Interactive Investor Launches Up to £3,000 Cashback Offer for New SIPP Customers in August

Interactive Investor is offering new customers the opportunity to receive between £100 and £3,000 in cashback when opening a Self-Invested Personal Pension (SIPP) during August. This promotion marks a shift from the platform's previous offer of a flat £200 cashback for investments of at least £20,000.

The new cashback structure is tiered based on the deposit or transfer value into the SIPP. Customers depositing or transferring between £20,000 and £49,999.99 will receive £100. For larger sums, the cashback increases, with amounts ranging from £150 for £50,000 to £99,999.99, up to £1,000 for pots between £1,000,000 and £1,499,999.99. The maximum cashback of £3,000 is available for those with a SIPP value of £1,500,000 or more.

To qualify for the offer, customers must be new to Interactive Investor and open a SIPP as their first account between August 1 and August 31. Both new deposits and transfers from other providers count towards the qualifying pot value. While transfers must be initiated within the offer period, they must be completed within six months. Additionally, a trading account must be opened by the end of February; cashback will be paid into this account.

Interactive Investor aims to pay the cashback within 30 days of the qualifying criteria being met if a trading account is opened during the offer period. If the trading account opening is delayed, cashback will be issued 30 days after its opening. Customers are required to keep their SIPP open and funded for at least 12 months to retain the cashback, or the platform reserves the right to reclaim it.

Interactive Investor is described as a 'full-fat' investment platform, similar to rivals such as AJ Bell, Fidelity, and Hargreaves Lansdown. Unlike some app-based platforms, it charges account and trading fees but offers a comprehensive range of investments and customer service. The platform charges a flat monthly account fee of £5.99 for portfolios up to £100,000 and £14.99 for those exceeding this amount. Trading fees start at £3.99 for funds and UK/US shares, and £9.99 for international shares.

Experts advise that choosing an investment platform should not solely depend on promotional offers. Potential customers are encouraged to compare platforms based on their individual needs and goals, and to ensure that no valuable benefits are lost when transferring an existing pension. The article notes that summer cashback deals are less common, with most significant offers typically appearing before the tax year end in April.