Investors offered up to £3,500 to move to Hargreaves Lansdown in its biggest ever cashback offer

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Investors who transfer their money to a Hargreaves Lansdown account could make up to £3,500 in cashback.

The investment platform has launched its biggest-ever cashback deal. It is open to investors who transfer their Isas, pensions or investment accounts.

To qualify for the deal, customers need to register for the transfer cashback offer and apply by 29 February 2024.

Savers who open an Active Savings* account, Hargreaves Lansdown’s cash savings platform, can also get the deal if they open or add money to a account. 

Hargreaves Lansdown has launched a cashback deal offering up to £3,500 for transfering a pension or investment account

Savers must register for the cashback offer and open a new Active Savings account before 31 January 2024 to get it.

We look at the cash bungs up for grabs with Hargreaves Lansdown’s cashback offer – and how to get them.

Pension and Sipp transfers

You could get between up to £3,500 cashback when you transfer pensions worth £10,000 or more in total into a Hargreaves Lansdown Sipp or Drawdown Pension.

Transfers of between £10,000 and £29,999 will get £100 cashback, while transfers of £1million and above will get the maximum £3,500 cashback.

The following pensions will qualify for the cashback deal: 

• Personal and stakeholder pensions
• Pensions in drawdown
• Retirement Annuity Contracts (RACs)
• Self-Invested Personal Pensions
• Most Additional Voluntary Contribution plans (AVCs) including free standing AVCs
• Executive Pension Plans (EPPs)
• Most paid-up occupational money purchase pensions
• Old protected-rights pensions accrued from contracting out of the State Second Pension or SERPS (State Earnings Related Pensions).

Isa and investing account transfers

Investors can get up to £1,000 in cashback when transferring investment accounts worth £4,000 or more into a HL Stocks and Shares Isa or a HL Fund and Share account.

Cash Isa transfers to a Stocks and Shares Isa also qualify for the deal, but the lodgement of share certificates does not qualify for cashback.

You can get £50 cashback for a transfer worth between £4,000 and £9,999 and the maximum £1,000 for a transfer worth £80,000 or more.

There is no Hargreaves Lansdown fee to transfer investments and the annual charge for holding investments is no more than 0.45 per cent, according to the platform.

Savings transfers  

Savers who register for the cashback offer and open a new Hargreaves Lansdown Active Savings* account before 31 January 2024 will be able to get the cashback deal.

You need to add at least £5,000 of new money by debit card or Pay By Bank into a savings product within 60 days of opening the account to get up to £100 cashback depending on the amount added.

The new Hargreaves Lansdown cash Isa is not included in the cashback deal.

How does it stack up to other cashback deals?

Interactive Investor

Interactive Investor has a Sipp cashback offer.

Under the terms of the deal, new customers who open a Which? recommended Interactive Investor Sipp between 20 November and 31 December 2023 will receive £200 cashback.

You do not have to transfer a particular amount to Interactive Investor to get the deal, you just have to open a Sipp to get the £200.

An investor who transfers between £30,000 to £50,000 to a Hargreaves Lansdown Sipp will get the same amount.

New customers who open an Isa with Interactive Investor before 31 December 2023 could also receive £100 cashback when they fund their account.

To get the £100 Isa cashback, you cannot have had any open accounts with Interactive Investor before 1 November 2023. 

Customers need to successfully transfer either an Isa or stocks and shares Isa account to Interactive Investor, and the Isa must be funded for at least 12 months.

AJ Bell

AJ Bell will pay customers up to £500 to help cover the costs their current provider charges for transferring an Isa, Sipp or share dealing account.

The offer is open to new and existing customers who can get up to £35 per investment moved and up to £100 for general exit fees, for an overall maximum of £500 per person.

To be eligible for the deal the account being transferred must have a value of £20,000 or more.

Once you make the transfer, you will need to email or write to the platform with documentation confirming the transfer costs you paid your old provider.

Once this is complete you will receive the cashback within 28 working days.

Fidelity

If you move your pension to Fidelity’s Sipp you can earn between £200 and £2,000 cashback if you apply before 1 April 2024.

If you transfer £25,000 to £49,999 to a Fidelity Sipp you will earn £200 cashback and you can get the maximum cashback of £2,000 if you transfer £1million. The minimum transfer amount to be eligible for the cashback is £25,000.

Hargreaves Lansdown will give you £3,500 for transferring £1million to its Sipp.

Like AJ Bell, Fidelity will cover up to £500 if your current provider charges exit fees

Fidelity may revoke any cashback payments made as part of the offer if you hold your assets in its Sipp for less than 18 months.

This post first appeared on Dailymail.co.uk