New transfer cashback offer from HL

Albermarle

They seem to be in a generous mood, and/or have lost too many customers.

For S&S ISA, cash ISA, GIA ( Fund and share account as they call it.

Transfer Value	Your Cashback
£4,000 - £9,999	£50
£10,000 - £19,999	£100
£20,000 - £39,999	£150
£40,000 - £59,999	£300
£60,000 - £79,999	£500
£80,000 or more	£1,000

For virtually all types of DC pension

Transfer Value	Your Cashback
£10,000 - £29,999	£100
£30,000 - £59,999	£250
£60,000 - £89,999	£500
£90,000 - £109,999	£1,000
£110,000 - £124,999	£1,250
£125,000 or more	£1,500

Band7

Other reason might be that it’s a good investment for them ……..

wmb194

https://www.hl.co.uk/features/cashback

Need to keep the account open and not transfer any portion of the transferred amount away for 12 months or else there might be a clawback. See section 5 of the terms.

"5. We ask you keep your HL account(s) for at least one year from the date that the last qualifying transfer completes. Please feel free to switch between investments and in or out of cash within your account, but if you decide to transfer any portion of your receiving account away or close your account within 12 months of the date your last qualifying transfer completes, then we reserve the right to reclaim the cashback paid. If cash is to be reclaimed, then you will be notified, and the cash will be taken within 7 days of the account closure or transfer out."

quirkydeptless

Similar to the offer they put out every year, although the minimum has dropped to £4000.

I use it to add to my S&S ISA by transferring in a Cash ISA.

Exodi

Albermarle said:

They seem to be in a generous mood, and/or have lost too many customers.

Wish they'd look at their platform fee instead, I quite like HL's platform - but obviously as Band7 highlights, this is just a profit generating exercise.

Albermarle

quirkydeptless said:

Similar to the offer they put out every year, although the minimum has dropped to £4000.

I use it to add to my S&S ISA by transferring in a Cash ISA.

I do not remember some of the larger transfer cashbacks being so big.
I know Fidelity have usually a better cashback than most, but was only £500 for a minimum £150K pension , whereas here they are offering £1,500.

Wish they'd look at their platform fee instead

The trick is to stay away from open ended funds ( OEIC's) due to the hefty 0.45% platform fee and invest in ETF's and Investment trusts, on a buy and hold basis, as the fees are then capped.

Exodi

Albermarle said:
I do not remember some of the larger transfer cashbacks being so big.

I know Fidelity have usually a better cashback than most, but was only £500 for a minimum £150K pension , whereas here they are offering £1,500.

You're completely right - I've found the email about the cashback offer they were offering that ended 6 months ago.

I've included your new list above for easy comparison. They've dramatically increased the cashback for larger pots.

OLD

Transfer Value	Your Cashback
£4,000 - £9,999	£50
£10,000 - £19,999	£100
£20,000 - £39,999	£150
£40,000 - £59,999	£200
£60,000 - £79,999	£250
£80,000 or more	£300

NEW

Transfer Value	Your Cashback
£4,000 - £9,999	£50 (+£0)
£10,000 - £19,999	£100 (+£0)
£20,000 - £39,999	£150 (+£0)
£40,000 - £59,999	£300 (+£100)
£60,000 - £79,999	£500(+£250)
£80,000 or more	£1,000 (+£700)

If someone was to transfer £80k, they'd pocket £1000 in cashback, then pay £360 in platform fees over the 12 months the money is held. If they were to transfer to another platform after this, they'd be quids in by £640!

"The trick is to stay away from open ended funds ( OEIC's) due to the hefty 0.45% platform fee and invest in ETF's and Investment trusts, on a buy and hold basis, as the fees are then capped."

Indeed, it gets difficult when the SIPP is funded by monthly employer contributions. In this case you'd probably need to build up a big amount in an OEIC first and then transfer it an ETF to reduce the effect of the (substantial) share dealing charges.

In either case, it makes HL quite unattractive when the platform is solid. I also like that it has a decent phone app whereas a platform like Vanguard doesn't. But I guess you can't have your cake and eat it.

badger09

Exodi said:

Albermarle said:
I do not remember some of the larger transfer cashbacks being so big.

I know Fidelity have usually a better cashback than most, but was only £500 for a minimum £150K pension , whereas here they are offering £1,500.

You're completely right - I've found the email about the cashback offer they were offering that ended 6 months ago.

I've included your new list above for easy comparison. They've dramatically increased the cashback for larger pots.

