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Megan is a senior researcher and writer at Which?, with a background in data analysis and stats in the public and charity sectors.
The end of the tax year is approaching, and incentives such as cashback and prize draws are popping up to tempt you to switch to a new stocks and shares Isa provider.
But you won’t always be able to access the best offers advertised, and you could make bigger savings elsewhere in the long term.
We’ve rounded up the switching incentives currently available for stocks and shares Isas, and checked the terms and conditions to see whether they’re worth considering.
Please note that the information in this article is for information purposes only and does not constitute advice. Please refer to the particular terms and conditions of an investment platform before committing to any financial products.
We have set out the offers below currently available for all new stocks and shares Isa customers, which are offered by the providers we have rated in our best investment platforms assessment.
Click through to each provider to read our full review and see how they compare.
| Provider | Switching offer | Find out more |
|---|---|---|
| AJ Bell | Amazon gift card worth up to £200 when you open and top up a new Isa or Sipp with £10,000 or more, ends 18 May. Entry into a prize draw for a £10,000 John Lewis voucher when you add £1,000 or more to an Isa and/or Sipp. Ends 30 April | Provider website |
| Barclays Smart Investor | Entry into £50,000 prize draw when you open an Isa and deposit at least £1,000. Ends 5 April | Provider website |
| Charles Stanley Direct | Get between £300 and £1,500 on transfers into the service over £20,000, and six-month fee waiver for high transfer | Provider website |
| Fidelity International | Get between £300 and £3,000 cashback when you transfer or deposit at least £50,000 into a stocks and shares Isa and/or Sipp. Ends 5 April | Provider website |
| Freetrade | 1% cashback (capped at £5,000) when you open or transfer an Isa with at least £10,000. Ends 5 April | Provider website |
| Hargreaves Lansdown | Between £75 and £4,000 cashback when you add or transfer £10,000 or more to a new Isa, depending on how much you invest. Ends 5 April | Provider website |
| HSBC | Get between £150 and £500 cashback when you deposit or transfer at least £20,000. Ends 11 May | Provider website |
| Interactive Investor | Get between £100 and £3,000 cashback when you deposit at least £20,000. Ends 5 April | Provider website |
| InvestEngine | Get between £25 and £5,000 when you deposit or transfer at least £5,000. Ends 30 April | Provider website |
| Lloyds Bank | Get up to £600 cashback when you switch your current account to Lloyds Bank and fund or transfer into an Isa. Ends 30 April | Provider website |
| Monzo | Get between £10 and £500 cashback when you transfer an Isa worth at least £1,000 | Provider website |
| NatWest | Every £50 you invest is one entry into a prize draw to win up to £100k cash. Ends 30 April | Provider website |
The highest cashback amounts are typically only available if you transfer large sums.
With Fidelity International and Hargreaves Lansdown, you’d need to transfer an Isa worth at least £1m to receive the top cashback of £3,000 and £4,000, respectively.
While with Interactive Investor and InvestEngine, you'd need £2m to access their top cashback rates of £3,000 and £5,000, respectively.
At Charles Stanley Direct, you’d get the top amount of £1,500 plus a six-month fee waiver for £200,000 or more transferred. The fee waiver would work out to a saving of at least an extra £300 on a £200,000 portfolio.
For platforms with a smaller top amount of cashback, you'll need less to access it. Monzo's top rate of £500 requires £50,000 to be transferred. To get the maximum £600 from Lloyds Bank, you'd need to transfer at least £100,000 to its Isa.
So, where there is a range of cashback on offer, don’t be drawn in by the highest amount – very few people will get it.
Be mindful that with a prize draw, the most likely outcome is that you'll get nothing at all.
Out of all entrants to AJ Bell's John Lewis voucher prize draw, there will only be a prize for one winner.
NatWest's offer is not just for new customers, but existing users too. There will be 1,051 winners in total, with 1,000 customers winning £100, 50 winning £1,000, and one lucky winner netting the full £100,000.
Barclays Smart Investor also extends their offer to existing customers, but they just give out one prize.
As well as paying in the money, you may need to enter the prize draw too – generally by simply clicking a button, but you might have to seek it out.
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Compared to the savings you can make from switching from an expensive stocks and shares Isa provider to a cheap one, the difference made by switching offers may be outweighed in the long term.
For example, if you transferred an Isa invested in funds worth £50,000 to Fidelity International, you’d get £300 cashback. But two years of Fidelity fees would set you back £350 on a portfolio of this size (not taking into account any change in the value of your investments).
With the cheapest platforms such as Freetrade or Trading 212, you'd be better off after two years, even taking the cashback into account. After three years, you’d also have paid less with Scottish Widows and Lloyds Bank and the same amount with NatWest.
To get the most out of your money, it's better to stay invested for at least five years, so you should always think long-term when it comes to savings.
But, if you think any of these platforms is a good fit for you, then making the most of these switching offers can get you a significant saving.
While Fidelity is among the more expensive platforms for a portfolio of £50,000 of funds, with the cashback factored in, it would end up cheaper than the average even after five years.
If you think you can get more out of your stocks and shares Isa from another provider, you should take the opportunity to transfer.
Although the switching process isn’t always the smoothest, most people will be able to transfer within 30 days without issue.
All you’d need to do is contact your new provider and fill out an online or print form with your details, and it will deal with your current provider to move things across.
It’s usually best to do an ‘in-specie’ transfer, which means your money stays invested throughout. If you opt for a cash transfer, the old provider sells your investments, and you or the new provider buys them back. You can lose money if you sell or buy back into the market at an awkward time, although it can be a faster process.
But not all providers can facilitate in-specie transfers. You may also need to factor in fees – some platforms, including Charles Stanley Direct and HSBC InvestDirect, charge exit fees.
We've just updated our reviews of the best stocks and shares Isas based on 4,146 experiences from 3,053 people in January 2026 who invest in stocks and shares Isas, and named three named as Which? Recommended Providers and five as Great Value.
We analysed fees and assessed what investments each platform has on offer. We also put together ratings for customer service and ease of use to help you find the best stocks and shares Isa for you.
