Investment platform Interactive Investor increases pension cashback offer, up to £2,000: Is this an effective method to augment your retirement savings?
Interactive Investor, a popular online investment platform, has extended its pension offer, providing a cashback incentive for those looking to open or transfer a Self-Invested Personal Pension (SIPP) with them. The offer, which comes with certain conditions, is available until the 31st of July.
To qualify for the cashback, individuals must open a new Interactive Investor SIPP or transfer a pension by the end of the month. Cashback amounts range from £100 for modest pots to a maximum of £3,000 for those moving pensions worth over £1 million.
The cashback offer is not the sole factor to consider when choosing a platform. It's essential to analyze fees, investment choice, and the range of research available. When deciding, it's important to note that Interactive Investor charges £3.99 for fund dealing, while some other platforms offer this for free. Additionally, Interactive Investor's foreign exchange charges are on the higher side compared to some other platforms.
Interactive Investor's stand-out feature is its flat-fee subscription model, as opposed to account fees as a percentage of the value of investments. This can make costs more transparent and help keep them under control. Consolidating pensions can also have this benefit.
Craig Rickman, a pensions expert at Interactive Investor, stated that the cost of pension plans can be difficult for consumers to understand due to various fees like account fees, fund charges, trading fees, and exit fees. However, he emphasised that a SIPP gives greater choice over where to invest your money.
It's worth noting that this cashback deal is one of the few remaining cashback offers from investment platforms, as earlier deals from InvestEngine and Nutmeg have closed in May.
Key terms and conditions for the cashback offer include a minimum SIPP value of £10,000 to qualify for the cashback and offers that may vary by campaign dates and terms. FCA rules mean affiliate sites may only show one offer, so checking Interactive Investor’s official site is recommended for the most current terms.
As always, it's advisable to review the full terms on the Interactive Investor website or through direct inquiry before making a decision. With this cashback offer, UK adults who aren't aware of how much they're paying in pension fees could potentially save while gaining more control over their retirement savings.
[1] Interactive Investor: https://www.interactiveinvestor.co.uk/investments/sipp/sipp-cashback-offer [2] InvestEngine: https://www.investengine.co.uk/cashback/ [3] Nutmeg: https://www.nutmeg.com/cashback/
- UK adults considering investing in a pension could potentially benefit from Interactive Investor's cashback offer for opening or transferring a Self-Invested Personal Pension (SIPP).
- While evaluating investing platforms, it's crucial to assess factors such as fees, investment choice, and research availability, in addition to the cashback incentive offered by Interactive Investor.
- As the cashback offer from InvestEngine and Nutmeg has ended, Interactive Investor's cashback offer is one of the few remaining opportunities to earn cashback while investing in personal finance using technology.
