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InvestEngine, a notable investment platform, has unveiled an enticing cashback offer for those interested in bolstering their financial portfolios. This deal promises returns of up to £5,000 for customers who deposit or transfer funds into their stocks and shares ISA or self-invested personal pension (SIPP).
To qualify for the minimum cashback of £25, investors need to deposit at least £5,000. However, to reach the impressive £5,000 cashback limit, a substantial investment of £2 million is required.
This offer is extended to both new and existing customers, although existing customers should note that it does not apply to ISA top-ups.
New investors stand to benefit the most, as they can earn cashback on both deposits and transfers into ISAs and SIPPs. This opportunity remains open until the deal concludes on April 30th.
Additionally, InvestEngine sweetens the pot for newcomers with a sign-up bonus of up to £200. To take advantage of this, one must register through a specific link. The exact bonus amount is determined by chance, with most recipients expected to receive between £20 and £24.
What’s more, InvestEngine is paying new customers up to £200 when signing up*. You must use this link. The exact amount you’ll get is based on chance – the majority will receive between just £20 and £24.
The platform has boosted the number of providers it accepts pension transfers from. You could only do this from Hargreaves Lansdown and Vanguard previously – now the list has expanded to over 20.
It includes popular pension providers like Aviva, Interactive Investor, Legal & General and Scottish Widows.
> Find out more about the cashback at InvestEngine*
InvestEngine is a platform that only offers exchange-traded funds (ETFs)
What is InvestEngine – and how much can you earn?
InvestEngine is an investment platform that aims to simplify investing by only offering exchange-traded funds (ETFs). These are commonly called ‘passive’ investments, because they track markets rather than try to outperform them.
ETFs give you access to a wide range of stocks and shares in one swoop, providing instant diversification. You can find out more in our guide to investing for beginners.
InvestEngine doesn’t charge any account fees – just be sure to check the underlying costs of the investments you choose.
You’ll earn cashback in tiers, so you’ll step up to the next level based on your total contributions up to 30 April.
Transfers can complete after this – but you must have requested to switch by that date.
The tiers apply to both new and existing customers, but keep in mind that money back on new Isa contributions is reserved for just new customers.
Otherwise, both new and existing customers will get cashback on Isa transfers, and Sipp top-ups and transfers.
| Total contributions | Cashback |
|---|---|
| £5,000 | £25 |
| £10,000 | £50 |
| £15,000 | £75 |
| £20,000 | £110 |
| £30,000 | £140 |
| £50,000 | £200 |
| £100,000 | £300 |
| £500,000 | £1,000 |
| £1,500,000 | £3,000 |
| £2million | £5,000 |
| Source: InvestEngine | |
What we like: This deal pays out relatively quickly compared with other options. InvestEngine pays out the bonus within 21 business days of reaching the relevant tier.
You also need a low minimum deposit or transfer to start qualifying for cashback, with other platforms often requiring at least £10,000.
What to watch out for: You must explicitly sign up to get the cashback using the online form – it won’t be applied automatically.
In its terms, InvestEngine calls out that the total value of your account isn’t the same as your contributions. As an example, if you make £9,500 of contributions and investment growth pushes it to £10,000, you’ll still only get £25 cashback.
And there’s a requirement to keep your account funded with the minimum level of contributions for 12 months – otherwise InvestEngine will reclaim your cashback.
Be sure to read the small print before going ahead with any deal to check that you qualify.
It’s important to think beyond deals when deciding where to stash your money. Check that the platform suits all your needs – our guide to the best investment platforms should help.
Is the cashback worth it? Your mileage probably depends on how much you have to deposit or transfer, and how keen you are to try InvestEngine*.
There are better cashback deals elsewhere, with Freetrade* paying 1 per cent back on both Isas and Sipps and up to £5,000 on the table for each account. However, you need at least £10,000 per account to get started.
Hargreaves Lansdown* is also paying up to £4,000 cashback per account. Again, you need a minimum of £10,000 to get the offer, but cashback starts at £75.
> Find out more about cashback at InvestEngine*
What’s changing with InvestEngine’s pension transfers?
In a very positive move, InvestEngine now accepts pension transfers from over 20 providers.
We previously said in our InvestEngine review that a big downside was its very limited options around transfers – only supporting switches from Hargreaves Lansdown and Vanguard.
You can transfer from the likes of Aviva, Fidelity, National Employment Savings Trust (Nest), PensionBee, Legal & General and Scottish Widows.
InvestEngine says it’s seen a surge in pension transfers from other platforms following fee changes. Both Hargreaves Lansdown and Interactive Investor have notably shaken up their fees, creating both winners and losers – some customers are paying less while others have been hit with price hikes.
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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