The Cashback for Bank or Investment Accounts Discussion Thread

Ghostcrawler

etoro (first offer)

got $500 as compensation added to my account. I registered mid Dec and was constantly following up with customer services and account manager. What is the best way to conver this in GBP as their conversion is really bad. SHould I buy any stock and sell ? Will the proceedings be in GBP then?

masonic

https://forums.moneysavingexpert.com/discussion/comment/81897958#Comment_81897958

If you buy and sell it will likely still be in USD. You can convert it to GBP directly if you have a GBP cash account.

PloughmansLunch

https://forums.moneysavingexpert.com/discussion/comment/81898022#Comment_81898022

EToro - Even if you start the buying process it will no longer be in sterling. I placed a GBP order for a London-listed investment trust at a slightly optimistic limit order, then saw the price rise significantly over a few days so cancelled - the money was converted instantly at sub-optimal rates without notice to USD and was transferred to my investment account

20122013

EToro

I have received my cash back and followed the process to close my account. However, when I checked a month later, it said the account was blocked. I have emailed customer service a few times but have not received a response. Has anyone has this experience and did you manage to close your account?

HHUK

iFast

I see there have been further updates on the dedicated

https://forums.moneysavingexpert.com/discussion/6448842/ifast-global-bank-anyone-with-experience-of-this-uk-regulated-bank

thread, including as to what constitutes a direct credit for the purpose of the offer. I myself have not received the terms and conditions email referred to in one of the recent posts.

topyam

Chase offer

Kinda put off by the fact that you can't pick exactly what to invest in, and you have to choose one of their ready-made options… Increases the risk for me really. Went and set up an account, but not so sure anymore.

snookerloopy96

https://forums.moneysavingexpert.com/discussion/comment/81898270#Comment_81898270

Yes I get that. I'm just getting into the odd cashback offer, done a couple of the S&S Isa ones and I tend to go for the ready made options (low to medium risk) as I'm cautious and don't know enough tbh.

Investing £1000 for 12 months to get £100 is surely worth it. Even if it only broke even you've effectively earned 10%.

I find it easier when I'm talking OTHER people's money!

apf666

hmmm

shall i?

once tsb hotel voucher comes through mid march, switch to barclays premier for £400 switch cashback

do partial isa transfer from barclays smart isa, £100k to lloyds isa for £600 cashback

do further £150k isa transfer from barclays to freetrade for 1% cashback

upgrade lloyds account to premier (could look at downgrading club account to standard and then switch to lloyds premier for £500, not sure whether to do at the moment)

switch barclays account to co op at later date when cashback offer is on

close off barclays smart investor isa

assuming no gremlins at play

£2500 + £600 + £400 + £1500 + poss co op of around £200 cashback payable this year

guess a cple of hundred in fees off that will go to smart investor whilst all goes through

pecunianonolet

https://forums.moneysavingexpert.com/discussion/comment/81898319#Comment_81898319

You are missing the cost of lower interest rates or even no interest at all for a few days while money is in flight so your transaction costs eat into potential profits. E.g. Barclays Smart Investor is 1% interest so if money would be in a 4% ISA your opportunity cost is 3% and on high amounts that's quite a few £££ you need to account for.

kippo1

Hi

i was going to join chase for their 4.50% easy access account as a new customer,while searching on the internet i'm seeing alot of referral codes where you join and type in this code deposit £1000 and get £50 put in a rewards account,is this something anyone would advise doing as i don't know what information if any chase would pass on to the referer,i don't want total strangers knowing my personal info.