Bestinvest celebrates first year of relaunch with £1,000 cashback offer

- Investors that start the New Year by finding a new home for their money with Bestinvest can earn up to £1,000 in cashback if they transfer an account in full

- Giveaway comes almost a year after the DIY investment platform unveiled a radical revamp to its service with lower fees, free investment coaching, low-cost Ready-made Portfolios and digital goal-planning tools

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Published: 12 Jan 2023 Updated: 03 Mar 2023
Retirement Savings and investments Pensions Tax

At a time when many Do-It-Yourself investors choose to fine-tune their investment portfolios, set fresh financial goals and consider topping up their ISAs, Bestinvest, the online investment and coaching service, has launched a new cashback offer for the UK’s army of Do-It-Yourself investors - those who make their own investment decisions - to help make their money work even harder.

The exciting offer rewards new and existing customers with up to £1,000 in cashback when they transfer an account in full to Bestinvest – such as an old workplace pension or SIPP, investment account or Stocks & Shares, Cash or Junior ISA – and then invest the money.

The giveaway comes almost a year after Bestinvest first unveiled plans to radically transform its offering - a move that saw the award-winning Do-It-Yourself investment platform transform into a first-of-its-kind hybrid service that combines the best of online investment with lower fees, free financial coaching from qualified financial planners, affordable advice, low-cost Ready-made Portfolios and sophisticated digital goal-planning tools.

The larger the account transferred to Bestinvest  the bigger the reward, with those transferring an account worth £1,000 qualifying for £100 cashback – a 10% uplift on the contribution - and those switching an account worth £100,000 receiving £1,000 as the breakdown of the pay-out amounts outlines below:

  • £100 for £1,000+ account transfer
  • £300 for £20,000+ account transfer
  • £600 for £50,000+ account transfer
  • £1,000 for £100,000+ account transfer

Those keen to take advantage of the offer must hurry, as the offer, which started on January 10, runs until April 30, 2023 – an ideal time for those looking to maximise returns by using up their tax-free allowances in the run up to the end of the tax year on April 5.

As well as the generous cashback giveaway, investors considering switching their account to Bestinvest can take advantage of the platform’s extensive range of new features first mooted in January last year before going live in May. These include:

  • Lower fees: Bestinvest has the lowest share dealing fees of all the major investment platforms at £4.95 a trade (correct as of December 2022), as well as free fund trading and competitive account service fees that start at just 0.2% for Ready-made Portfolios
  • Free investment coaching: Our 45-minute coaching sessions with a qualified financial planner, held virtually, can help customers plan for the future, set clear financial goals and invest towards them with sessions bookable through the website whether you are a customer or not.
  • New low-cost Ready-made Portfolios: Managed by investment experts at Bestinvest’s parent company Evelyn Partners and with fees starting at just 0.2%, our five low-cost Smart portfolios catering to different risk profiles are one of the most straightforward and cost-effective ways to have your money looked after by experts.
  • A suite of new digital tools: Our goal-setting tools include portfolio projection and simulation tools that help customers set a goal, measure progress towards reaching it and identify actions to achieve their ambitions faster, such as setting up monthly investments, adding a lump sum or taking on more or less risk. Separately, our clients can breakdown their holdings by asset allocation, geography and equity capitalisation, track the performance of their investments over the past five years and complete an online risk assessment to identify their risk profile.
  • Bite-sized, fixed-cost investment advice packages: Whether it’s an ‘Investing for Your Goals’ session for £295 with a financial planner to set goals and establish how much risk to take or a ‘Portfolio Health Check’ for £495 with an investment professional that analyses your portfolio and offers tailored advice on what actions to take, both seasoned and novice DIY investors can benefit from a fresh pair of eyes on their holdings.

Jason Hollands, Managing Director at Bestinvest, said: “2022 was a turbulent year for the markets triggered by tearaway inflation, rising interest rates and Russia’s invasion of Ukraine. While 2023 will undoubtedly present more challenges, we hope this offer will encourage investors to find a new home for their investments and inject some momentum into their portfolio.

“Cashback of up to £1,000 can help make a difference for lacklustre portfolios that need to get back on track. For those weighing up whether to take advantage of the cashback offer and switch their investments to Bestinvest, our wide range of investment options, competitive fees, goal-planning tools and coaching on tap can help to reenergise your approach.

“While investment markets can be volatile over the short term, history suggests this is one of the best ways of delivering inflation-beating returns over the long term. Regularly drip-feeding cash into the markets can help to smooth out the short-term gyrations with the early part of the year a great time to automate investment saving to help get goals on track and maximise tax-free allowances before the end of the tax year.”

To qualify for this limited time offer, new and existing customers must transfer their account of £1,000 or more in full to a Bestinvest account and invest it before April 30, 2023. Next, they must send an email to quoting the promotion code BestTransferOffer and their account number no later than June 30 this year.

Qualifying accountholders will receive the cashback reward around six months from the end of the promotion with the amount paid out dependent on how much was transferred when the offer was live and then retained over a six-month period* (subject to Terms & Conditions). Those transferring investment accounts, for example, will receive the money directly into their account while ISA and SIPP account holders can have the reward paid direct if they have not used up their allowance for the tax year. Those that have will have the cashback paid into a bank account pending verification checks.

Bestinvest will contact the customer directly to let them know how much cashback they qualified for and where it will be deposited. Note that the offer only applies to transfers from another investment provider and not to cash deposits from an individual’s bank account.

* From April 30 to September 15, 2023

This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication.

Investment does involve risk. The value of investments and the income from them can go down as well as up. The investor may not receive back, in total, the original amount invested. Past performance is not a guide to future performance. Rates of tax are those prevailing at the time and are subject to change without notice.

Clients should always seek appropriate advice from their financial adviser before committing funds for investment. Before you consider transferring a pension, it is important to ask yourself: Will I lose any valuable benefits or features from my existing pension plan? Will I incur any penalties on my existing pension if I transfer? Is it an occupational final salary pension scheme? (in which case it is very unlikely to be advisable to transfer) Have I considered the charges on my current plan? (a new arrangement may be more expensive – especially if you have a stakeholder pension). Exit fees may apply if you choose to leave Bestinvest.

About Bestinvest

Bestinvest is a multi-award-winning, digital investment platform and coaching service for people who choose to make their own investment decisions but with the support of tools, insights and qualified professionals. It offers access to thousands of funds, investment trusts, ETFs and shares through a range of account types, including an Individual Savings Account, a Junior ISA for children, a Self-Invested Personal Pension and General Investment Account.

Alongside providing investors access to an extensive choice of investments, Bestinvest also offers a wide range of ready-made portfolios for people seeking a managed approach that suits their risk profile, saving them the need to select and monitor their funds themselves. These include a highly competitively priced ‘Smart’ range that invests through low-cost passive funds, as well as an ‘Expert’ range that invests with ‘best-of-breed' managers.

Bestinvest provides investors with a unique range of new features to help people better manage their long-term savings, including free investment coaching from qualified financial planners, low-cost fixed fee advice packages and advanced tools to help people plan goals and monitor progress towards achieving them.

Bestinvest is part of Evelyn Partners, the UK’s leading wealth management and professional services group created by the merger of Tilney and Smith & Williamson in 2020. Evelyn Partners is trusted with the management of £59.1 billion of assets (as of 31 December 2023) by its clients, who are private investors, family trusts, entrepreneurs, businesses, charities, financial advisers and other professional intermediaries.

Bestinvest is a trading name of Evelyn Partners Investment Management Services Limited, which is authorised and regulated by the Financial Conduct Authority.

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