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Hargreaves Lansdown is offering up to £40,000 cashback to existing customers who deposit or transfer £1million into each of four accounts, running until November 30.
Hargreaves Lansdown is paying up to £40,000 cashback as part of its biggest ever deal, but the catch is that you need to be very wealthy to bag that amount. The investment platform will pay up to a £10,000 bribe when depositing into each of these four accounts – a stocks and shares Isa, general investment account, Self-Invested Personal Pension (Sipp) and Sipp income drawdown.
Hargreaves Lansdown says this is double the amount it has offered in the past and the largest cashback offer from any platform. This type of deal is usually only open to new customers. But reversing things, this one is only open to existing customers, which the platform says is to encourage them to consolidate their assets into one place.
And here is another kicker. The maximum £10,000 for each account is reserved for those who can deposit or transfer £1million or more into them. This means you would need to shift £4million to bag £40,000 – unlikely to be a common scenario.
How the Hargreaves Lansdown Cashback Deal Works
At the opposite end of the scale, the minimum you need to be eligible for cashback is £10,000 for each account, earning you £100. As with most cashback deals, you need to have a fair deal of assets to deposit or transfer to bag the top amounts.
Hargreaves Lansdown applies the same tiers to each account, which makes it straightforward to see how much you could get back. The offer is running until November 30 and as with previous Hargreaves Lansdown deals, you must explicitly sign up using the online registration form or by messaging or calling the customer service team.
Cashback will not be paid until September 30 2027, so you should not take up the deal expecting a quick boost for Christmas. Also keep in mind that the investment provider pays your cashback into an Active Savings account for you. This is its savings platform, which is a place where you can hold your cash and switch it easily between different savings accounts.
The deal on investment accounts is running alongside another cashback offer on Active Savings, paying up to £150 for new customers. Should you sign up for the deal? If you are a Hargreaves Lansdown customer and have investments elsewhere, it is worth thinking about transferring them so you can manage more of your money in one place.
Should You Transfer for the Hargreaves Lansdown Incentive
As ever, you should not transfer based on the lure of an incentive alone. Check it is the right move – for example, you will not lose any valuable benefits such as a protected retirement age if you are consolidating a pension pot.
It is also possible that you are perfectly happy to manage some of your assets in a different place. You might have a Sipp with Hargreaves Lansdown but a stocks and shares Isa with a platform that does not charge any account fees.
If you moved over £15,000 of shares and exchange-traded funds (ETFs) to an HL stocks and shares Isa, you would earn £100 cashback but would then need to pay an account fee of 0.35 per cent a year – equivalent to £52.50. The trading fee for shares and ETFs is £6.95 a trade unless you set up a regular investing plan, then it is free.
Hargreaves Lansdown Platform Costs and Comparison
Despite reducing its headline account charge earlier this year, Hargreaves Lansdown remains one of the more expensive platforms. It does perform well for customer service and has lots of bells and whistles, including dedicated investment research and tools. Our Hargreaves Lansdown review has more details. But if you do not need or want these, you might be better off with a cheaper platform.
Separately, Active Savings offers up to £150 cashback for new customers who open a savings account with at least £5,000. Other promotions in the market include up to £250 cashback when investing at least £200, a 5.01 per cent cash Isa, a 1.41 per cent fixed 12-month bonus from Trading 212, £250 to £2,500 cashback when opening a Sipp, and a welcome bonus of up to £200 when you invest £100.
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