Hargreaves Lansdown offers up to £40,000 cashback: How rich do you need to be to get that much?
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Hargreaves Lansdown is paying up to £40,000 cashback as part of its biggest ever deal, but the catch is that you need to be very wealthy to bag that amount.
The investment platform will pay up to a £10,000 bribe when depositing into each of these four accounts – a stocks and shares Isa, general investment account, Self-Invested Personal Pension (Sipp) and Sipp income drawdown.
Hargreaves Lansdown* says this is double the amount it's offered in the past and the largest cashback offer from any platform.
This type of deal is usually only open to new customers. But reversing things, this one is only open to existing customers, which the platform says is to encourage them to consolidate their assets into one place.
And here’s another kicker. The maximum £10,000 for each account is reserved for those who can deposit or transfer £1million or more into them.
This means you’d need to shift £4million to bag £40,000 – unlikely to be a common scenario.
At the opposite end of the scale, the minimum you need to be eligible for cashback is £10,000 for each account, earning you £100. Here’s how the deal works.
Bumper deal: Hargreaves Lansdown says this is double the cash it's offered before
How much could you earn with the deal?
As with most cashback deals, you need to have a fair deal of assets to deposit or transfer to bag the top amounts.
Hargreaves Lansdown applies the same tiers to each account, which makes it straightforward to see how much you could get back:
| Contribution/transfer amount per HL account | Cashback |
|---|---|
| £10,000-£19,999.99 | £100 |
| £20,000-£49,999.99 | £200 |
| £50,000-£99,999.99 | £500 |
| £100,000-£249,999.99 | £1,000 |
| £250,000-£499,999.99 | £2,500 |
| £500,000-£999,999.99 | £5,000 |
| £1,000,000+ | £10,000 |
| Source: Hargreaves Lansdown | |
The offer is running until November 30 and as with previous Hargreaves Lansdown deals, you must explicitly sign up using the online registration form or by messaging or calling the customer service team.
Cashback won’t be paid until September 30 2027, so you shouldn’t take up the deal expecting a quick boost for Christmas.
Also keep in mind that the investment provider pays your cashback into an Active Savings account for you.
This is its savings platform, which is a place where you can hold your cash and switch it easily between different savings accounts. Find out how savings platforms work and compare the best rates.
The deal on investment accounts is running alongside another cashback offer on Active Savings, paying up to £150 for new customers*.
Should you sign up for the deal?
If you’re a Hargreaves Lansdown customer and have investments elsewhere, it’s worth thinking about transferring them so you can manage more of your money in one place.
As ever, you shouldn’t transfer based on the lure of an incentive alone. Check it’s the right move – for example, you won’t lose any valuable benefits such as a protected retirement age if you’re consolidating a pension pot.
It’s also possible that you’re perfectly happy to manage some of your assets in a different place.
You might have a Sipp with Hargreaves Lansdown but a stocks and shares Isa with a platform that doesn’t charge any account fees.
If you moved over £15,000 of shares and exchange-traded funds (ETFs) to an HL stocks and shares Isa, you’d earn £100 cashback but would then need to pay an account fee of 0.35 per cent a year – equivalent to £52.50.
The trading fee for shares and ETFs is £6.95 a trade unless you set up a regular investing plan, then it’s free.
Despite reducing its headline account charge earlier this year, Hargreaves Lansdown remains one of the more expensive platforms.
It does perform well for customer service and has lots of bells and whistles, including dedicated investment research and tools. Our Hargreaves Lansdown review has more details.
But if you don’t need or want these, you might be better off with a cheaper platform.
SAVE MONEY, MAKE MONEY
Up to £250 cashback
Up to £250 cashback
2.5% cashback when investing at least £200
5.01% cash Isa
5.01% cash Isa
Trading 212: 1.41% fixed 12-month bonus
£2,500 cashback
£2,500 cashback
£250-£2,500 cashback when opening Sipp
Up to £150 cashback
Up to £150 cashback
Open a savings account with at least £5,000
Welcome bonus
Welcome bonus
Get up to £200 when you invest £100
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