Robo-investment cashback deals

MSE update Tue 25 Jun 6pm: This Wealthify deal proved really popular with MoneySavers and all 1,500 bonuses have now gone. We've left the details here for reference, if you apply now you WON'T be eligible for cashback.

Robo-provider Wealthify is offering £40 cashback to the first 1,500 new customers who open a stocks & shares ISA or general investment account via our link, as long as they fund it by Sun 30 Jun.

You need to stay for six months from your first investment to get the cashback, and must deposit £400 upfront in one go or make a minimum initial investment of £300 and then five top-ups of at least £20 by the end of the six months. The £40 cashback will then be paid into your Wealthify account within 30 days.

You won't get cashback if you make any withdrawals within the six months, but once you've got the cashback, you're free to withdraw it.

Wealthify charges annual platform fees of 0.7% if you're investing up to £15k, which are calculated daily and collected monthly. There are also fund manager charges of about 0.22% a year, and transaction costs of 0.07%. So if you were to invest the minimum £400 for six months you'd pay about £1.98 in fees (£3.96 annually). Factoring in the fees, the cashback in effect gives you a 9.5% head start.

You'll be investing in a fully managed portfolio of funds based on the level of risk you're willing to take (Wealthify will ask you a few questions to assess your risk profile).