Table of Contents
The products featured in this article are independently selected by This is Money’s specialist journalists. If you open an account using links marked with an asterisk, This is Money will earn an affiliate commission. We do not allow this to affect our editorial independence.
Pension savers could get up to £2,000 by signing up to Interactive Investor’s new cashback deal.
If they transfer their pension into a II Sipp, customers could get between £100 and £2,000 in refunds, but they will need a huge pot of more than £1 million to get the maximum amount.
He Interactive Investor Sipp Cashback Offer* will run until August 31 and the investment platform promises to return the money within 30 days of the transfer arriving in your Sipp account.
Jumping ship: Interactive Investor offers huge cashback deal to Sipp switchers
To qualify, customers must transfer a pension worth at least £10,000.
Up to £49,999, you’ll get £100 in cashback, with the amount available increasing progressively with the size of the transfer above that amount.
Those who transfer large Sipps could make thousands of pounds by switching to Interactive Investor.
For transfers over £200,000, an investor could get £500, while those transferring £500,000 or more can earn a £1,000 cashback.
The table below shows how much cashback you could earn depending on the amount you deposit into the account.
> Learn more about Interactive Investor’s cash back offers*
| Total transfer value | Cash Refund Amount |
|---|---|
| £10,000 – £49,999 | £100 |
| £50,000 – £199,999 | £250 |
| £200,000 – £499,999 | £500 |
| £500,000 – £999,999 | £1,000 |
| £1,000,000 or more | £2,000 |
Don’t change just for the refund
While £2000 is certainly an attractive prospect, investors should not jump ship unless the platform is right for them.
Fortunately, for investors with large amounts, Interactive Investor can still be profitable.
One of Interactive Investor’s main attractions is that it charges a monthly subscription fee rather than the percentage fee on funds that many rival investment platforms charge. Read our guide to the best investment platforms and their fees.
This means that customers are charged a flat fee rather than paying a percentage of what they have saved.
Interactive Investor charges Sipp customers just £5.99 a month on its Pension Essentials Plan, if their fund is less than £50,000 – equating to £71.88 a year.
Those with just one Sipp and a pot of more than £50,000 pay £12.99 a month or £155.88 a year.
Investors who also have a Stocks and Investments Interactive Investor ISA or Trading Account pay £4.99 on the Investor plan for amounts under £50,000 and £11.99 above that figure. Adding a SIPP costs an additional £10 per month.
This means someone with a £100,000 ISA plus a £100,000 SIPP would pay £21.99 per month or £263.88 per year.
Britain’s largest investment platform Hargreaves Lansdown* It charges a percentage fee on holdings, which is tiered at 0.45 per cent up to £250,000, 0.25 per cent up to £1 million and 0.1 per cent up to £2 million. Above this limit, no fee is charged.
This limit for listed investments such as shares, investment trusts and ETFs is £45 per year in a stocks and shares ISA and £200 in a SIPP.
Someone with £100,000 in an ISA and £100,000 in a Sipp would pay £450 into each account, or £900 in total per year.
But if they held the same amounts in shares, mutual funds or ETFs, they would pay £245 a year.
This means that investors need to consider what they own and how they own it, as well as transaction fees, to determine which investment platform is best for them.
You can check the costs of the investment platform in the table at the end of the article.
| Total transfer value | Cash Refund Amount |
|---|---|
| £25,000 – £49,999 | £150 |
| £50,000 – £99,999 | £350 |
| £100,000 – £249,999 | £500 |
| £250,000 – £99,999 | £750 |
| £500,000 – £749,999 | £1,000 |
| £750,000 or more | £1,500 |
What other offers are available?
Interactive Investor Offer* It is not the only one currently offered by Sipp providers.
Fidelity currently offers between £150 and £1500 in cashback on Sipp transfers. Fidelity’s cashback offer runs until October 21.
Fidelity will provide a £150 cashback on deposits up to £49,999. As with II, this cashback increases with the size of the deposit and reaches £1,500 on deposits over £750,000.
