The Cashback for Bank or Investment Accounts Discussion Thread

dcs34

Dumb question but if one has fully subscribed £20k into ISAs this year would they still be able to avail of this offer?

masonic

dcs34 said:

Dumb question but if one has fully subscribed £20k into ISAs this year would they still be able to avail of this offer?

Which one?

ForumUser7

dcs34 said:

Dumb question but if one has fully subscribed £20k into ISAs this year would they still be able to avail of this offer?

I could be wrong, but I didn't think this was an ISA (the eToro product for the free shares offer)

GetRichOrDieSaving

eToro isn’t an ISA related offer. 

winkowinko

Mate took a screenshot and has forwarded to me, The options were/are.

1 Stocks/ETFs (inc Stocks & Shares ISA

2 Crypto

3 Savings products (inc UK cash ISA, interest on balance)

4 Copy popular investors (Copy trader)

5 Currencies

6 eToro ready made portfolios (smart portfolios)

7 Commodoties

From memory, it allowed you to select more than one.

flaneurs_lobster

winkowinko said:

Mate took a screenshot and has forwarded to me, The options were/are.

1 Stocks/ETFs (inc Stocks & Shares ISA

2 Crypto

3 Savings products (inc UK cash ISA, interest on balance)

4 Copy popular investors (Copy trader)

5 Currencies

6 eToro ready made portfolios (smart portfolios)

7 Commodoties

From memory, it allowed you to select more than one.

That menu of things you can do on eToro is there to drive the quiz(es) that you have to pass so that they can demonstrate their "duty of care" to a new investor. The eToro freebie doesn't require you to invest in anything, you deposit £5000 into a cash account and they give you £500-worth of shares, you can take the £5500 out. If you wanted to invest in any of the products on the site (including ISAs) rather than take the cash straight out then of course you can.

winkowinko

Fair enough @flaneurs_lobster

I just seem to recall reading on here (or possibly elsewhere), people debating what needed to be selected at the application stage.

flaneurs_lobster

winkowinko said:

Fair enough @flaneurs_lobster

I just seem to recall reading on here (or possibly elsewhere), people debating what needed to be selected at the application stage.

Could well be right, do you need to be deemed competent at "Stocks/ETFs (inc Stocks & Shares ISA" in order to be given some free shares? 

Chances are you do. It's certainly the one and only choice I took.

alewin

masonic said:

alewin said:

Tried this yesterday afternoon, did not receive the free share.

Signed up as suggested, used the PC, chose the free share before registration, created a GPB wallet and received a welcome email which stated that the account was successfully verified.
Then signed in to the app, there was a box at the home page saying verify to receive the bonus, clicked on it, it said done and was asked to deposit funds. I used open banking to deposit £5000 then after that nothing.

A few hours later noticed that on the app setting page it said action needed, regarding verification, was not there before, even though all the list of requirements were ticked green, asked chatbot which said to upload documents.

Went to upload documents and noticed that action required was no longer there, stating that my account was fully verified, I uploaded the documents anyway. Got fed up by now and withdrew the £5000 to the original bank, this came through straight away.

The documents were verified last night and received another welcome email this morning, a different one, followed later by an email which stated that my account is now fully verified.

So I don't know whether to fund the account again (bank is going to wonder what is going on), or just forget it and maybe ask the other half to try, this time waiting a while before funding the account.

Apologies for the long winded comment, may just also copy into my TrustPilot review.

Only the first deposited amount counts for the promotion, so little point funding again. Obviously many of us have got away with not keeping the money there for the 90 days, but we did wait for the welcome gift to be credited. I'm not sure you should hold out much hope.

Thanks for the reply.

The other half setup an account this afternoon, and this time every thing worked okay and received the free Nvidia share within a minute. This time did everything via browser and still funded by open banking.
Cashed out and withdrawn to the original funding account.

On their home page whilst logged in they had this banner:
Did not use the banner though, funded via the wallet/GBP account/add funds.

Mine did not have the extra verify tick, just stated verify to receive your asset and when clicked said all done and deposit funds. I must not have been fully verified as though, even though it seemed that away.

Thanks to everyone for all the info they are posting to help others.

Rheumatoid

clivep said:

eToro...

Just to echo the warning... don't try to withdraw funds to a different a/c to that used for funding. This will trigger an AML (Anti-Money Laundering) check and you'll have difficulty getting the money out.

On Friday, I used open banking to pay in from NatWest (1st time doing this but wanted to speed up the deposit). I withdrew to the Bank of Scotland which I had already set up as the payee (COP verified). A few hours later the money appeared back in the eToro a/c.

I then had a text from NatWest to call their fraud dept. urgently. I went through the routine of confirming I knew what I was doing. They confirmed it had been a AML check from eToro and they would be letting eToro know the funds were OK.

I then set up my NatWest a/c as a payee and later tried sending funds, only to get an error message saying to try later.  I've tried again numerous times over the weekend to no avail. So it would appear that eToro have not updated my a/c with the AML result from NatWest.

I've decided to leave the funds in eToro for 90 days. As no interest is paid on GBP balances, I thought of investing it all in the ERNS ETF. I've been trying all morning to try to discover how to use my GBP balance and do the trade in GBP to avoid foreign exchange fees, but the option to use GBP is not there. I've tried downloading the app but then get the same result. I've seen a YouTube video on how it should work but I don't get the option to change from $ to GBP.

I'm currently thinking it's because my funds are still frozen and not available for investing.

When the time comes for me to withdraw I will be attempting to pay into my Wise USD account to try and avoid losing another £50 in exchange fees. I paid in using a NW debit. Interesting times ahead