OLD

Transfer Value	Your Cashback
£4,000 - £9,999	£50
£10,000 - £19,999	£100
£20,000 - £39,999	£150
£40,000 - £59,999	£200
£60,000 - £79,999	£250
£80,000 or more	£300

NEW

Transfer Value	Your Cashback
£4,000 - £9,999	£50 (+£0)
£10,000 - £19,999	£100 (+£0)
£20,000 - £39,999	£150 (+£0)
£40,000 - £59,999	£300 (+£100)
£60,000 - £79,999	£500(+£250)
£80,000 or more	£1,000 (+£700)

If someone was to transfer £80k, they'd pocket £1000 in cashback, then pay £360 in platform fees over the 12 months the money is held. If they were to transfer to another platform after this, they'd be quids in by £640!

"The trick is to stay away from open ended funds ( OEIC's) due to the hefty 0.45% platform fee and invest in ETF's and Investment trusts, on a buy and hold basis, as the fees are then capped."

Indeed, it gets difficult when the SIPP is funded by monthly employer contributions. In this case you'd probably need to build up a big amount in an OEIC first and then transfer it an ETF to reduce the effect of the (substantial) share dealing charges.

In either case, it makes HL quite unattractive when the platform is solid. I also like that it has a decent phone app whereas a platform like Vanguard doesn't. But I guess you can't have your cake and eat it.

That’s actually quite tempting. Already have small SIPP with HL but xferred my ISA to IWEB years ago. I could very easily do a partial xfer in specie back for a year. 

mattywallace121

Looking for a sense check on a transfer offer received from HL.

Initiate the transfer from current S&S ISA provider.
Stay with HL until the 26th November. (Would not initiate any transfer out until 27-28 tax year.)
Pay the ETF/ shares charge of £3.75 a month for the year.
Receive cashback
From April 26 add the years tax free allowance to current fee free provider 
April 27 transfer HL S&S ISA back to current provider?

Terms for the offer below:

Winter_Cashback_Cross_sell_Terms_A4_terms_ISA_19.12.25_1225.pdf

Albermarle

mattywallace121 said:

Looking for a sense check on a transfer offer received from HL.

Initiate the transfer from current S&S ISA provider.
Stay with HL until the 26th November. (Would not initiate any transfer out until 27-28 tax year.)
Pay the ETF/ shares charge of £3.75 a month for the year.
Receive cashback
From April 26 add the years tax free allowance to current fee free provider 
April 27 transfer HL S&S ISA back to current provider?

Terms for the offer below:

Winter_Cashback_Cross_sell_Terms_A4_terms_ISA_19.12.25_1225.pdf

The last post on this thread before yours was over three years ago.
Better to start your own thread usually.

What you propose is very similar to what I did a couple of years ago.
However since then I do not get any more transfer offers from HL.....

friolento

badger09 said:

Exodi said:

Albermarle said:
I do not remember some of the larger transfer cashbacks being so big.

I know Fidelity have usually a better cashback than most, but was only £500 for a minimum £150K pension , whereas here they are offering £1,500.

You're completely right - I've found the email about the cashback offer they were offering that ended 6 months ago.

I've included your new list above for easy comparison. They've dramatically increased the cashback for larger pots.

OLD

Transfer Value	Your Cashback
£4,000 - £9,999	£50
£10,000 - £19,999	£100
£20,000 - £39,999	£150
£40,000 - £59,999	£200
£60,000 - £79,999	£250
£80,000 or more	£300

NEW

Transfer Value	Your Cashback
£4,000 - £9,999	£50 (+£0)
£10,000 - £19,999	£100 (+£0)
£20,000 - £39,999	£150 (+£0)
£40,000 - £59,999	£300 (+£100)
£60,000 - £79,999	£500(+£250)
£80,000 or more	£1,000 (+£700)

If someone was to transfer £80k, they'd pocket £1000 in cashback, then pay £360 in platform fees over the 12 months the money is held. If they were to transfer to another platform after this, they'd be quids in by £640!

"The trick is to stay away from open ended funds ( OEIC's) due to the hefty 0.45% platform fee and invest in ETF's and Investment trusts, on a buy and hold basis, as the fees are then capped."

Indeed, it gets difficult when the SIPP is funded by monthly employer contributions. In this case you'd probably need to build up a big amount in an OEIC first and then transfer it an ETF to reduce the effect of the (substantial) share dealing charges.

In either case, it makes HL quite unattractive when the platform is solid. I also like that it has a decent phone app whereas a platform like Vanguard doesn't. But I guess you can't have your cake and eat it.

That’s actually quite tempting. Already have small SIPP with HL but xferred my ISA to IWEB years ago. I could very easily do a partial xfer in specie back for a year. 

@badger09, did you see the Barclays offer? Depending on the amount you would transfer, you might do better with that one.