Deal of the week: Boost your Isa savings with up to £225 cashback

28 September 2018
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Sign up to cashback website TopCashback and you’ll earn up to £255 in cashback when you open an Isa.

What’s the deal exactly?

An Isa is a savings account that allows to invest your money without paying tax on the returns. You can invest in stocks and shares or cash and the maximum annual amount you can save is £20,000.

The cashback deals on offer are for stocks and shares Isas, Junior Isas and the Lifetime Isa, but not Cash Isas. Isa providers include Fidelity, Scottish Friendly and OneFamily.

Why should I care?

If you are looking to take out an Isa it is a great way of getting some extra cash to put towards your tax-free allowance.

Here are Topcashbacks's Isa cashback deals:

  • £225 cashback when opening a Shepherds Friendly Isa
  • £255 cashback when opening a Scottish Friendly Isa
  • £220 cashback when opening a RateSetter Finance Isa
  • £155 cashback when opening a Scottish Friendly Junior Isa 
  • £150 cashback when opening a Shepherds Friendly Junior Isa
  • £115 cashback when opening a Foresters Friendly Society Isa 
  • £105 when opening a Fidelity Isa 
  • £100 cashback when opening a Nutmeg Stocks and Shares Isa
  • £42 cashback when opening a OneFamily Lisa
  • £31.50 cashback when opening a OneFamily Junior Isa

What’s the catch?

The offer ends on 30 September, so you have to get in quick if you want to get your bonus.

There are a few things you should consider before opening an Isa. Firstly, be sure to check you are meeting the requirements to earn cashback. Cashback deals are often for new customers, make sure you do not currently hold an Isa with the provider you choose.

You should also look if there are any fund management charges, where your funds will be invested and whether you are happy with the risk level. Make sure that the platform you choose offers the best value for money and customer service for you. Cashback is a good extra, but shouldn't determine your choice of provider because there are other considerations that are likely to be more important. 

What other options do I have?

If you don’t want to plump for one of the Isas on offer there are plenty of other options out there.

Check out the Moneywise guide to the best investment platforms for beginners for our picks of the best place to open a Stocks and Shares Isa. 

The current Moneywise best buy Junior Isa is the Coventry Building Society Junior Cash Isa which pays 3.6%.

Accounts can be opened with a pound in branch, over the phone, online or by post. Interest is paid annually on 30 September and the minimum balance is £1.

The best deal on a Cash Isa is currently the Virgin Money Double Take E-Isa Issue 2 at a rate of 1.35%.

This Isa from Virgin Money can be opened online with a low initial deposit of £1, but be warned though, you can only make two withdrawals a year. More than this and the bank will cut your rate.

If you’re interested in investing in a Cash Isa, see Moneywise’s weekly recommendation.

Where can I find out more?

Full details of the offer can be found on the TopCashback website.

 

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