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The renowned UK investment platform, Hargreaves Lansdown, has unveiled two enticing cashback offers that could total up to £8,000.

One offer provides cashback for those opening a stocks and shares ISA, while the second rewards individuals who start a self-invested personal pension (SIPP).

The cashback amounts range from £75 to £4,000 for each initiative, contingent upon having at least £10,000 per account. To maximize the cashback, substantial transfers are necessary.

Reaching the top cashback tier requires transferring portfolios worth £1 million, but even those with smaller investments can still benefit from the offer.

Investment platforms often roll out such promotions ahead of the tax year’s end to motivate investors to make a switch.

These offers from Hargreaves Lansdown end on 5 April, with the platform’s big fee shake-up landing in the middle of the promotion period on 1 March.

We examine how to qualify for the deals below, plus what to look out for with the new fees. 

> Find out more about the deal at Hargreaves Lansdown* 

How to get cashback from Hargreaves Lansdown

To qualify for cashback, you must be a new Hargreaves Lansdown customer with a minimum of £10,000 to deposit or transfer per account.

Of course, there’s no requirement to take up both – it’s just that the terms don’t rule it out.

The cashback tiers look the same for each offer and you need to transfer a huge sum to get the full £8,000 – a cool million for both your Isa and pension.

If you want to transfer funds to take advantage of a deal but don’t think you’ll be able to do so before the closing date of 5 April, you can apply for an extension that gives you until 5 July.

> Find out how to open an account with Hargreaves Lansdown and earn cashback*

Watch out for: The deals aren’t applied automatically, and Hargreaves Lansdown requires you to explicitly sign up for them. You can do this by using an online form, or by messaging or calling the customer service team.

You need to keep the money in your account until 28 February 2027 to qualify for the cashback, so it won’t be a quick earner.

The cashback starts to become very lucrative once you have larger amounts to deposit – £200 back on £20,000 is a good return, for example, and beats the Sipp transfer deal that Interactive Investor is running.

But to earn the maximum £8,000 you need £2million, which is out of reach for most.

For an alternative, Freetrade* is paying 1 per cent on a minimum of £10,000, also with two separate deals for an Isa and a Sipp. The maximum you can earn is £5,000 per offer. This beats Hargreaves Lansdown, with the percentage-based rather than tiered cashback meaning the more money you have, the more you’ll earn.

> Open an account with Freetrade* 

Make sure you read all the terms and conditions of any deal before going ahead, to check you qualify. And don’t choose a platform based on cashback alone. You should make sure it suits your needs first and foremost. 

What’s happening with Hargreaves Lansdown’s fees?

Hargreaves Lansdown is lowering its headline account fee from 0.45 per cent to 0.35 per cent on 1 March, which is broadly positive news.

But as ever, the devil is in the detail. The platform is updating many of its other charges too, so whether it works out better for you depends on the type of investor you are.

For example, funds will no longer be free to trade, instead costing £1.95 per deal.

Hargreaves Lansdown is also hiking the cap for holding shares, investment trusts and ETFs in an Isa from £45 to £150.

We examined the fee changes when first announced, and Jeff Prestridge has been hearing from customers who are furious about the updates.

You can read our guide to the best investment platforms to find out which platform might suit you best, considering features such as fees, customer service and investment choice.

We also have separate guides to the best stocks and shares Isas and the best Sipps.