In this guide, we highlight some of the best ISA and JISA bonuses that providers are offering that can give you a top-up on your stocks and shares ISA investments.
What are ISA incentive offers, and why do providers offer them?
Incentives are special deals or offers ISA providers use to attract new customers to open ISAs with them, or to transfer their ISA savings from another provider.
Transferring an ISA does not count as opening a new one. Outside transfers, you are only allowed to contribute to one ISA per tax year.
Incentives can be nice additions, but should not be the main reason to consider opening an ISA with a provider. Other more important considerations include the fees they charge you, and where they are invested.
What is ISA season and why is it important?
ISA season describes the period that runs from around January to May when ISA providers launch offers and deals to attract new customers to open an ISA with them before the old UK tax year ends on 5 April, or to open an ISA with them for the new tax year beginning on 6 April.
ISA allowances work on a ‘use it or lose it’ basis. If you don’t use up your allowance, currently £20,000, before the end of the tax year (5 April) you can’t roll any unused allowance over to the next tax year (starting 6 April). However you do get a fresh allowance at the start of each new tax year.
ISA allowances are the amounts you can save tax free in an ISA ‘wrapper’, so called because it wraps your savings in a product where it can grow without you paying any tax on the gains.
- Need more information? Read our guide on how to open an ISA.
Pros and cons of switching ISA accounts
Pros:
- Transferring an ISA does not count as opening a new one
- You can switch to a provider charging less and save money
- A different ISA provider may offer better performing investments
- You could benefit from ISA season switching incentives
Cons:
- The provider you leave may charge switching fees and/or exit fees
- You may not have access to as many funds as before
- Potentially higher costs to manage your account
- The performance of your investments may not be as good
Best incentives and ‘refer a friend’ offers from stocks & shares ISA providers
It’s worth noting that all these offers come with minimum qualification criteria attached, so please check the providers’ websites for the individual terms.
| Stocks & Shares ISA provider | Incentive |
| Interactive Investor | Get a £200 reward when you recommend ii to a friend. Your friend will get their first year’s service plan for free – saving them £120
With Friends and Family, you can give up to five people a free subscription to ii for just £5 a month extra |
| CMC Invest | £50 welcome bonus |
| Wealthify | Wealthify £20,000 Prize Draw. Open to new and existing customers, if you fund a Wealthify plan with as little as £1 (£50 for pensions) before 11th May 2023, you could win £20,000 in their prize draw. T&C’s apply. Excludes Northern Ireland. Capital at risk. |
| Nutmeg | Nutmeg £100 reward (Chase customers only)
If you refer friends to Nutmeg, when they invest they will pay no Nutmeg management fees for 6 months, and you get up to £100 in gift vouchers |
| Hargreaves Lansdown | Get £50 to £1,000 cashback when you transfer accounts worth £4,000 or more in total into the HL Stocks and Shares ISA or HL Fund and Share Account. Register for the cashback offer and apply to transfer by 16 March 2023 to qualify. |
| AJ Bell | Amazon or One4All gift card worth £50 to £200
Will pay transfer fees from another provider up to £500 if your ISA is worth £20,000 or more Recommend a friend and both get gift vouchers worth £100 when they transfer in £10,000 or more Open an AJ Bell account and maintain a balance of £4,000 or more and you will get access to Shares magazine online for free |
| Moneyfarm | Up to £750 cashback when a minimum of £5,000 is invested before 30 April |
| BestInvest | Get up to £1,000 cashback when you initiate a full transfer of your account to Bestinvest until 30 April 2023 and invest it. For new account balances of £1,000 and above – existing customers included
Refer a friend and earn yourselves £100 each when they add £1,000 to their account |
| Saxo Markets | Win tickets to see Harlequins |
| IG | £50 refer-a-friend |
| InvestEngine | £25 top up when you invest more than £100 |
| Wesleyan | Up to £150 Amazon gift card if you open a With Profits Stocks and Shares ISA online by 31st May 2023 |
| Shepherds Friendly | Up to £100 gift card |
| Foresters Friendly | Up to £320 gift card |
Best incentives from Junior stocks & shares ISA providers (JISA offers)
| Stocks & Shares Junior ISA (JISA) provider | Incentive |
| Beanstalk | None |
| Interactive Investor | ● Free for ii customers who have already opened an ISA or Trading Account on Investor or Super Investor plans |
| Hargreaves Lansdown | None |
| AJ Bell | None |
| Nutmeg | None |
| Moneyfarm | ● Up to £750 cashback when a minimum of £5,000 is invested before 30 April |
| GoHenry | ● 30 days free, then £2.99/month |
| Bestinvest | ● Get up to £1,000 cashback when you initiate a full transfer of your account to Bestinvest until 30 April 2023 and invest it. For new account balances of £1,000 and above – existing customers included |
| Wealthify | ● None |
| Scottish Friendly | ● £50 paid into the JISA |
| Shepherds Friendly | ● £50 gift voucher |
| Foresters Friendly | ● Up to £70 gift card |
Laura Miller has been a financial journalist for more than 10 years, and was on staff at the Telegraph before going freelance in 2019. Her experience includes hosting podcasts and panels, and she writes for the Times and Sunday Times, Daily Mail, Mail on Sunday and the Sun, as well as trade titles. She now lives by the sea in Aberystwyth, west Wales.
You can contact Laura at laura@goodmoneyguide.com
