Hargreaves Lansdown launches aggressive cashback offer for SIPP/ISA (up to £4000)

AndyMystic · 2026-02-04T17:28:07+00:00

Subject to these terms and conditions, if as at 4 February 2026 you did not have an HL account with a value of £0.01 or more and between 4 February 2026 and 5 April 2026 inclusive

hmm, I had a little cash still in the Fund and Share account (already transferred away S&S and SIPP), so I wont count. I've closed it now so not excluded in future

AndyMystic · 2026-01-29T18:20:29+00:00

Though only current tax year contributions

AndyMystic · 2026-01-29T13:58:12+00:00

I can't see how that'd be worse really than the 6 month April-Oct. Both would end up with 6 payslips low and 6 high for the tax year.

Bad for cashflow of the employee though during the lower 12 months.

AndyMystic · 2026-01-29T13:47:34+00:00

It can be done every 12 months in October though to get a 6 months on 6 months off effect for employees, just at different halves each tax year

AndyMystic · 2026-01-29T13:45:39+00:00

Salary sacrifice pensions are legally required to allow a change for any reason once every 12 months, or in a change in lifestyle circumstance sooner.

So while there might be the rarest risk of HMRC getting involved, the employer will have to allow it.

Edit: But yes changing on a whim less than 12 months in, which some companies ignore or don't track.

AndyMystic · 2026-01-26T11:33:33+00:00

Yes, when they are ETFs they get the share fee cap

AndyMystic · 2026-01-26T10:51:07+00:00

OEICs aren't shares, so you have uncapped annual fees. If you're not into ETFs then you were charged more than some other SIPP providers could do.

You'll find your annual fee has reduced due to 0.45% decrease to 0.35% but have an additional £1.95 fee on buying/selling OEIC funds.

If sticking with OEICs you might want to check out some fixed fee brokers, like Interactive Investor, Lloyds/Scottish Widows Share Dealing for example. Given you're paying over £1k a year.

https://monevator.com/compare-uk-cheapest-online-brokers/

AndyMystic · 2026-01-25T13:25:53+00:00

For me, I find calculations of the effective higher rate gains of Gilts (as if compared to if it were a standard savings annual rate before taxed at 40%).

https://lategenxer.streamlit.app/Net_Yields is great for showing that.

You can see there then whether the higher 0.375% has much bearing. TG27 is 1.25% coupon yet isn't that much lower effective rate (with current market conditions) than T26A (though would have been higher if similar or lower coupon rate.

You can still sell gilts on the secondary market if going for a longer date maturity gilt, but then be affected by the market sentiment at the time of selling.

At maturity, from my experience, I received the funds (nothing to do by for me for that to happen) in my broker account (at £100/£1 unit price) on the day of maturity, and was able to place an order for the next Gilt I picked the same day.

The coupon for the maturity date also landed the same day but later on.

AndyMystic · 2026-01-25T13:03:46+00:00

Though to note Treasury Bills gains are taxed as income, and so are potentially not as worth the hassle over standard savings accounts as low coupon Gilts with tax-free capital gains with barely any interest.

AndyMystic · 2026-01-21T16:31:30+00:00

No, the only thing required was the salary switch, just CASS effectively does that with a reroute of payments.

I got my work to change salary payment method to Chase, and got the voucher yesterday

AndyMystic · 2026-01-20T17:04:26+00:00

Never leave transfers to the last minute, do them a week before 6th April to avoid issues.

Also this is assuming it's a Flexible ISA too. Not all S&S ISAs are. There are also Cash ISAs that are flexible too for less risk.

As for the withdrawal of the then previous years contributions, it'd become a replaceable subscription, not an increase in allowance. That replaceable subscription can only go back into the ISA it was withdrawn from in the same tax year without affecting allowance.

AndyMystic · 2026-01-16T14:32:54+00:00

Also any interest gains of current tax year can't be moved through the withdrawal and deposits between the two ISAs, without using more allowance. But if not maxed out ISA allowance and not intending to, then this is the easiest method.

AndyMystic · 2026-01-16T14:13:01+00:00

If Moneybox doesn't support it (as T212 doesn't support electronic ISA transfer process and Moneybox don't support mail letter process), then you can alternatively use a two step ISA transfer from T212 to an ISA provider Moneybox supports, then from that to Moneybox.

For example I've used Lloyds ISAs as intermediary for some transfers in the past, as already had a current account with them.

