The Cashback for Bank or Investment Accounts Discussion Thread

Altior

https://forums.moneysavingexpert.com/discussion/comment/81984914#Comment_81984914

I did the My Easy Choice ISA, and it's well named as there was only one fund to choose from, Balanced. It states that you can switch funds, but I have recently paid my first DD contribution so that option is currently restricted.

MoneyBuilder on TCB states there is an exit fee (within 5 years!), there was no such caveats with My Easy Choice.

I can get to a URL here where the MoneyBuilder terminology is still being used, but only a direct click via a browser, not their landing page.

I've had to do a manual TCB claim personally, as it failed to track, which has the Waiting for Retailer status.

granta

https://forums.moneysavingexpert.com/discussion/comment/81985259#Comment_81985259

Yes i think you're right about the change in name to My Choice ISA (previously MoneyBuilder Select) and there is a £50 exit fee but can be avoided if you just leave £50 in the account for 5 years.

The Balanced fund with the My Easy Choice (and the Shepherds Friendly equivalent that was mentioned earlier) are both Unitised With Profits funds.

I don't really understand how these products work and they talk about the possibility of a Market Value Reduction being applied if you exit early. That and the high charge of 1.5% make me question whether the cashback of £315 outweighs a potential loss. What am I missing? Do those who have invested in this plan to hold full term or leave once the cashback is paid?

winkowinko

I opened the Shepherd's Friendly With Profit fund about 6 weeks ago via Quidco, and plan to close it as soon as I've received the cashback.

It didn't track properly, so I've had to raise a ticket, but it's potentially worth £420 (£320 + 100 bonus) for putting away £100 a month. Happy to keep paying in for the 8 months or however long it's supposed to take for payout. As far as I'm aware, there is no exit fee with Shepherd's Friendly.

granta

https://forums.moneysavingexpert.com/discussion/comment/81985498#Comment_81985498

This is what I was thinking of doing too. But do you understand how the Market Value Reduction works?

I'm wondering if it might wipe out some of the gains if you exit early even though there is no 'exit fee' as such?

winkowinko

https://forums.moneysavingexpert.com/discussion/comment/81985544#Comment_81985544

To be honest, this is the first I have heard of it. But the amount of cashback on offer means that, rightly or wrongly, I'm not going to spend too much time stressing about it.

All I can really find on it is this..

• For our Investment ISA, if you have been invested through periods of poor investment performance, and you leave the fund, you may get back less than the current value of your plan. This is known as a Market Value Reduction (MVR). 

granta

https://forums.moneysavingexpert.com/discussion/comment/81985553#Comment_81985553

Yes I read that too and then have found information elsewhere about how premature withdrawal can lead to quite a large hit on your profits. So I just need to work out if the cashback outweighs that!

But these types of products have a reputation for lack of transparency.

Altior

https://forums.moneysavingexpert.com/discussion/comment/81985466#Comment_81985466

My understanding is that they adjust the value if there is a significant downturn in the market. In my research, for example I found that when covid/lockdowns happened then people were complaining that they applied a 20% MVR to withdrawals. It's a mechanism to reflect the true value of investments at the time of withdrawal to be fair to all unit holders. My take was that it operates along the lines of an investment trust, without the daily market trading.

Mamma2004

TCB Charles Stanley Update

ISA tracked at £150 from the 23/1/26. Status - Pending

The GIA opened the same day tracked at £0.00. I raised a claim on 26/1 and this is now showing as resolved.

A new Charles Stanley entry has just tracked at £150. Status - Pending.

The £0.00 entry is also still there.

It is now over 12 weeks so I'm feeling hopeful that they will both pay out soon.

Dizzycap

Did anyone invest in a S&S Isa with Quilter using the TopCashBack offer in late February / Early March (mine was 15/03) with £100 cashback which initially tracked but seems to have now disappeared from TCB and no additional £100 placed in their Quilter account either, as stated in the T&C's at opening, as a new customer?

winkowinko

https://forums.moneysavingexpert.com/discussion/comment/81985611#Comment_81985611

Which is fair enough really, otherwise the investment would carry no risk at all.