Megan is a senior researcher and writer at Which?, with a background in data analysis and stats in the public and charity sectors.
Hargreaves Lansdown has announced a cashback offer worth up to £40,000 for existing customers – the most it's ever offered.
But very few investors will have the kind of money required to access this top rate.
Here, we comb through the terms and conditions and compare the fees to other providers to see whether this offer is worth it.
Please note: this article is for information purposes only and does not constitute financial or investment advice.
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The cashback offer is available only to existing Hargreaves Lansdown customers, and you can claim it if you contribute or transfer another account worth £10,000 or more.
The offer runs from 1 October to 30 November 2026 and is available to account holders aged 18 or over with at least 1p in their account. The invitation to take part was sent out to eligible customers who are opted into marketing communications.
To participate, you can’t just transfer the amount across. You’ll need to register for the offer using the online form on the invite, calling the helpline or using the secure messaging service.
The cashback will be paid into a Hargreaves Lansdown Active Savings account (if you haven’t currently got one, one would be created for you) within 30 days of 30 September 2027.
If you take money out of your Hargreaves Lansdown accounts between now and 30 September 2027, the offer will be calculated based on what’s left in your account. For example, if you transferred in £25,000 between now and 30 November but took out £18,000 in March 2027, you wouldn’t be eligible for cashback because you wouldn't have met the £10,000 minimum.
Any increases in the value of your account that come from your investments won’t be counted towards the contribution amount.
The offer is available for each account, so if you have a stocks and shares Isa, fund and share account, Sipp, and Sipp income drawdown, you’d be able to repeat the process four times for up to £40,000 cashback.
To access this maximum amount, you’d need to put £1m into each of the four accounts. If you put £2m into one account, £750,000 into two, and £500,000 into your final account, you'd get £25,000 cashback instead.
But few investors will have £4m to spread across their accounts, making the headline cashback figure unrealistic for most. It's therefore worth focusing on how much you could actually receive, rather than being swayed by the maximum payout.
How much you’d get back depends on what you put into each account, not what you had in the account to start with.
| Contribution or transfer amount | 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
If you have money spread across different accounts and are considering moving some or all of it to Hargreaves Lansdown to use the offer, it’s worth considering other fees.
A one-off payment may seem attractive, but higher ongoing charges can quickly outweigh it.
Say someone has an investment portfolio of funds worth £20,000 in a Hargreaves Lansdown stocks and shares Isa, plus another with Scottish Widows worth £40,000. If they transferred the Scottish Widows Isa over to Hargreaves Lansdown, they’d get £200 cashback.
However, with all of their money now sat in a Hargreaves Lansdown Isa, they’d be charged £210 in account fees over the year. If they’d instead transferred their Hargreaves Lansdown balance over to Scottish Widows, they’d get no cashback, but they’d also pay no fees – leaving them £10 better off overall.
Someone with £20,000 invested in shares with Hargreaves Lansdown, who moves their £100,000 Isa over from Moneybox, would get £1,000 in cashback. On top of that, they’d save on account fees, as Hargreaves Lansdown charges £150 instead of the £540 they’d pay with Moneybox.
These are just two of many possible scenarios. There's no universally cheapest platform; it depends on what you're invested in and how much is in your portfolio.
Our money guidance team can’t tell you what to invest in – but they can explain how to get started and make your own well-informed decisions. Unlimited access to them via phone is included in the Which? Money subscription.
Find out moreHargreaves Lansdown isn’t the only platform to offer cashback; several others offer incentives to transfer your money to them.
| Platform | Account | Cashback |
|---|---|---|
| Charles Stanley Direct | Isas, Sipps, or general investment account | £300-£1,500 (plus six-month fee waiver) on transfers or deposits worth £20,000 or more. £200,000 needed to access maximum cashback. |
| Fidelity | Sipps | £250-£2,500 on transfers or deposits worth £40,000 or more. £1m needed to access maximum cashback |
| Interactive Investor | Sipps | £100-£3,000 on transfers or deposits worth £20,000 or more. £1m needed to access maximum cashback. |
Other benefits, like free trades when you sign up for investment accounts, are also available.
But costs and cashback aren't the only factors to consider. Platforms vary in ease of use, the number and types of investments available, and the information they provide to help you decide.
Investing is about thinking long term, and the same should apply to your platform choice.
Our annual stocks and shares Isa reviews can help you to find the best place for your investments and get the best for your money.
