Interactive Investors cashback offers

vikkiew

I couldn't find discussion of the cashback offers from ii. Is there no MSE interest or just the poor search functionality?

Transferring a decent size ISA and SIPP portfolio would net a few thousand in cashback. Even if they may be more expensive than other platforms after 12 months take the money and transfer out? What am I missing?

grumbler

vikkiew said:

Transferring a decent size ISA and SIPP portfolio would net a few thousand in cashback. Even if they may be more expensive than other platforms after 12 months take the money and transfer out? What am I missing?

I'm no expert, but IMHO 1% (drops to as little as 0.25% for biggest amounts) for a year isn't that exciting, especially for investments.

artyboy

grumbler said:

vikkiew said:

Transferring a decent size ISA and SIPP portfolio would net a few thousand in cashback. Even if they may be more expensive than other platforms after 12 months take the money and transfer out? What am I missing?

I'm no expert, but IMHO 1% (drops to as little as 0.25% for biggest amounts) for a year isn't that exciting, especially for investments.

If you're doing an in specie transfer with no market risk, and platform charges are not significantly different, then why on earth wouldn't you do it for the free cash? Yes it's a bit more effort than a standard current account switch offer, but the cashback amounts involved can be far higher.

To the OP, I do/did have a general thread on switching incentives,

https://forums.moneysavingexpert.com/discussion/6426220/pension-switching-incentives#latest

but it doesn't get a lot of activity - admittedly I didn't mention the most recent II because selfishly I'm not a new customer so can't take advantage. But there's a heck of a lot of free cash out there - take a look at HL and Charles Stanley for similar current offers.

Possibly the fact that it still seems to be under the radar for most people is the reason they are offering such large amounts...

masonic

I'll be doing the HL one. Have registered for it and applied for 'more time' so I can do the ISA in the next tax year and the SIPP after the 18 month lock-in from previously taking up Fidelity's switching incentive. Transfers can be painful. There is another thread about Vanguard SIPPs taking over a year to transfer. It takes a large amount to tempt me to go through the hassle.

vikkiew

artyboy said:

To the OP, I do/did have a general thread on switching incentives,

https://forums.moneysavingexpert.com/discussion/6426220/pension-switching-incentives#latest

but it doesn't get a lot of activity - admittedly I didn't mention the most recent II because selfishly I'm not a new customer so can't take advantage. 

Thanks for the link but that's rather poor form. II are giving £1250 not £300 as in your general thread.

vikkiew

masonic said:

I'll be doing the HL one. Have registered for it and applied for 'more time' so I can do the ISA in the next tax year and the SIPP after the 18 month lock-in from previously taking up Fidelity's switching incentive. Transfers can be painful. There is another thread about Vanguard SIPPs taking over a year to transfer. It takes a large amount to tempt me to go through the hassle.

Are you not eligible for II or do you prefer HL over II? II gives at least as much and in many cases about double the cashback for both SIPP and ISA.

vikkiew

Before the new ISA rules come in on April 6 if I open an ISA with II and request transfer before their February 29 deadline what are my options regarding my as yet unused 2023-2024 ISA allowance? Could I open and fund an ISA before April 5 if another provider had a good incentive? I have offers like the ones Freetrade does with a free share in mind. 

masonic

vikkiew said:

masonic said:

I'll be doing the HL one. Have registered for it and applied for 'more time' so I can do the ISA in the next tax year and the SIPP after the 18 month lock-in from previously taking up Fidelity's switching incentive. Transfers can be painful. There is another thread about Vanguard SIPPs taking over a year to transfer. It takes a large amount to tempt me to go through the hassle.

Are you not eligible for II or do you prefer HL over II? II gives at least as much and in many cases about double the cashback for both SIPP and ISA.

I'll be transferring my S&S ISA from II. As I mentioned, for the SIPP I have a previous incentive that can be clawed back if I request a transfer out too early, and the HL offer allows me a 6 month grace period. The cashback wouldn't be double for me. I'll wait for the next II offer. Perhaps it will come around when I am ready to leave HL.

artyboy

vikkiew said:

artyboy said:

To the OP, I do/did have a general thread on switching incentives,

https://forums.moneysavingexpert.com/discussion/6426220/pension-switching-incentives#latest

but it doesn't get a lot of activity - admittedly I didn't mention the most recent II because selfishly I'm not a new customer so can't take advantage. 

Thanks for the link but that's rather poor form. II are giving £1250 not £300 as in your general thread.

"Poor form"?? Well then I guess that goes double for you, because clearly you have failed to note that my original thread started last year, and the £300 was what I specifically earned from their previous offer and NOT the current one.

Anyway, you're welcome... 🙄

artyboy

masonic said:

vikkiew said:

masonic said:

I'll be doing the HL one. Have registered for it and applied for 'more time' so I can do the ISA in the next tax year and the SIPP after the 18 month lock-in from previously taking up Fidelity's switching incentive. Transfers can be painful. There is another thread about Vanguard SIPPs taking over a year to transfer. It takes a large amount to tempt me to go through the hassle.

Are you not eligible for II or do you prefer HL over II? II gives at least as much and in many cases about double the cashback for both SIPP and ISA.

I'll be transferring my S&S ISA from II. As I mentioned, for the SIPP I have a previous incentive that can be clawed back if I request a transfer out too early, and the HL offer allows me a 6 month grace period. The cashback wouldn't be double for me. I'll wait for the next II offer. Perhaps it will come around when I am ready to leave HL.

I'm doing exactly the same, my II SIPP and ISA are ripe for moving to HL in a couple of months, with no clawback. £2500 in the bag, kerching 💰

Mrs Arty doing the same, except she's moving from Vanguard, about time too...

granta

masonic said:

vikkiew said:

masonic said:

I'll be doing the HL one. Have registered for it and applied for 'more time' so I can do the ISA in the next tax year and the SIPP after the 18 month lock-in from previously taking up Fidelity's switching incentive. Transfers can be painful. There is another thread about Vanguard SIPPs taking over a year to transfer. It takes a large amount to tempt me to go through the hassle.

Are you not eligible for II or do you prefer HL over II? II gives at least as much and in many cases about double the cashback for both SIPP and ISA.

I'll be transferring my S&S ISA from II. As I mentioned, for the SIPP I have a previous incentive that can be clawed back if I request a transfer out too early, and the HL offer allows me a 6 month grace period. The cashback wouldn't be double for me. I'll wait for the next II offer. Perhaps it will come around when I am ready to leave HL.

Same for me. I can't make use of the ii offer as an existing customer but hope to transfer out in full and then return at a later date (maybe)! The HL extension periods are very handy for planning and like you allow me to stay the full term elsewhere before jumping back to HL. 
I have been affected by the slow Vanguard transfer processes, but in fairness, all other in specie transfers between ii, HL, and Fidelity have generally gone smoothly and quickly.