Christmas cashback craze: up to £10,000 offered to open new investment accounts
Providers push festive incentives as year-end promotions favor large transfers, with terms varying by platform
Cashback offers on new investment accounts are picking up pace as the holiday season approaches, with several platforms advertising up to £10,000 in rewards for new accounts opened or funds transferred before 31 December. The deals come with varying thresholds and conditions, and analysts caution that cashback is paid as a percentage of invested balances, meaning the top figures require sizable sums and favorable tier levels.
The field includes Etoro, IG, Freetrade and Prosper, each marketing different cashback rates and terms. Etoro advertises up to £10,000 in cashback, with the rate ranging from about 2% to 3% depending on the Etoro Club tier. The minimum to qualify is a £500 cash deposit or a transfer of at least £15,000, and the offer applies to both managed and do-it-yourself stock and shares ISAs. This is Money notes that the top rate is typically only attainable with very large sums, such as more than £330,000, and only if you are in the highest Etoro Club tier. Some variations include a £4.99 monthly fee that can lift the cashback to about 2.5%. To qualify for the cashback, you must fully invest the initial amount within 30 days, and you should maintain an average of at least 50% of that deposit in open positions over 24 months or execute an average of 2.5 trades per month. The cashback is expected to be paid by 28 February 2026, though Moneyfarm could claw it back if any terms are not met. Etoro also offers a 4.58% cash ISA option.
IG is offering 10% cashback, up to £200, on investments made before 31 December, with the cashback paid by 30 April 2026. Investors must keep the initial amount invested until March 2026. The offer covers IG’s investment accounts, ISAs and SIPPs. This is Money says the deal is attractive for small sums because it allows the cashback to scale with the size of the investment; for example, a £2,000 deposit would yield £200 in cashback. Potential downsides include a £24 trading activity fee if fewer than three trades are completed in a quarter, a detail that can be avoided by setting up a regular monthly investment plan.
Freetrade is offering 1% cashback on ISA transfers and 2% on SIPP transfers. For ISAs, a transfer of at least £10,000 earns 1% back, capped at £1,000. For SIPPs, the same £10,000 threshold pays 2% back, also capped at £1,000. Both offers close on 31 December, with completion of transfers required by 30 March 2026. Cashback is paid by 15 October 2026 for SIPPs and by 30 October 2026 for ISAs. This is Money notes that if a reader only wants to transfer an ISA, Freetrade’s offer could be worth considering, though the £10,000 ISA transfer would net about £100, while the £10,000 SIPP transfer would yield about £200.
Prosper is offering £100 cashback when opening and funding an account with at least £10,000. The cashback is available to app users who keep the money on the platform for at least six months, at which point the cashback is paid within 14 days. Prosper operates as an app-only platform and requires entrants to use the code PROSPERCASH at sign-up. This is Money describes Prosper as a low-cost savings and investing platform that refunds fees on 30 index funds and ETFs, potentially enabling investors to start with zero-cost exposure. There is no stated deadline for this offer, but Prosper reserves the right to withdraw it at any time.
Across these offers, the promotional landscape is shaped by the structure of each program. Cashback is typically a percentage of the value deposited or transferred and may require maintaining investments for a set period or meeting minimum activity levels. The end of the year remains a particularly active window for these deals, though analysts caution that cashback should not be the sole reason to switch providers. Investors should assess the total cost structure, including fees, investment options, and platform features, in addition to the cashback amount.
Deal terms vary by provider and account type, and readers are urged to review the full terms and conditions before acting. The cashback is not guaranteed in all cases and may be clawed back if funding or investment requirements are not fully met. Each platform emphasizes the importance of choosing a provider that aligns with long-term investment goals, including the availability of funds, the fee schedule, and the range of investment options offered. Investors should consider whether a cashback offer complements their strategy for building a diversified portfolio, rather than serving as the sole incentive.
Providers and terms could change after 31 December, and the deals may be withdrawn or modified at any time. Anyone considering taking part should read the official terms on each platform, confirm the applicable deadlines, and verify how the cashback is calculated and paid. In all cases, the decision to open a new investment account should be guided by long-term financial objectives and a careful evaluation of costs, risk, and potential returns.