The amount you’ll get back in cashback depends on the site you choose to use, although at the moment it’s possible to earn around £25. It’s important to remember that there is almost always a minimum deposit rule in place for the Moneyfarm cashback offer, which means you’ll have to invest a certain amount of cash before you can claim your cashback. Currently, this amount sits at £5,000 across most cashback sites, but some schemes do start paying out once you’ve invested £2,500.
- Cashback amounts can vary depending on the site used
- Shopping around is a vital task
- Only investment deposits – not fees – are usually counted when working out cashback eligibility
- Good practice to check at what investment level you will become eligible
For that reason, you should check first in order to ensure you know when you can claim Moneyfarm cashback and that you don’t have to invest an unnecessarily high amount simply to qualify. It’s also vital to note that many cashback sites only take into account the cash you’ve deposited specifically as an investment when working out whether or not you’re eligible. This means that any other charges associated with making that deposit don’t necessarily count. With major cashback site Quidco, for example, cash you might pay out on a whole host of other fees in order to make your deposit (such as any card payment charges) don’t count towards the cashback eligibility total.
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Time and Location
In addition to the minimum investment deposit amounts you will need to make; the other important area of many cashback offers’ terms and conditions concerns the time you need to commit to your Moneyfarm investing career in order to become eligible. Moneyfarm cashback is currently available through a range of reputable websites, such as Quidco, but in many cases you will need to ensure that you act fast when you sign up for the offer.
- Common for cashback sites to require sign ups shortly after expressing interest
- You may need to make a deposit quickly
- Schemes are often only for those who opened their account in the UK
- Reading the terms and conditions is a smart move
On Quidco, for example, you will need to sign up for your all-new Moneyfarm account within just one hour of clicking on the link. Once signed up, you’ll then need to make sure you invest the minimum deposit amount (or more) required as per the terms of the specific cashback offer you’re using with Moneyfarm within 30 days. With Quidco, you also won’t be able to claim your cashback until you’ve completed a 30-day period as a Moneyfarm investor. It’s also worth remembering that this offer is only available to those who open their account in Britain.
The Moneyfarm cashback offer is usually available through third party cashback sites, and these sites work by gaining commission from brands in return for advertising their products and services. Each of these sites will have their own sets of terms and conditions and it’s important to read these in full before you get started. At Quidco, for example, each Quidco account will only be able to access this offer once, so you should ensure that you’re at the right stage in your investment career before committing. If you’re still not fully committed to a trading career at the level required to gain the cashback, it may be worth taking advantage of this offer at a later stage instead.
In addition, the firm stipulates that you have to have BACS as your registered Quidco payment method in order to qualify for cashback: it’s possible that you won’t receive your bonus if you don’t have this set up, so you should check before you sign up or make any deposits to Moneyfarm. Over at competitor site TopCashback.co.uk, the rules state that you won’t be eligible for the cashback if you’re already a Moneyfarm customer. That site also bans the use of additional promotional codes in tandem with this offer, even if the other offers were not found on TopCashback itself – so you should be careful not to combine any other Moneyfarm deals you find with this one.
Get a Good Deal
Because this deal is usually accessed through a third party, do your research and taking advantage of the competitive cashback marketplace. Looking around the range of cashback sites on offer to make sure that you find the best deal is essential, and it’s also wise to keep on doing this on a regular basis. Quidco’s offer, for example, currently sits at £25 for investments of £5,000 and over but competitor site TopCashback.co.uk offers £26.50 for investments of £5,000 and over.
- Four-figure investment amount may be required to become eligible for cashback
- The cashback marketplace is dynamic, and it may change fast
- Staying on top of deals is a good idea
- Customer reviews indicate a good service
This can change on a regular basis, so it may be worth waiting a while and monitoring the offers until you find the highest one. But as customer testimonials from those who have used the cashback schemes reveal, getting a good deal is more than possible. “Great deal and an excellent platform!” wrote one Quidco user. “I took advantage of the Moneyfarm offer earlier this year just before the ISA deadline. The initial investment, direct debit and cashback all went very smoothly,” they added.
