Cash bonus offers… are they worth it? 🤔
Investment platforms can’t get enough of ‘em, but what’s the catch?
In the high-octane, fast-paced world of investment platforms and apps, flashy incentives to swap providers can sure draw you in. But before you get swept away by the promises of free money, let’s crunch some numbers and take a closer look at what’s really going on… 🤓
What kind of ‘incentives’ are we talking about here?
Enter Freetrade, the investment platform causing a stir by offering bonuses ranging from £100 to a whopping £2,100 for transfers from other providers into its ISAs or pensions before 5 April. The cash bonus varies depending on the amount you transfer – switch £10,000 and you’ll be met with a sweet £100 bonus, but larger amounts up to £500,000 will bag you a £2,100 freebie. 💰
Now, while this incentive might seem tempting, it's essential to zoom out and see the bigger picture. Sure, you’ll get a bonus, but Freetrade also hits you with a £5.99 monthly fee for holding a stocks and shares ISA. 🤕
That’s where Dodl comes in! 🚪
With a one-off deposit of £10,000 ISA, Dodl’s low annual fee of 0.15% means you’re paying a staggering £56.88 less than Freetrade over the first year! That means you could offset the £100 cashback reward in less than two years, setting yourself up for the longer-term financial wins. 😎
Freetrade charges and subscriptions included are based on the Freetrade website on 6 March 2024. Investment value and FX fees are not taken into account. Charges can and do change so it's best to check websites for the latest figures.
Freetrade is far from the only investment platform to be offering a juicy incentive at the moment, so it’s important to not get too starry-eyed over those shiny bonuses and look at the bigger financial picture.
To wrap up…
At Dodl, we like to keep things refreshingly simple and wallet-friendly. That’s why we ditch the confusing fee structures and stick to a nice, low, straightforward annual charge of 0.15% per account, with no hidden surprises.
So think of the long-term and open your first low-cost, little effort investment account with Dodl, where simplicity and affordability go hand in hand, like strawberries and cream. 🍓
Explore our investment accounts range today to find the perfect fit for your financial goals.
🔔 Always remember, the value of your investments can go down as well as up. Dodl doesn’t give advice, so if you’re unsure about investing, it’s always best to speak to a financial adviser.