IG Offers Up to £3,000 in Free Shares, But High Payouts Are Rare

IG is offering new customers the chance to receive up to £3,000 in free shares when opening an account, however, the likelihood of obtaining the highest amounts is significantly low. The value of the shares awarded is determined by chance, with a 70% probability that customers will receive just £40. Only a 1% chance exists for securing the top tiers of £750 or £3,000.

To qualify for the promotion, which runs until August 31, new customers must invest a minimum of £800 and maintain that balance until November 30. The shares received will be a bundle reflecting the approximate value secured, potentially including shares from companies such as Unilever, Lloyds, and Nvidia, or certain exchange-traded funds (ETFs) like WisdomTree Megatrends or Invesco Artificial Intelligence Enablers.

IG has consistently provided incentives to attract new users. Alongside the free shares offer, IG is also running a concurrent cashback promotion for new customers, offering between £50 and £500 based on the investment amount. This cashback offer closes on June 30, with a requirement to hold an average investment of at least £500 until October 31, and cashback expected by November 30.

Customers must choose only one promotional offer. The company also provides an option for up to 5% variable interest on uninvested cash.

Evaluating Investment Platforms

Before opting for any financial product based on incentives, customers are advised to ensure the platform aligns with their needs regarding investment selection, customer service, and fees. IG's platform does not charge account fees, a positive aspect, but it is noted as being more suitable for experienced traders. The platform also offers riskier investment products such as spread bets, CFDs, and cryptocurrencies, which IG itself states result in losses for 68% of retail investor accounts trading these instruments.

IG previously charged a quarterly fee of £24 for accounts with fewer than three trades, but this was removed in January. However, Sipp (Self-Invested Personal Pension) holders should be aware of an annual £210 fee administered by Options UK.

IG is encouraging investors to scrutinize the fees charged by their current providers and consider switching to more cost-effective options. While minimizing fees is generally advisable, some investors may find value in the additional features offered by other platforms. The choice of platform ultimately depends on individual investor profiles and desired features.