[ad_1]
Products featured in this article are independently selected by This is Money’s specialist journalists. If you open an account using links which have an asterisk, This is Money will earn an affiliate commission. We do not allow this to affect our editorial independence.
Investment platform IG is running yet another cashback deal, paying 1 per cent on investments transferred to its platform from another provider.
The maximum amount you can get back is £1,000, which would require a £100,000 transfer.
Investment platforms usually run cashback offers in the run up to the new tax year in April, with the aim of encouraging investors to switch.
But with winter biting and spring still a few months away, this offer marks a particularly early transfer incentive.
It’s also quite an attractive one. With a low minimum transfer amount of £1,000, it’s open to a wide range of investors who are considering a new home for their stocks and shares.
That being said, you’d need to transfer much more than £1,000 to make the deal worthwhile, with £1,000 only giving you £10 back.
If you want to take up the deal, you need to be quick. It closes on 14 December, by which time you need to request the transfer to an IG investment account, Isa or pension.
The transfer must then be completed by 31 January 2026, and keep in mind it’s for new customers only.
> Transfer your investments to IG and get up to £1,000 cashback*
IG: the popular trading platform now has two offers to encourage people to switch
IG now has two cashback deals – which is best?
The new transfer deal means IG has two offers running at the same time, but you can’t take advantage of both.
The other promotion pays a big 10 per cent on investments made before 31 December with no need to transfer. However, the maximum payout is £200 and you need to hold your initial investment of at least £50 until March 2026.
The 10 per cent deal ends on 31 December and you’ll get cashback calculated on your total investments made before then. If you decide to go ahead with either offer, make sure you read all the terms and conditions.
> Visit IG and get 10 per cent on your investments*
The 10 per cent deal is much better when you have less to invest and don’t need to transfer your investments – for example, if you still have some of your Isa allowance to use.
£1,000 invested when taking up the alternative deal gives you £100 rather than £10.
It comes down to whether you’re looking for a new home for your existing investments, or whether you just want to bag some extra cash when making a new one.
To make the most of the 1 per cent cashback on transfers, you must hold your initial investment for the six-month qualifying period, which starts from the transfer completion date.
If you make a withdrawal during that time, your cashback amount will be reduced. This means you’d only earn £90 rather than £100 if you withdrew £1,000 from your initial £10,000 investment.
You should also keep in mind that IG charges a quarterly custody fee of £24 if you make less than three trades over the period, so it’s a good idea to set up regular monthly investing to avoid this charge.
And while cashback gives your portfolio a nice boost, it shouldn’t be the sole reason for transferring your investments.
IG offers spread betting and CFD – contracts for difference – trading. These are complex instruments, are very risky, and we believe they’re best avoided. IG itself says that 67 per cent of investors lose money when trading spread bets and CFDs on the platform.
You can read our full round-up of the best investment platforms to help you choose a provider. We also have separate guides to the best stocks and shares Isas and the best self-invested personal pensions (Sipps).
[ad_2]
Source link