Fidelity* It has a 0.35 per cent fee up to £250,000, and the same below £25,000, unless you don’t have a regular savings plan, in which case you’ll pay £7.50 a month. It has a 0.20 per cent fee above £250,000 (the maximum fee is £2,000 above £1m).
AJ Bell*Meanwhile, , is offering to pay £35 for each transferred investment, as well as exit fees for clients transferring a SIPP worth £20,000 or more. The firm will pay up to £500.
Nutmeg does not offer cash back, but is willing to provide 12 months of investment free of charge if you invest at least £500 into a Nutmeg pension.
Compare the best DIY investment platforms and stocks and shares ISAs
Investing online is easy, cheap and you can do it from your computer, tablet or phone at a time and place that suits you best.
When it comes to choosing a DIY investment platform, stocks and shares ISA or general investment account, the variety of options can seem overwhelming.
Each provider has a slightly different offering, charging more or less to trade or hold shares and providing access to a different range of shares, funds and investment trusts.
When evaluating which one is right for you, it’s important to consider the service they offer, along with administrative charges and trading fees, plus any other additional costs.
To help you compare the best investment accounts, we’ve analyzed the facts and put together a comprehensive guide to choosing the best and most affordable investment account for you.
We’ve highlighted the main players in the table below, but we encourage you to do your own research and consider the points in our comprehensive guide linked here.
>> This is Money’s complete guide to the best investment platforms and ISAs
The platforms below are independently selected by This is Money’s specialist journalists. If you open an account using links marked with an asterisk, This is Money will earn an affiliate commission. We do not allow this to affect our editorial independence.
| Administrative position | Charge notes | Operations with funds | Standard Shares, Trusts and ETF Trading | Regular investment | Reinvestment of dividends | ||
|---|---|---|---|---|---|---|---|
| AJ Bell* | 0.25% | Maximum £3.50 per month for shares, trusts and ETFs. | £1.50 | £5 | £1.50 | £1.50 per offer | More details |
| Best investment* | 0.40% (0.2% for already prepared portfolios) | Account fee is reduced to 0.2% for investments already made | Free | £4.95 | Free for backgrounds | Free for income funds | More details |
| Charles Stanley live* | 0.35% | No platform fee applies to shares if a trade is made in that month and the annual maximum is £240 | Free | £11.50 | n/a | n/a | More details |
| Fidelity* | 0.35% on funds | £7.50 per month up to £25,000 or 0.35% with a regular savings plan. | Free | £7.50 | Free Funds £1.50 Shares, Trusts ETFs | £1.50 | More details |
| Hargreaves Lansdown* | 0.45% | With a limit of £45 for shares, trusts and ETFs | Free | £11.95 | £1.50 | 1% (£1 minimum, £10 maximum) | More details |
| Interactive Investor* | £4.99 a month below £50,000, £11.99 above, extra £10 for Sipp | Free trading worth £3.99 per month (does not apply to £4.99 plan) | £3.99 | £3.99 | Free | 0.99 £ | More details |
| iWeb | One-off fee of £100 (waived until December 2024) | £5 | £5 | n/a | 2%, maximum £5 | More details | |
| Accounts that have some limits but attractive offers | |||||||
| Etoro* Without investment funds or Sipp | Free | The investment account offers shares and ETFs. Beware of high-risk CFDs. | Not available | Free | n/a | n/a | More details |
| Trade 212* | Free | The investment account offers shares and ETFs. Beware of high-risk CFDs. | Not available | Free | n/a | Free | More details |
| Free trade* Without investment funds | Basic account free, Standard with Isa £4.99, Plus £9.99 | Freetrade Plus with more investments and Sipp costs £9.99/month including ISA fee | No funds | Free | n/a | n/a | More details |
| Vanguard Only Vanguard’s own products | 0.15% | Vanguard Funds Only | Free | Only free Vanguard ETFs | Free | n/a | More details |
| (Source: ThisisMoney.co.uk July 2024. The administrative % fee may be charged monthly or quarterly. | |||||||
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