Bank and investing cashback gives to earn a fast £200 after IG closes its deposit match deal early

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A rush of savvy investors saw IG close its cashback deal that matched deposits up to £200 early, thanks to ‘unprecedented demand.’

It was due to close on 13 February but ended on 11 February instead, highlighting how snapping up good deals quickly can pay off.

Investors who took advantage get their cash by 30 July. And with no requirement to switch from another provider, the offer provided a straightforward way to earn £200.

But the good news is that deals like this come thick and fast around the tax year end, as Britons think about maximising their allowances.

Investing platforms and bank accounts offer these carrots to try to tempt you to shift from existing providers, but some deals have more hoops to jump through than others.

Here are some alternative ways to earn £200, from bank switch offers to similar cashback deals from investment platforms.

How to earn £200 by moving your money

1. Switch your bank account – up to £225 up for grabs

Banks regularly run offers to get Britons to switch their current account completely using the current account switch service (CASS).

There’s been a good spate of deals recently, with a top deal from Club Lloyds paying £250. That one closed earlier this month, but it’s still possible to nab up to £225.

The main hoop to jump through is that you must completely switch using CASS. You often need to switch several existing direct debits, plus pay in a minimum amount.

You must be a new customer too. If you’ve held an account from the bank or had a switch offer from them before, check whether you’ll be locked out of the deal first.

Santander: £200 plus £25 Amazon voucher (£225)

Deal closes: Open-ended, can be withdrawn any time

You’ll get the cash by: 90 days after your initial request to switch

Santander is paying £200 for switching to an eligible current account. These include its Everyday current account, which has no monthly fee, plus its Edge and Edge Up accounts. These have monthly fees of £3 and £5 respectively, but come with perks such as cashback.

On top of this you can get a £25 Amazon gift card if you switch through Moneysupermarket*. There’s no end date for this, but the terms mention it can be withdrawn at any time.

To get the £200 you need to switch, have at least two active household direct debits, and pay in £1,500.

Watch out for the direct debits, because Santander has a select list of services it accepts. This does include the major utilities providers such as British Gas, BT and Sky.

TSB: £150 plus £50 for paying in £1,000 by April (£200)

Deal closes: 17 February

You’ll get the cash by: 31 May (£150 in April and £50 in May)

Unlike other switch deals, TSB doesn’t require you to move over direct debits.

You need to complete a full switch to a Spend&Save or Spend&Save Plus account (£3 monthly fee).

To get £150 you need to log in to the TSB app, deposit £1,000, and then make five or more debit card payments before 20 March. You should get the cash by 7 April.

Then for the extra £50 you need to deposit another £1,000 in April – you should get the money by 31 May.

First Direct: a highly rated alternative (£175) 

Deal closes: Open-ended, can be withdrawn any time 

You’ll get the cash by: The 20th of the following month after you meet the criteria

It’s not quite £200, but First Direct is highly rated for customer service, and its £175 switching incentive is a long-standing offer.

To qualify you must switch at least two direct debits, pay in £1,000, log on to digital banking and make at least five debit card transactions within 30 days of the switch. 

2. Open an account with a new investment platform

Investment platforms regularly offer cashback for depositing or transferring your funds to them.

With fierce competition among providers before tax-year end, it’s a good time to consider a switch.

It’s important to carefully consider whether the platform is right for you before going ahead – don’t decide based on the deal alone. Read our reviews of the best stocks and shares Isas and the best self-invested personal pensions (Sipps) for more.

There’s usually several hoops to jump through to qualify, so be sure to read the terms and conditions of each deal. Keep in mind that they’re usually only for new customers too.

Freetrade: Transfer or deposit £20,000 (£200)

Deal closes: 5 April

You’ll get the cash by: 5 December

Freetrade is paying 1 per cent cashback* when you deposit or transfer a minimum of £10,000.

There are two separate deals – one for an Isa and one for a self-invested personal pension – and it’s possible to take both at the same time.

To get £200 you need to deposit or transfer £20,000 into one of these accounts, but there’s a maximum of £5,000 up for grabs per deal.

The deals close on 5 April, and you need to sign up specifically for them in your Freetrade account.

If you withdraw money before the cashback’s paid, this lowers the amount you receive. 

> Open an account with Freetrade* 

Hargreaves Lansdown: Transfer or deposit £20,000 (£200)

Deal closes: 5 April

You’ll get the cash by: March 2027

The UK’s best-known investment platform, Hargreaves Lansdown, has a duo of deals each paying between £75 and £4,000 cashback*. Like Freetrade, there’s one for an Isa and one for a Sipp, and it’s possible to take both.

To nab £200, you must have at least £20,000 to deposit or transfer into an account. Cashback then steps up in tiers, with a huge £750 on the table if you have at least £100,000.

The deals aren’t applied automatically, with Hargreaves Lansdown requiring you to explicitly sign up for them. You can do this by using an online form, or by messaging or calling the customer service team.

It’s not a quick earner, because you need to keep the money in your account until 28 February 2027 to qualify for the cashback.

> Open an account with Hargreaves Lansdown* 

Alternative options for investment platform cashback

These deals aren’t quite as strong as others, with higher deposit or transfer values needed to qualify. They might still be attractive if you prefer the below investment platforms, or you’ve exhausted other deals.

Fidelity: Deposit or transfer £50,000 (£300)

You need to deposit or transfer £50,000 to a Fidelity* Isa or Sipp to get £300. Fidelity calculates your cashback on both lump sums added and transfers applied for during the offer period, so there’s good flexibility on the type of deposits that qualify.

The deal closes on 5 April. You’ll get the cashback within 90 days of the end of the offer, but you must hold your assets with Fidelity for at least 18 months, otherwise it may reclaim the money.

> Open an account with Fidelity* 

Interactive Investor: Deposit or transfer £100,000 to a Sipp (£200)

We like Interactive Investor* because of its flat fees, which it has recently simplified. Read more in our Interactive Investor review.

This offer ends on 28 February.

There’s a high deposit or transfer value needed – between £100,000 and £499,999.99 qualifies you for £200.

If you have between £20,000 and £99,999.99, you’ll get £100.

It pays out quicker than other deals we’ve covered, with Interactive Investor doling out the cash within 30 days of you meeting the criteria. However, you need to keep your account open for 12 months, otherwise it can reclaim the reward. 

> Open an account with Interactive Investor*