Deal of the week: Switch to Interactive Investor and get cashback on exit fees

Published by Stephen Little on 09 November 2018.
Last updated on 09 November 2018

Young green plant with coins in jar

Sign up to an account with investment platform Interactive Investor and receive cashback worth up to £2,000 towards exit fees. 

What’s the deal exactly?

Interactive Investor, the parent company of Moneywise, is offering investors who switch to its investment platform cashback towards exit fees when they sign up. 

All you have to do is open an account with Interactive Investor and transfer over from your existing provider to get between £100 to £2,000 cashback.

Why should I care?

Platforms allow you to buy and sell investments in one place and manage them online.

When you leave an investment platform the exit fees can be quite steep as your provider may charge you an exit fee.

Interactive Investors says it will help all customers, new and existing, with exit costs incurred in transferring as follows:

 £100 for £25,000 to £100,000

£250 for £100,001 to £250,000

£500 for £250,001 to £1 million

£2,000 for £1 million plus

Interactive Investor has also scrapped exit charges, so if you decide to leave or switch to another platform you won’t be penalised.

Prior to December 2017, it charged departing customers £10 per holding, capped at £250.

What’s the catch?

The minimum you can transfer is £25,000 and the deal lasts until 31 December.

The offer relates to new Trading, ISA and SIPP accounts only. Joint Trading Accounts, Junior ISAs and Pension Trading Accounts are excluded.

What other options do I have?

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.

You also might want to take a look at the Moneywise First 50 Funds for our pick of the best investments. Like with any investment though, returns are not guaranteed.

Full details of the offer can be found on the Interactive Investor website.

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is it applicable to existing

is it applicable to existing ii account holders?