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Hargreaves lures customers with cash back offer for pension switches

Cash-Money-Currency-GBP-Pounds-700.jpgHargreaves Lansdown has written to customers offering a variety of cash rewards if they transfer £5,000 or more of their savings to the provider.

An email seen by Money Marketing shows the offer expires on 29 June and says to customers “it is easy to transfer your other ISAs, pensions and investments to Hargreaves Lansdown”.

It adds customers will then be able to see “all your investments together in one place, saving you time and making your life easier”.

Customers who have £5,000 to £24,999 will receive £20 if they transfer while those with £150,000 or more will receive £500.

The offer excludes Junior ISAs and child trust funds and any money transferred can be put into a Hargreaves Lansdown Sipp, stocks and shares ISA, lifetime ISA or fund and share account.

A spokesman for Hargreaves Lansdown says: “There is lots of evidence to show that people engage with their savings and investments more when they are combined.

“Offering promotions and incentives as part of a marketing campaign is commonplace and not just in financial services.”

He adds the firm has made this offer to customers before and will continue to offer promotions and incentives to investors in the future.

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Comments

There are 3 comments at the moment, we would love to hear your opinion too.

  1. Suitability?

    • For a non-advised platform, suitability isn’t an issue. BUT nothing is for nothing and there’s no such thing as a free lunch. HL’s is an expensive platform and, thanks to the FCA turning a blind eye to it, they charge you for taking your money out (£25 per holding and a further £25 for completely closing an account). HL was also as obstructive as hell in respect of a re-reg a client of mine instructed late last year. Eventually he complained and they waived their exit charge. Big deal.

  2. Good grief, this reeks of desperation. Moving £ in return for a bribe? And whats the score re Income Tax?

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