPP cashback bonus, up to £1,000 cashback when you open an ISA, plus up to £100 cashback with Active Savings 

Up to £3,500 SIPP bonus

You can get between £100 and £3,500 when you transfer pensions worth £10,000 or more into the HL SIPP or HL Drawdown Pension. 

You must apply by 29 February 2024 to be eligible. Here’s the cashback you could earn, depending on how much you transfer. 

Swipe to scroll horizontally
Transfer Value Cashback
£10,000 - £29,999 £100
£30,000 - £59,999              £250
£60,000 - £89,999 £500
£90,000 - £109,999 £1,000
£110,000 - £124,999 £1,250
£125,000 - £999,000 £1,500
£1,000,000+ £3,500

The following pensions qualify for the cashback: 

  • Personal and stakeholder pensions 
  • Pensions in drawdown 
  • Retirement Annuity Contracts (RACs) 
  • Self-Invested Personal Pensions 
  • Most Additional Voluntary Contribution plans (AVCs) including free standing AVCs 
  • Executive Pension Plans (EPPs) 
  • Most paid-up occupational money purchase pensions 
  • Old protected-rights pensions accrued from contracting out of the State Second Pension or SERPS (State Earnings Related Pensions) 

Up to £1,000 ISA cashback 

When you transfer at least £4,000 into the HL Stocks and Shares ISA or HL Fund and Share Account, you can get a bonus worth between £50 and £1,000. 

You can transfer from a cash ISA, stocks and shares ISA, or from funds and shares. But note, share certificates do not qualify for the cashback. Here’s how much you could earn. 

Swipe to scroll horizontally
Transfer Value Cashback
£4,000 - £9,999 £50
£10,000 - £19,999 £100
£20,000 - £39,999 £150
£40,000 - £59,999 £300
£60,000 - £79,999 £500
£80,000 or more £1,000

Get up to £100 cashback with Active Savings 

Those who open a new HL Active Savings account before 31 January 2024 can earn up to £100 in cashback. 

To qualify, you must transfer at least £5,000 into Active Savings via debit card or pay by bank within 60 days of opening the account. Plus, there is no fee to transfer money. 

Here’s how much bonus you can get. 

Swipe to scroll horizontally
Value of Savings Product Cashback
£5,000 - £9,999 £10
£10,000 - £19,999              £20
£20,000 - £29,999 £30
£30,000 - £49,999 £40
£50,000 - £79,999 £50
£80,000 + £100

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 account assets 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. 

Swipe to scroll horizontally
Total Transfer ValueCashback
£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 Personal Investing will 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 in shares depends on your transfer amount. 

Swipe to scroll horizontally
Transfer amountFree 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

New customers can open an ISA, GIA or SIPP account on the Freetrade app or online on or before 31 January 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 also transfer at least £10,000 before 31 January 2024. 

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 on qualifying. 

AJ Bell - £500 towards transfer costs

Some providers may charge you for moving your money to a competitor.

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.

The investment platform also has a ‘recommend a friend’ offer where you and your friend both get £100 gift vouchers. Again, the friend needs to open a SIPP or ISA, then fund or transfer in £10,000 or more.

InvestEngine - up to £50 investment bonus

Robo-wealth manager InvestEngine will let new users claim an extra £10 to £50 for their account.

The amount is randomly generated and will be added to your account within five business days once claimed.

You will need to remain invested in its exchange traded fund portfolios for a minimum of 12 months to keep the reward though.

There is also a randomly generated referral bonus of up to £50 each if you recommend a friend who then opens an account.

To keep this bonus, you and the friend will need to stay invested for 12 months from registration and maintain a minimum portfolio worth £100 plus the value of the referral funding.

Moneybox - £25 cashback when you open a cash ISA or stocks and shares ISA

Moneybox is offering £25 cashback when customers open a cash ISA or stocks and shares ISA and deposit £500 before the end of January. You don't need to transfer in an existing ISA to qualify.

Its cash ISA currently pays a market-leading 5.09%, which includes a bonus rate of 0.94% for the first 12 months. A lower rate of 0.75% AER (variable) applies if certain in-app conditions aren’t met.

Things to consider when transferring your 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.

Marc Shoffman

Marc Shoffman is an award-winning freelance journalist specialising in business, personal finance and property. His work has appeared in print and online publications ranging from FT Business to The Times, Mail on Sunday and The i newspaper. He also co-presents the In For A Penny financial planning podcast.

With contributions from