- Bestinvest Offers Cashback for Investment Account Transfers
- Cashback Amount Depends on Transferred Investment Account Size
- Eligibility and Fine Print for Bestinvest’s Transfer Incentive
The online investment platform Bestinvest is offering up to £1,000 in compensation for new account transfers.
Customers, both new and existing, can receive a cashback amount proportional to the size of the transferred investment accounts and the minimal six-month investment duration.
Those who relocate accounts worth £1000 are eligible for £100 cashback, an increase of 10% on the contribution. Those who transfer accounts worth $100,000, meanwhile, receive $1,000.
Transfers to new accounts will receive £300 cashback for every £20,000 transferred, and £600 cashback for every £50,000 transferred.
The offer is available for less than three months, from 4 September to 30 November, requiring investors to relocate their entire investment accounts.
It applies per individual, so a family of four transferring accounts in their names could potentially earn up to £4,000 in a single transaction.
What does the fine print say?
To be eligible for Bestinvest’s transfer incentive, a minimum of £1,000 must be transferred and invested in funds and shares of the client’s choosing before November 30, 2018, and then held for six months until May 31, 2024.
The funds must be invested immediately in a Bestinvest general investment account, Isa, Junior Isa, or Sipp.
Customers must submit a Bestinvest internet form with their account number before November 30 to get reimbursement.
Bestinvest will calculate the final reward amount and then affirm the amount and method of application with switchers.
Those with investment accounts, for instance, will receive the refund directly into their account, as will those with stocks and shares Isa, Junior Isa, or Sipp who have remaining Isa or pension allowances.
If their pension and Isa limits have been reached, the reimbursement reward will be deposited into a bank account.
Oliver Plant, head of Bestinvest, said: ‘Everyone appreciates a helping hand in these financially difficult times. We believe this offer will inspire people to locate a new home for their investments and boost their portfolios.
Cashback of up to £1,000 can provide a modest boost to portfolios that need a kick in the pants.
‘Financial markets, particularly equities, can be volatile over brief periods but have historically delivered much higher real returns – that is, returns that exceed the effect of inflation – over the long term.
We recommend a time horizon of at least five years, as this enables allocated funds to withstand short-term market volatility.
