Interactive Investor £150 cash back

TBC15

Interactive Investor are offering £150 cash back for new customers who invest £10000 in an ISA if you go via TopCashback.

Alexland

Given they charge nearly £120 pa and you need to keep the money with them for at least 1 year it's more like '£30 cashback and a year's free service'. If I had £10k to invest in one go then maybe but I would be transferring the account into iWeb after the year is over - and during the time it takes to transfer they would probably get a couple of extra £9.99 monthly payments. Still if you were going with II anyway it might be a good deal but there are usually cheaper options even for large account valuations.

Albermarle

Everyone is keen to get a slice of the ISA action at this time of year.
Fidelity say all  customers who deposit into their S&S ISA , will be entered in a prize draw for various gifts etc . However for four lucky ones they will double the investments up to the  max of £20K free money .

Costabit

Alexland said:

Given they charge nearly £120 pa and you need to keep the money with them for at least 1 year it's more like '£30 cashback and a year's free service'. If I had £10k to invest in one go then maybe but I would be transferring the account into iWeb after the year is over - and during the time it takes to transfer they would probably get a couple of extra £9.99 monthly payments. Still if you were going with II anyway it might be a good deal but there are usually cheaper options even for large account valuations.

@Alexland
Always appreciate your thoughts on charging structures, your mathematical mind has helped me with more than one decision on how to get the best deal for my ISAs and SIPPs.
Can you see any possible scenario where Interactive Investor might be worthwhile, given that their new ( I think ) SIPP is fee free for 6 months.

masonic

Costabit said:
Can you see any possible scenario where Interactive Investor might be worthwhile, given that their new ( I think ) SIPP is fee free for 6 months.

It's worthwhile if you were planning to open an account with them anyway, perhaps if you already hold >£50k in a S&S ISA with a % fee provider and wish to move to a flat fee, but have ruled out cheaper providers like iWeb due to investment choice limitations.

Alexland

Costabit said:
Can you see any possible scenario where Interactive Investor might be worthwhile, given that their new ( I think ) SIPP is fee free for 6 months.

It really depends on how long term you are thinking, what assets you are going to hold and if you will make good use of the II trade credit and free regular investing.
Paying a platform nearly £240 pa for the combined service seems high compared to paying iWeb £5 to trade once each month in an ISA and Fidelity's capped £3.75 pm plus £1.50 for a regular trade in an exchange traded asset in a SIPP with free child accounts if sticking to funds. II are more suited to those making regular trades into multiple investments or wanting to hold funds in the SIPP.

LHW99

Alexland said:

Costabit said:
Can you see any possible scenario where Interactive Investor might be worthwhile, given that their new ( I think ) SIPP is fee free for 6 months.

It really depends on how long term you are thinking, what assets you are going to hold and if you will make good use of the II trade credit and free regular investing.
Paying a platform nearly £240 pa for the combined service seems high compared to paying iWeb £5 to trade once each month in an ISA and Fidelity's capped £3.75 pm plus £1.50 for a regular trade in an exchange traded asset in a SIPP with free child accounts if sticking to funds. II are more suited to those making regular trades into multiple investments or wanting to hold funds in the SIPP.

And perhaps want to hold an ISA with II as well, as there are no additional charges to do that.

Ciprico

LHW99 said:

Alexland said:

Costabit said:
Can you see any possible scenario where Interactive Investor might be worthwhile, given that their new ( I think ) SIPP is fee free for 6 months.

It really depends on how long term you are thinking, what assets you are going to hold and if you will make good use of the II trade credit and free regular investing.
Paying a platform nearly £240 pa for the combined service seems high compared to paying iWeb £5 to trade once each month in an ISA and Fidelity's capped £3.75 pm plus £1.50 for a regular trade in an exchange traded asset in a SIPP with free child accounts if sticking to funds. II are more suited to those making regular trades into multiple investments or wanting to hold funds in the SIPP.

And perhaps want to hold an ISA with II as well, as there are no additional charges to do that.

I think you do pay for an ISA at II.
£10 pcm for sipp and £10 pcm for ISA? 

ChilliBob

Ii also have some funds iweb do not, frustratingly, some of the ones I'm interested in!
The flat fee market does seem ripe for more competition no? Just iweb and ii really.. 

masonic

Ciprico said:

LHW99 said:

Alexland said:

Costabit said:
Can you see any possible scenario where Interactive Investor might be worthwhile, given that their new ( I think ) SIPP is fee free for 6 months.

It really depends on how long term you are thinking, what assets you are going to hold and if you will make good use of the II trade credit and free regular investing.
Paying a platform nearly £240 pa for the combined service seems high compared to paying iWeb £5 to trade once each month in an ISA and Fidelity's capped £3.75 pm plus £1.50 for a regular trade in an exchange traded asset in a SIPP with free child accounts if sticking to funds. II are more suited to those making regular trades into multiple investments or wanting to hold funds in the SIPP.

And perhaps want to hold an ISA with II as well, as there are no additional charges to do that.

I think you do pay for an ISA at II.
£10 pcm for sipp and £10 pcm for ISA?

Yes, it's an extra £10 per month now to hold ISA and SIPP vs ISA only.

Albermarle

ChilliBob said:

Ii also have some funds iweb do not, frustratingly, some of the ones I'm interested in!
The flat fee market does seem ripe for more competition no? Just iweb and ii really.. 

In fact the market for fixed fee and % fee platforms is shrinking due to consolidation .
The  fees  in some cases  seem to be unsustainably low  and/or cashbacks/special offers are made that reduce them even further.
iweb recently increased their initial charge and II have been buying other platforms to get more economies of scale