Transfer your account to Bestinvest and earn up to £1,000 in cashback

At a time when household finances are being squeezed by high borrowing and living costs, making your money work as hard as possible is essential. To help investments stretch further, Bestinvest, the online investment and coaching service, is launching a new giveaway for the UK’s growing band of Do-It-Yourself investors: cashback of up to £1,000 available on new account transfers to the platform.

Bestinvest’s Autumn Cashback Transfer campaign rewards new and existing customers with generous cashback sums dependent on the size of the investment accounts transferred and the money remaining invested for a minimum of six months. 

The larger the sum switched to Bestinvest the bigger the reward, with those transferring accounts worth £1,000 qualifying for £100 cashback – a 10% increase on the contribution. Meanwhile, those switching accounts worth £100,000 receive £1,000 as the breakdown of the pay-out amounts outlines below:  

• £100 cashback for £1,000 transferred in
• £300 cashback for £20,000 transferred in
• £600 cashback or £50,000 transferred in
• £1,000 cashback for £100,000 transferred in

With the offer applying per person, a family of four that transfers accounts in each of their names could potentially earn up to £4,000 in one hit.

Those keen to cash in should act fast as the offer is only available for just less than three months – running from September 4 until November 30 – an ideal time for those looking to maximise returns on their investments by the end of the calendar year.

Oliver Plant, Head of Bestinvest, said: “Global stock markets have had a better start this year than expected but they are still grappling with a difficult economic backdrop of rising interest rates, stubborn inflation and Russia’s ongoing war with Ukraine. While turbulent markets are something seasoned DIY investors – those who make their own investment decisions – are well accustomed to, everyone likes a helping hand in these financially difficult times, so we hope this offer will encourage investors to find a new home for their investments and inject some momentum into their portfolio.  

“Cashback of up to £1,000 can deliver a mini boost to lacklustre portfolios that need to get back on track. For those considering taking up our cashback offer and switching their investments to Bestinvest, our wide range of investment options including fully managed, low-cost Ready-Made Portfolios, competitive fees, free coaching service, bite-sized advice packages and suite of goal-planning tools can help to re-energise their approach.  

“Financial markets, especially equities, can be volatile over short-term time periods, but have historically delivered much higher real returns – that is returns that beat the effect of inflation – over the long-term. We suggest a time horizon of at least five years or more, as this allows money invested to ride out any short-term market volatility.”

To qualify for Bestinvest’s new Autumn Cashback Transfer, a minimum of £1,000 must be transferred and invested in funds and shares of the client’s choice between September 4 and November 30 this year and then held in the account until May 31, 2024. (Terms and Conditions apply)

The money must be moved to a Bestinvest general investment account, Individual Savings Account (ISA), Junior ISA or Self-invested Personal Pension (SIPP) and invested straightaway. To claim the cashback, clients must complete this form including their account number no later than November 30, 2023.

The cashback reward clients receive depends on how much was transferred, invested and held in the account over a period of about six months up to May 31, 2024. Bestinvest will work out the final reward sum and then contact clients to confirm the amount and how it will be applied. Those with investment accounts, for example, will receive the cashback directly into their account along with clients with a Stocks & Shares ISA, Junior ISA or SIPP if they have unused ISA or pension allowances remaining. If they have maxed out their pension and ISA allowances, then the cashback reward will be paid into a bank account. Transferring pensions may not be right for everyone – please consider any loss of benefits or features as well as charges before transferring. 

Bestinvest’s offer complements the currently live Monthly Savers prize draw for existing Bestinvest clients. The raffle, which runs until July next year, rewards one regular saver selected at random every month with £250 in cash. To qualify, Bestinvest clients must be 18 or over and set up a direct debit or standing order of £50 or more to their ISA, SIPP or Investment Account before the 12th of the month. (Terms & Conditions apply)

By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication. 

Investment does involve risk. The value of investments and the income from them can go down as well as up. The investor may not receive back, in total, the original amount invested. Past performance is not a guide to future performance. Tax legislation is that currently prevailing, is subject to change and depends on individual circumstances.

Before you consider transferring a pension, it is important to ask yourself: Will I lose any valuable benefits or features from my existing pension plan? If the pension is an employer-related plan, will the employer cease to pay in benefits if it is transferred elsewhere? Will I incur any penalties on my existing pension if I transfer? Will I lose any guarantees or beneficial features by transferring?   Is it an occupational final salary pension scheme? (in which case it is very unlikely to be advisable to transfer) Have I considered the charges on my current plan? (a new arrangement may be more expensive – especially if you have a stakeholder pension). Always check these potential issues with your current pension provider.