Barclays introduces a £500 cashback incentive for ISAs, but under specific conditions
Barclays and Charles Stanley Offer Attractive Cashback Incentives for Cash and Stocks & Shares ISA Transfers
In a move to attract savers, Barclays and Charles Stanley have announced appealing cashback incentives for those transferring their Cash ISAs or Stocks & Shares ISAs.
Barclays, as part of its End of Summer Sale, is offering up to £500 cashback for transferring a Cash ISA. To be eligible, accounts must be opened by 28 November, and a minimum transfer of £25,000 is required to receive a minimum cashback of £100. For transfers between £50,000 and £99,999.99, savers can earn £200, while a transfer of £100,000 or more will qualify for the full £500 cashback.
However, it's worth noting that to receive the full £500 cashback when transferring a Cash ISA to Barclays, you typically need to meet certain conditions. These may include transferring a minimum amount specified by Barclays (often £50,000 or more), completing the transfer within a set period (usually a few months), and keeping the money in the account without withdrawing it for a specified time.
Meanwhile, Charles Stanley is offering up to £1,500 cashback on Stocks & Shares ISA transfers. To qualify, a transfer of £100,000 is required to get at least £1,000 back.
Shopping around for a Cash ISA is essential as savers could potentially earn more interest with other providers. Trading 212 offers 4.38% on its cash ISA, while Plum has a cash ISA product at 4.37%.
Barclays also offers a one-year fixed rate cash ISA at 3.7% for all customers. However, it's worth noting that Barclays has a best rate of 4% one-year fixed rate cash ISA, but it is only available for premier and wealth management clients with a gross annual income of at least £75,000 and at least £100,000 of savings or investments with the bank.
The cashback rewards are higher for those investing through a Stocks & Shares ISA compared to keeping money in cash. The transfer can be made into a new or existing Barclays cash ISA either through the ISA transfer service in the Barclays app or via online banking.
It's important to note that the transfer cannot be made from Lifetime ISAs, Help to Buy ISAs, or other Barclays ISAs. The cash will be sent to the current account within 60 business days after 28 November 2025, once the transfer is complete.
The cashback offer is higher than any current account switching cashback deal, making it an attractive option for those looking to switch their ISA providers. However, as always, it's essential to consider all factors before making a decision, including the interest rate, fees, and any conditions associated with the account.
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