Quidco offer on ISAs (ends today!)

jonnygee2

For anyone setting up a new investment ISA, Quidco have an offer of £20 extra cashback. I opened a Nutmeg stocks and shares ISA, £500 investment, £100 / month direct debit and got £170 cash back.

If you only invest the minimum, that's 10% of the investment! :money:

Ends today though.

masonic

You have to keep the account for a minimum of 3 months, but transfers out are free. So the cashback is quite a bit more than 10% of the minimum investment.

Edit: "Nutmeg reserves the right to subtract the cashback value from the customers investment should customers withdraw their funds from their Nutmeg account within 24 months of initial investment"

So you'd have to sacrifice holding a S&S ISA elsewhere this tax year and possibly next if you go with monthly investing. Looks like the tail wagging the dog.

System

masonic wrote: »

So you'd have to sacrifice holding a S&S ISA elsewhere this tax year and possibly next if you go with monthly investing. Looks like the tail wagging the dog.

I was going to post that there is no way I would ever base an investment decision on cash back from Quidco or anywhere else. £20 cash back could be more than wiped out just in the difference in fees alone.

masonic

Tarambor wrote: »

I was going to post that there is no way I would ever base an investment decision on cash back from Quidco or anywhere else. £20 cash back could be more than wiped out just in the difference in fees alone.

The cashback is £170 (£150 plus an extra £20 bonus today only). If you opt for the £500 plus £100pcm for 24 months, or even the £5000 lump sum, the cashback would probably outweigh the difference in fees, but Nutmeg is a poor option and a serially loss-making operation. I'd be ok with holding a small amount there for a short time and then transferring, but when the tie in is 2 years, well, erm no thanks :rotfl:

Alexland

Nutmeg have recently been bailed out again by Goldman Sachs so probably have enough cash in the bank to keep going for at least 2 more years. In the right circumstances it could be a compelling offer.

slysy

"Nutmeg reserves the right to subtract the cashback value from the customers investment should customers withdraw their funds from their Nutmeg account within 24 months of initial investment"

I wonder if you can cancel the DD after getting cashback. Strictly speaking you are not withdrawing funds from the account