Lloyds Sharedealing ISA transfer up to £1000 cashback offer

incus432

This Lloyds offer of cashback for transferring in a shares ISA looks generous - £100 for 5k-10k pots or £500 for pots of £100k- 500k. Closes end June 2023.

https://www.lloydsbank.com/investing/landing-pages/transfer-offer.html

Has anyone used it successfully? Any feedback about the service? The interface is identical to Iweb, and because Iweb part of Lloyds they (and Halifax) are excluded from the offer.

AlwaysLearnin

Not sure if I'm missing something, but if it's £100 cashback for transfers of £5000-£9999 and £200 cashback for £20000-£49999, given that you can get up to 5 lots of cashback, wouldn't you be better transfering multiple smaller amount if you can, e.g. £25k transfer in one go gets £200, but 5 X £5k gets £500?

jimjames

It says "You'll get £100 to £1,000 cashback on your first five transfers, depending on how much you transfer, when you switch" and "If multiple transfers are made we will treat these as separate transfers when calculating the cashback amount."

So with £500 for a £100k transfer but £1000 for £1m it would seem that you'd  could do 5 transfers of £100k each would get you £2500 instead of £1000 for £1m. 

Unfortunately not available to customers of iWeb.

incus432

AlwaysLearnin said:

Not sure if I'm missing something, but if it's £100 cashback for transfers of £5000-£9999 and £200 cashback for £20000-£49999, given that you can get up to 5 lots of cashback, wouldn't you be better transfering multiple smaller amount if you can, e.g. £25k transfer in one go gets £200, but 5 X £5k gets £500?

Yes this looks to be within the rules. Whether they would honour it or pull the offer is another matter.