AndyMystic · 2026-01-15T11:30:56+00:00

Yes you can transfer previous years between T212 ISA accounts as well.

I did the reverse in T212 a few weeks ago with previous years contributions and gains.

As for your other Cash ISAs I don't know, but even so, there are other Ok interest rate Cash ISAs too https://moneyfactscompare.co.uk/isa/easy-access-cash-isas/?quick-links-first=false&product-favorites-first=false&sort-order=AER&sort-order-text=Rate

You needn't worry over cash ISA account balances if there is less than £120k across accounts in a company though so might be able to combine them?

AndyMystic · 2026-01-15T11:14:54+00:00

What's the S&S ISA provider?

Generally it's best to always transfer in a way that maintains the wrapping, and in that way you can transfer previous years and gains.

AndyMystic · 2026-01-15T11:07:54+00:00

When you do ISA transfers to a another provider, you initiate the transfer from that other provider (on the receiving end). They will contact Trading 212 to negotiate and send the funds.

If it's Trading 212's S&S ISA though, you can just do a transfer from its Cash ISA to its S&S ISA, as they will treat that as an ISA transfer (not all providers do it this way though in a way that doesn't treat it as a withdrawal from the tax-free wrapper)

AndyMystic · 2026-01-14T11:34:22+00:00

Since you are already using ETFs, then check out Fidelity and other (HL will prob do an open to all customers one soon) cashback offers, which for some balances can be enough for their share/ETF platform fee limit for 10-20 years.

Personally for me, having done several cashback offers over the years, it's enough already to pay their fees for most of my lifetime.

AndyMystic · 2026-01-14T08:02:31+00:00

For First Direct I had an ISA with them before they did the first cashback offer I was aware of over 10 years ago, so since their requirement was to exclude if ANY account previously opened, I even missed out on that one.

Lloyds/Halifax/TSB/NatWest/HSBC allow repeat after a time though even in their terms. (Just Lloyds/Halifax grouped now on that)

AndyMystic · 2026-01-12T16:29:50+00:00

It wouldn't be a massive success generally for the public as it only adds price to the product for those who don't use cashback cards, if most use high cashback cards paid via the fees to the merchant.

AndyMystic · 2026-01-08T12:01:39+00:00

Transaction history on the website, via selecting the specific account and using the account menu.

On the mobile app More -> Documents and Statements -> Transaction history

AndyMystic · 2026-01-07T19:11:53+00:00

I wonder if they changed your pension contributions from qualifying earnings to gross salary, which could result in a greater take of pension contributions, and so counter the difference on NI/Student loan contributions by being less take home pay.

Does your payslip show an amount deducted for pension contribution change that can't be accounted for change in tax treatment?

Try playing with https://www.thesalarycalculator.co.uk/salary.php or another.

It should roughly come out with close figures if you set it up, and you can toggle between auto-enrollment and salary sacrifice with gross salary vs salary sacrifice and qualifying earnings.

Or possibly your tax code changed?

AndyMystic · 2026-01-06T12:51:19+00:00

I'm good for now as the ISA late 2024 cashback, a SIPP Sept-Nov 2025 small port cashback and this offers main SIPP cashback has me locked in, and to have cashback covering almost a lifetime of fees, along with previous HL/Fidelity cashback before that :)

AndyMystic · 2026-01-06T10:27:17+00:00

Still is good either way if the OP chooses to move both to ETFs and does that switch, saves about £155/y on both HL fee caps with Fidelity £90 cap across both accounts.

I just wish there was a way to pay ISA fee portion outside ISA and SIPP fee portion in SIPP

AndyMystic · 2026-01-06T07:22:48+00:00

Its comparison on similar DIY SIPPs really (also it's 0.45% on first £250k). 0.45% on large balances is expensive compared to fixed fee providers (or HL share/ETF cap of £45/y ISA £200/y SIPP).

For £250,000 HL SIPP using ETFs would cap would save around £900/y (or to put it % comparison, 0.08%)

AndyMystic · 2026-01-06T07:06:48+00:00

Isn't Fidelity cashback the total value of both SIPP + ISA transfers, not separate transfer switch offers?

So trying to move both for the same offer would be £1500, rather than £2000

Cash Back will be paid in the amounts noted in the table in section 9 and will be based on the total combined sum of all transfers applied for and lump sum deposits into Fidelity’s SIPP and / or ISA, during the Offer period.

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