Check the Payment Rules
As with most offers, there is usually some small print to digest when it comes to cashback schemes and you should read it carefully to make sure you don’t get caught out. Quidco, for example, does state that the cashback offer can track (which means to become associated with you as a Moneyfarm customer when you join) at an amount which doesn’t match the one you originally signed up for.
- Small print may stipulate rules you hadn’t previously noticed
- Cashback amount can technically change after you begin the process
- In most case offers work out as planned and the customer gets paid
- Quidco rates the Moneyfarm offer’s tracking reliability at 98%
This shouldn’t lead you to assume that cashback offers are doomed to fail, the majority of cashback offers work out as planned and the customer receives their cash. Quidco tracks the performance of their cashback offer and its statistics show that it takes around 24 hours for the offer to be tracked. Payments are made in under six months, which, although it may seem like a particularly long time, is actually not uncommon in the world of cashback sites. In addition, it also gives the Moneyfarm offer a 98% tracking reliability rating. Overall, this means that opting for this cashback offer is more often than not a worthwhile activity.
Once you have satisfied the Moneyfarm cashback scheme’s requirements, signed up and started your investing career, you’ll eventually become eligible for your cashback. But that’s not the only way you’ll be able to save cash by using Moneyfarm and that’s because of the site’s relatively competitive fees. A stock broker comparison of different providers in Moneyfarm’s niche reveals that, for certain investment amounts at least, Moneyfarm can provide a highly cost-effective fee structure. Compared to Nutmeg (a major competitor in the robo-advice broker field), Moneyfarm offers a lower charge, on smaller investments at least.
Moneyfarm stands out compared to other providers for its decision to offer free portfolio management on investments up to £20,000 for one year when you first sign up. For those who invest the requisite amount often needed to claim the cashback offer, it could be the case that you don’t pay any Moneyfarm fees at all. Following that year, it will cost 0.7% to have a managed portfolio at this amount with Moneyfarm and 0.75% with Nutmeg. A portfolio of between £20,001 and £100,000, meanwhile, will cost 0.6% at Moneyfarm and 0.75% at Nutmeg. For investments of over £100,000, Nutmeg is marginally cheaper than Moneyfarm – but with cashback offers only usually requiring four-figure investments, this normally won’t apply to most cashback hunters seeking to invest the minimum.
The cashback schemes outlined here are well run and the teams behind them have lots of experience, so it’s unlikely that you’ll hit any difficulties. It is possible, however, that you’ll have queries about some aspects of your individual cashback experience, such as questions about the exact timings of payments. In the event that you need to contact the relevant customer service teams, you’re unlikely to have any trouble: Quidco has a strong support document library which answers 95% of customer questions, for example, and if that doesn’t help then they pledge to try to answer a question within 24 hours of you submitting it.
Moneyfarm also has a strong customer service offer, including email support and a phone call scheduling service so that you can go on a call at a time that suits you. As well as finding out how they work, it’s also worth looking at what others have said about the services, too. “A brilliant service for all,” one user on online review website TrustPilot wrote this about their experience of the Quidco customer service team. “Easy to use. Helpful with any questions,” they added. In sum, you’re more than likely to enjoy good customer service when claiming your cashback.
Moneyfarm: our verdict
Moneyfarm provides a great broker service and not only that, the cashback schemes out there provide extra ways to make the most of your investment money. The cashback scene is competitive and as a result it’s possible to shop around and find a cashback offer which gives you the very best deal. As our broker comparison shows, the fees charged by Moneyback are competitive on many of their products, especially those at the end of the market for which the cashback offers tend to be well-suited – so you’ll often be able to maximize earnings both from lower fees and from cashback.
While it is true to say that hunting down a good cashback offer may require you to invest some time in looking through the market and checking that your investment satisfies the sometimes complex rules the cashback sites put in place, it is also the case that the financial gain once the cashback is paid is often worth it. With some leading cashback sites rating their Moneyfarm offers as highly reliable and enjoying a fast payout time (based on the cashback industry norms) it’s often worth it for many people who take up the offers. For those looking to make their cash work for them, it’s worth investing in Moneyfarm via a cashback site. After all, if you’ve already planned to invest you’ve got nothing to lose and everything to gain by doing it via a cashback service.