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.
If you're thinking of where to invest your ISA 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.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
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
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 |
|---|---|
| £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 |
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.
CMC Invest - Up to £1,000 when transferring an ISA, SIPP or general investment account
The investment platform has unveiled a cashback offer alongside the launch of its SIPP in partnership with Quai Investment Services.
Investors can receive up to £1,000 when transferring their SIPP, ISA or GIA to CMC Invest.
They must keep their account open and not transfer their money to another provider for a minimum period of 12 months from the date the bonus is credited to their account.
The offer closes at 10pm on 5 May 2024.
| Transfer value | Cashback |
|---|---|
| £25,000 - £49,999 | £350 |
| £50,000 - £74,999 | £600 |
| £75,000 – £99,999 | £700 |
| £100,000 or more | £1,000 |
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 |
Fidelity – Up to £500 towards transfer fees
The investment giant 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.
AJ Bell – Up to £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.
£100 free trades
New customers can also get £100 worth of free trades when they open a stocks and shares ISA or an individual trading account by 30 April.
It means the platform will cover the first £100 worth of trading fees when they invest in anything, from Amazon to Zoom.
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, it might not be worth it.
-
Skipton launches a retirement bond with monthly income – is it any good?The building society has launched a new three-year fixed-rate bond for those aged 66 and over. Can it boost your retirement income?
-
Pensions: 140,000 pensioners to be hit by surprise tax demandTens of thousands of pensioners will be written to over the summer because their pensions have gone above the frozen income tax thresholds
-
Paragon raises rate on one-year fixed cash ISA to 5.75%Paragon Bank ups its one-year fixed cash ISA rate to 5.75% - is it enough to top the table?
-
Earn up to £9k more by topping up your ISA earlyAdvice Topping up your ISA at the beginning of the tax year could earn you thousands of pounds more in the long run.
-
What is Bed and ISA - what is it and why you need to act soonAnalysis The dividend tax allowance will drop from £1,000 to £500 in April 2024. Can a Bed and ISA help reduce what you hand over to the taxman? We explain what a Bed and ISA and why you only have around six weeks left to make use of it
-
Best junior stocks and shares ISAsAdvice A junior stocks and shares ISA is a great way to save for your child tax-efficiently. But it can be confusing trying to decide which investment platform to use. We reveal some of the best junior stocks and shares ISAs.
-
How to earn a higher rate on your spare cash in ISAs and SIPPsTips Money-market funds can help investors get more interest on balances in Isas and Sipps
-
Hargreaves Lansdown slashes fees on ISA productsNews Hargreaves Lansdown has cut its fees for Lifetime ISAs and Junior ISA products in a bid to draw in younger investors.
-
Rates on Cash ISAs at their highest since 2009News If you’re looking to hold to some cash savings then now could the time to snap up a cash ISA as providers bump up their rates to the highest level since seen since 2009.
-
Make the most of tax-free saving with a Flexible ISATips Flexible ISAs allow you to take more control over your savings and investments and cover any unforeseen expenses in life
