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Interactive Investor halts Sipp fees and offers Isa cashback

Interactive Investor halts Sipp fees and offers Isa cashback
 Credit: Bloomberg

Interactive Investor has launched a trio of offers for new and existing customers in a bid to cut investment costs during the pandemic.

The direct to consumer platform announced today (October 7) it would offer £100 cashback for Isa transfers and pause Sipp fees for both new and existing customers.

Customers who initiate the transfer of an Isa worth £20,000 or more during October will receive £100 cashback when it completes while the platform’s usual £10 a month Sipp fee has been halted for six months.

Interactive Investor had already waived the fee until April 2021 but has altered the deal to be a rolling monthly offer, meaning those who open a Sipp will not pay the additional £10 a month Sipp fee for their first six months.

New customers will also benefit from £100 worth of free trades when opening a trading account, Isa or Sipp during October.

There is no minimum balance needed to qualify for the offer but the £100 of free trading credits need to be used by the end of 2020.

Moira O’Neill, head of personal finance at Interactive Investor, said: “With low interest rates, stock market uncertainty, and an ongoing dividend drought, savers have their work cut out if they want to get their money working harder. 

“That includes looking for the best value, because charges can make a huge dent in your investments and curtail your dreams and aspirations. 

“Our fair flat fees have always offered excellent value for money, and this trio of special offers is a helpful incentive in these difficult times.”

Ms O’Neill said the coronavirus crisis had forced many people to think about their own personal finances, adding that now was a “good time” to review every aspect of one's finances.

imogen.tew@ft.com

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