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  • FIRST POST
    • Alexland
    • By Alexland 28th Nov 17, 7:49 PM
    • 731Posts
    • 459Thanks
    Alexland
    Festive Robo Cashback
    • #1
    • 28th Nov 17, 7:49 PM
    Festive Robo Cashback 28th Nov 17 at 7:49 PM
    I thought I'd start a thread that's not about II customer service issues...

    Looks like the Robos are struggling to give away enough money to new customers so have offered existing customers further incentives to add more assets under management.

    Nutmeg are offering existing customers £100 cashback for every £10k of ISA or SIPP transfer up to a maximum of £1000 cashback. 12 months commitment. They no longer do the cashback sites for new customers but have a £25 introduce a friend (who gets 3 months with no charges) offer. By my maths Nutmeg fixed allocation is 0.25% more expensive than VLS on Vanguard Investor so the benefit on £10k over 12 months is £75.

    Moneyfarm are offering existing customers a £50 John Lewis voucher if they deposit a lump sum or transfer an ISA of £5k or more for 3 months. This could be good if you are a historic customer and would still be within the fee-free £12k allowance. Moneyfarm continue to offer extremely attractive TopCashBack to new customers but you now have to pay management fees on the whole balance.

    All the normal caveats that you might not get back what you invest plus some of the Robos are not viable businesses without regular cash injections but you still get FSCS protection up to £50k.

    Alex
    Last edited by Alexland; 28-11-2017 at 8:53 PM.
Page 1
    • dunstonh
    • By dunstonh 28th Nov 17, 8:05 PM
    • 89,840 Posts
    • 56,490 Thanks
    dunstonh
    • #2
    • 28th Nov 17, 8:05 PM
    • #2
    • 28th Nov 17, 8:05 PM
    Nutmeg are offering existing customers £100 cashback for every £10k of ISA or SIPP transfer up to a maximum of £1000 cashback.
    Good grief. Well, I suppose when you are haemorrhaging money already, why not throw the whole lot in.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • Alexland
    • By Alexland 28th Nov 17, 8:24 PM
    • 731 Posts
    • 459 Thanks
    Alexland
    • #3
    • 28th Nov 17, 8:24 PM
    • #3
    • 28th Nov 17, 8:24 PM
    Good grief. Well, I suppose when you are haemorrhaging money already, why not throw the whole lot in.
    Originally posted by dunstonh
    A few months ago I transferred my current year ISA from Nutmeg to Vanguard and now I am moving it back for a year to get £100 from this offer. Our total Nutmeg cashback will be around £500. They didn't take back the initial cashback when I moved the ISA early as I remained a customer with the LISA.

    Not sure I will bother with the Moneyfarm offer. We have had over £400 cashback from them so far. The voucher is limited to John Lewis online. If it was a reusable card that could also be used at Waitrose then my wife likes to make a few small purchases each visit and get the free coffee...
    Last edited by Alexland; 28-11-2017 at 9:02 PM.
    • TheTracker
    • By TheTracker 28th Nov 17, 11:12 PM
    • 1,129 Posts
    • 1,120 Thanks
    TheTracker
    • #4
    • 28th Nov 17, 11:12 PM
    • #4
    • 28th Nov 17, 11:12 PM
    Good grief. Well, I suppose when you are haemorrhaging money already, why not throw the whole lot in.
    Originally posted by dunstonh
    Nutmeg has been growing steadily. 18 months ago you criticised its £100k revenues, which now stand at £2.5m pa. It’s doubled it’s AUM and number of customers in 12 months. Yes, it’s burning money, but that’s what such companies need to do to grow. It might need £5-10m AUM to scrape even, but it would never get there without taking loss on the way. So a £100 bonus: that seems to be giving away about 16 months fee for free, which doesn’t seem an obscene acquisition cost in a sticky market. Now I’m not an investor in nutmeg and wouldn’t use them personally, but it strikes me you don’t understand what is now a well proven path for growing a modern digital business. Sure, it may crash and burn, that’s what your 59 nutmeg posts seem to prognosticate. But I’ll take some pleasure quoting back your posts in another 2 years if it doesn’t.
    Last edited by TheTracker; 28-11-2017 at 11:15 PM.
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