Platform/broker transfer cashback offers?

qbadger

Is there a centralised website that compiles such promotions from different brokers? If not, is there a reliable and regularly updated resource for new user sign-up offers?

Albermarle

qbadger said:

Is there a centralised website that compiles such promotions from different brokers? If not, is there a reliable and regularly updated resource for new user sign-up offers?

No in both cases ( as far as I am aware) 

Alexland

qbadger said:

Is there a centralised website that compiles such promotions from different brokers? If not, is there a reliable and regularly updated resource for new user sign-up offers?

I've not seen any site that attempts to cover every offer. Some like Topcashback or Quidco have a good range of offers where they provide them a secret marketing fee. Some money sites have lists or special arrangements to promote certain products. Sometimes there are referral codes given out to youtubers or existing customers. Sometimes you only know if you are on an email list or go to the company's site directly. Sometimes you get a summary of some offers in a newspaper article. Others you read about on forums such as this in their own threads or just mentioned in passing. Sometimes the just show up in google searches.
Maybe one of us should try and keep on top of a constantly updated list in a sticky forum thread as others do on the best cash ISA thread. I've probably got around 75% the current promotions in the mainstream DIY investor market somewhere in my head but cannot make that time commitment.
There are some providers that always seem to have a signup promotion of varying generosity so the skill is only taking the most lucrative promotions that require the least capital, cost and effort commitment. There are some real stinker promotions to avoid where they are only really giving you your own money back while charging more than reasonable for unattractive products - in particular with friendly societies.

Albermarle

Alexland said:

qbadger said:

Is there a centralised website that compiles such promotions from different brokers? If not, is there a reliable and regularly updated resource for new user sign-up offers?

I've not seen any site that attempts to cover every offer. Some like Topcashback or Quidco have a good range of offers where they provide them a secret marketing fee. Some money sites have lists or special arrangements to promote certain products. Sometimes there are referral codes given out to youtubers or existing customers. Sometimes you only know if you are on an email list or go to the company's site directly. Sometimes you get a summary of some offers in a newspaper article. Others you read about on forums such as this in their own threads or just mentioned in passing. Sometimes the just show up in google searches.
Maybe one of us should try and keep on top of a constantly updated list in a sticky forum thread as others do on the best cash ISA thread. I've probably got around 75% the current promotions in the mainstream DIY investor market somewhere in my head but cannot make that time commitment.
There are some providers that always seem to have a signup promotion of varying generosity so the skill is only taking the most lucrative promotions that require the least capital, cost and effort commitment. There are some real stinker promotions to avoid where they are only really giving you your own money back while charging more than reasonable for unattractive products - in particular with friendly societies.

Complicated by the fact that the biggest platform (HL) has recently launched a new cashback offer, but only to selected existing customers.
New management effect I guess, as the offer is also less generous than recent ones and it does not pay out for a long period.

Alexland

Albermarle said:

Complicated by the fact that the biggest platform (HL) has recently launched a new cashback offer, but only to selected existing customers.
New management effect I guess, as the offer is also less generous than recent ones and it does not pay out for a long period.

HL and II are classic examples of inconstancy where sometimes the offers can be rubbish like a tiny sum or a few months free account fees and sometimes they can be worth hundreds or thousands. I guess it depends on how confident they are in meeting their business development targets at the time and if they don't really need the customers they run the promotion anyway just with a poor reward.

The offers that most annoy me are the once sided refer-a-friend offers where the referrer gets most or all the benefit and there is negligible benefit for the friend. For example PensionBee gives £100 to the referrer and nothing to the friend (they could have got £50 applying directly through some sites). Or with II they give £200 to the referrer and the friend who has invested £5k only gets a free-free account for a year but minus the trading credits so worse than a normal account.

If the deals were a bit less one sided I'd be more inclined to refer people as the friend would be getting a fair share especially as they are doing most of the work setting up the new account and taking risk with their money. If the offer isn't sufficiently attractive to the friend it's a hard sell and I don't want to do that to my friends. I'd rather just casually tell them about a great offer even if it means I get less reward. I don't want a friend coming back to me when they workout my referral caused them to get a poor deal.

fire_in_progress

Fidelity has launched a new offer, with possibility of transferring assets until 1 April 2025. Requires to keep assets with them for 18 months (used to be 12 months last year).

I seem to be regularly transferring my SIPP and Isa from HL to Fidelity and vice versa (I only own ETFs, so my fees are capped).

masonic

I'll probably just miss that one, perhaps ii will be next. It was 18 months when I last transferred to Fidelity, so the lock-in probably varies too.

wmb194

Charles Stanley has one too, ending 31/12/24.

https://www.charles-stanley.co.uk/services/invest/diy/online-investing/loyalty/cashback-offer-terms-conditions

Freetrade has an Isa tx offer to the end of this month. £60pa account fee though.

https://freetrade.io/isa-transfer-offer-2024

masonic

wmb194 said:

Freetrade has an Isa tx offer to the end of this month. £60pa account fee though.

Wow, pricier than HL for equivalent holdings (though trading fees could swing it the other way). Looks like there is a 365 day lock-in, so still reasonable net payout for larger accounts.

Albermarle

masonic said:

wmb194 said:

Freetrade has an Isa tx offer to the end of this month. £60pa account fee though.

Wow, pricier than HL for equivalent holdings (though trading fees could swing it the other way). Looks like there is a 365 day lock-in, so still reasonable net payout for larger accounts.

I struggle to follow the logic of offering a few hundred pounds cashback for an account that only charges £60pa.
Not just Freetrade but other similar offers.
Either they hope you will trade up in some way, or trade a lot maybe, and they have just decided to live with the customers who game/exploit the offers.
Could also be just related to increasing/maintaining market share/AUM at the expense of profitability.

masonic

Albermarle said:

Could also be just related to increasing/maintaining market share/AUM at the expense of profitability.

Switching offers in general seem to go hand in hand with short-term targets. I for one am happy to help with this in exchange for my reward.