Multiple Cashback ISA's

skyranger

Hi

(Apologies if this has been asked)

With the changes this year to be able to open multiple ISA's (as long as you don't go over the 20k contribution)....is there anything from stopping you opening up multiple ISA's, depositing and claiming the cashback (from TCB or Quidco)

So I've benefited from opening a new ISA before and depositing money, then getting the equated cashback a few months in.  Funds willing, is there anything stopping you from doing that with a few ISA's - it seems like you could earn quite a bit in cashback.

eskbanker

There's nothing in the ISA rules preventing you from doing that.

Some ISA providers still refer to the old rules in their terms and try to insist on customers declaring that they're not funding multiple ISAs concurrently, but this is unenforceable.

The only other thing that may stand in your way is anything in the terms of the cashback providers.

refluxer

I've used TopCashback in the past but it's never occurred to me to use it when opening bank accounts - is this common ? It would be for new customers only, presumably.

I did a quick search on TopCashback for a few different banks but didn't get any results. A quick search for 'ISA' did give some results for Stocks & Shares ISA providers, but the fees and terms involved would presumably make opening lots of these unfavourable (Nutmeg, for example, state that they'll deduct the cashback from your funds if you close the account within 2 years).

As mentioned above, despite the rule change about current years subscriptions, many providers are still insisting that you aren't allowed to open accounts elsewhere once you've opened one with them. Whether they're actually allowed to do this (or would even find out if you did) has provoked quite a lot of discussion on the forum.

wmb194

refluxer said:

I've used TopCashback in the past but it's never occurred to me to use it when opening bank accounts - is this common ? It would be for new customers only, presumably.

I did a quick search on TopCashback for a few different banks but didn't get any results. A quick search for 'ISA' did give some results for Stocks & Shares ISA providers, but the fees and terms involved would presumably make opening lots of these unfavourable (Nutmeg, for example, state that they'll deduct the cashback from your funds if you close the account within 2 years).

As mentioned above, despite the rule change about current years subscriptions, many providers are still insisting that you aren't allowed to open accounts elsewhere once you've opened one with them. Whether they're actually allowed to do this (or would even find out if you did) has provoked quite a lot of discussion on the forum.

Look in the categories below 'insurance and financial.' There's "Isas & Savings"  and "Banking". Sometimes there are good offers to open or switch stockbroking accounts. The T&Cs will tell you whether it's new customers only (often but not always). Quidco has these sorts of offers as well.

https://www.topcashback.co.uk/category/banking/

skyranger

refluxer said:

I've used TopCashback in the past but it's never occurred to me to use it when opening bank accounts - is this common ? It would be for new customers only, presumably.

I did a quick search on TopCashback for a few different banks but didn't get any results. A quick search for 'ISA' did give some results for Stocks & Shares ISA providers, but the fees and terms involved would presumably make opening lots of these unfavourable (Nutmeg, for example, state that they'll deduct the cashback from your funds if you close the account within 2 years).

As mentioned above, despite the rule change about current years subscriptions, many providers are still insisting that you aren't allowed to open accounts elsewhere once you've opened one with them. Whether they're actually allowed to do this (or would even find out if you did) has provoked quite a lot of discussion on the forum.

Good point.  TSB bank accounts are normally on Quidco.

Yeah these are normally for new customers only which I was expecting as a one shot deal.  But I am tempted to take out my existing ISA and then invest it into several to activate the cashback.  Doing the maths - I think its a no brainer.