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In a competitive bid to attract new clients, financial providers are offering substantial cashback rewards of up to £5,000 for those willing to transfer their stocks and shares ISAs. This presents a lucrative opportunity for savvy investors.

With significant sums available, we have sifted through the current offerings to highlight where you can maximize your cashback earnings and what considerations are crucial when selecting a new platform for your investments.

When evaluating investment platforms, ensure the provider aligns with your investment habits. For instance, if you execute numerous trades, but the platform imposes high transaction fees, these could negate the benefits of any cashback received.

Similarly, if you prefer in-person banking but choose a bank without local branches, it might not be the best fit. Also, pay close attention to interest rates; a low rate could mean you miss out on better earnings elsewhere, even after cashback.

Before transferring your funds, thoroughly review the terms and conditions to ensure eligibility for any promotional offers. Avoid selecting an account solely based on an attractive cashback deal.

Read our guide to the best stocks and shares Isas for our pick of the top accounts. 

Best for those with a larger balance

Investment platform Freetrade*, which launched in 2018, is offering a huge £5,000 in cashback for those who have a lot of money to put into an Isa.

New and existing customers can earn 1 per cent cashback on any money they deposit or transfer into its Isa by 5 April. 

You must pay at least £10,000 into the account to receive cashback. You need to pay in £500,000 to earn the top £5,000.

There’s up to £5,000 in cashback up for grabs if you are willing to switch

You’ll get the cashback by 5 December. If you withdraw money before then, Freetrade will calculate your earnings on the lower amount.

Freetrade is a solid low-cost option for investors who are comfortable choosing their own investments and who want a wide range to choose from.

The investment platform recently broadened out the range of investments it offers. You can find out more in our Freetrade review.

Alternatives including well-known names and a fee-free platform 

Investment platform Hargreaves Lansdown* is paying up to £4,000 to those who open an account or transfer an Isa by 5 April.

Cashback is tiered, so it only steps up when the value of your investments reaches the next threshold. 

A minimum £10,000 deposit will earn you £75, and this gets hiked to £200 once you invest £20,000. You would need to have £1million to invest to secure the top payout of £4,000.

The platform requires you to sign up for the deal by using an online form or getting in touch with its customer service team – you won’t get it automatically.

Unlike some newer platforms, it has a wealth of investment research on offer and its customer service team is reachable six days a week. Find out more about Hargreaves Lansdown in our review.

For an alternative to Hargreaves Lansdown, have a look at Interactive Investor*. Its Isa cashback offer isn’t quite as strong, but its flat account fees can work out cheaper, especially once the value of your pot reaches a certain level. 

This is a good reminder to keep an eye on fees, because lower costs can work out more lucrative than any upfront cash in the long run. Read more in our Interactive Investor review.

You can earn between £100 and £3,000 when opening or transferring an Isa with a minimum of £20,000. You need £2million to earn the maximum £3,000.

InvestEngine* has launched a deal paying up to £5,000 cashback on Isa deposits and transfers for new customers. Funding with a minimum of £5,000 will net you just £25, while you need £2million to bag the maximum £5,000 cashback.

This platform doesn’t charge account fees, but your choice of investments is limited to exchange-traded funds (ETFs). Read more in our InvestEngine review.

> Read more: The best investment platforms 

Someone to pick your investments

JP Morgan Personal Investing (formerly Nutmeg) and Moneyfarm are solid options for beginner investors who want someone else to design their portfolio.

JP Morgan is paying between £50 and £2,500 in cashback or customers can choose to take Avios points (between 5,000 and 250,000) for transferring an Isa of at least £5,000. 

You must register using an online form and start the transfer by 8 May.

You can earn between £50 and £1,000 cashback from Moneyfarm on both deposits and transfers of at least £5,000. The deal closes on 15 April.

Cashback on your cash savings account

A small number of providers also offer cashback to new customers opening cash Isas. To take up a deal, you’ll need to have a current account with the relevant bank.

Both Barclays and Lloyds Bank have deals on, but don’t rush because it’s unlikely you’ll find their offers that rewarding.

With Barclays you must transfer at least £10,000 to a fixed-term cash Isa. This would pay £50 in cashback. 

High fees, such as fund dealing costs, could eat into any cashback earned

Premier account customers, who either pay in a gross annual income of at least £75,000 or have a total balance of at least £100,000 in savings, can earn up to £600 in cashback. 

Customers who have a standard Barclays account will get £200 for transferring in an Isa worth over £100,000. The deal closes on 30 April. 

What’s more, if you switch to a Barclays Premier current account by 30 April, you can earn £400.

Lloyds Bank fares better in terms of cashback, with the maximum stretching to £1,200 and both transfers and deposits are eligible. You can get cashback when opening a one or two-year fixed-rate Isa or fixed-rate bond.

Customers must pay in a minimum £5,000, which earns just £30 in cashback, while you need £10,000 to net £60 and £15,000 to earn £90. You need at least £200,000 to get the top £1,200.

You must open an account by 31 May to qualify. You will also need to switch to its current account. 

You’ll earn £200 for switching to a new Club Lloyds account, while those moving to Lloyds Premier can bank £500. It closes on 30 April.

SAVE MONEY, MAKE MONEY

4.68% cash Isa

4.68% cash Isa

Trading 212: 1.08% fixed 12-month bonus

£100 cashback

£100 cashback

Transfer or fund at least £10,000 with Prosper

6% cash Isa

6% cash Isa

Includes 2% boost for three months

£3,000 cashback

£3,000 cashback

1% cashback up to £3,000 when transferring

Earn up to £3,000

Earn up to £3,000

£100-£3,000 cashback for joining

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