Nutmeg Avios

It’s back – Get up to 80,000 Avios when you open an ISA or SIPP via Nutmeg

With the end of the tax year approaching, wealth management group Nutmeg has brought back its generous Avios offer for opening a SIPP, general investment account or ISA.

For every £1 invested you will receive one Avios, up to a maximum of 80,000 Avios, when you open an account with Nutmeg before 9th April 2018.

Full details are on the Nutmeg website here.

What is Nutmeg?

As I wrote back in December, when this offer last ran, Nutmeg is an innovative online wealth management service which offers intelligent investment portfolios to anybody with just £500 to invest, with additional monthly contributions of at least £100.

Your money will be invested in what the company calls a robust, diversified portfolio that spreads risk across asset classes, geographies and industries. YourMoney voted Nutmeg the best online Stocks and Shares ISA provider for 2015, 2016 and 2017.  The company now has over £1 billion of assets under management and over 50,000 investors.

How much do I need to invest?

You can open an account with the minimum contribution for an ISA of just £500 as long as you make additional monthly contributions by direct debit of at least £100. You can also make an initial lump sum contribution of £5,000 or more with no direct debit contributions required.

For those opening a pension the minimum is £5,000 with no direct debit contribution required.

What is the maximum I can invest?

SIPP:  for a pension, Nutmeg will award one Avios point per £1 on initial investments up to £80,000. You can invest more but the Avios reward is capped at 80,000 points.

ISA:  the maximum you are allowed to invest in an ISA this tax year is £20,000. You can invest more but anything you commit beyond £20,000 will be placed in a general investment account.

Please note that Avios points are not awarded for customers opening a Lifetime ISA.

The ISA limit for 2018/19 will be £20,000.  If you have already opened an ISA with someone else for 2017/18, you can still take advantage of this offer by jumping in quickly on 6th April when the new tax year starts.

This offer is valid for invested accounts opened and funded before 8th April 2018.

How many Avios will I receive?

You will receive one Avios point per £1 invested.

However, it is important to note that the offer is only open to new Nutmeg customers. A ‘new customer’ is defined as someone who has not previously invested with Nutmeg.

you receive Avios based on your INITIAL deposit only – if you deposit £20,000 in an ISA today and another £20,000 on 6th April for the new 2018/19 year, you will only receive 20,000 Avios

the offer is only open to new Nutmeg customers

When do I receive my Avios?

Your bonus can be credited to either an or British Airways Executive Club account. You will receive your Avios within 45 days of making your initial investment.

If you make a withdrawal or close your Nutmeg account within 18 months, Nutmeg reserves the right to withdraw approximately 1p per Avios awarded from the closing balance before returning funds.  The exact amounts are listed in the terms and conditions.

How do I apply?

You need to sign up and invest via this special landing page to earn Avios. Applications via the standard Nutmeg home page will not earn any points.

Remember, as with all investing, that your capital is at risk. The value of your portfolio with Nutmeg can go down as well as up and you may get back less than you invest. ISA and pension rules apply.

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  1. phatbear says:

    given that virgin have now pulled the plug on existing customers getting any miles this could be the way forward.

    tad concerned i have to leave the money alone for 18months though also has anyone got any feedback on how well they have done in the last financial year with nutmeg.

    • Genghis says:

      Depends on fund and remember that past performance is no guarantee of future performance.

    • Frenske says:

      I did reasonable well last year, account says about +4% gain on a lump sum investment with regular contributions. So probably around +6% annualized.

    • On a 4/10 risk portfolio im 4.2% for 12 months, on a Higher risk 7/10 portfolio im 3.86% over about 8 months.
      This is after fees. Not terrible. Wouldnt have invested if it wasnt for last years avios deal though.

      In the recent market vol they have unperformed more professional outlets.

    • Up 2.48% in a year on risk style 7/10 managed. Not great tbh

      • Frenske says:

        Lump sum or regular contributions? Compound interest on £250 monthly contribution with 5% interest results only perceived interest of 2.8% at the end of the year.

    • About 5% pa over the last 18 months. 6/10 rating with regular contributions

    • Renaud says:

      About 8% in 2017 in time-weighted returns on a 6/10 risk profile. The return quoted by Nutmeg is just the ratio of your gains vs the current value of your portfolio and doesn’t reflect your performance well if you make regular contributions (I started 2017 with a small portfolio and almost tripled its size through contributions across the year). So not that bad.
      2018 not starting great, took a -1.7% hit in Feb. Don’t know how it compares to other fund managers.

    • Relaxo says:

      Total shite returns. Less than 5% on a 7/10 risk profile. Even worse returns for lower risk. Quite frankly, embarrassingly poor performance. On top of that didn’t even get £200 cashback. Avoid.

  2. Do SIPP transfers count?

  3. Is there any way to do ISA transfers? I’ve got enough in cash isas to fund the lot.

  4. Just a note for anyone looking to do this – I opened an ISA last time they ran this offer (December) and have yet to receive the avios. I emailed last week and they said that the avios would be with me in “1 – 2 weeks”. Nothing as yet. I’ll stick another post on here if/when they do show up, or if it requires more emails.

  5. A few years ago I created a Nutmeg login account, but did not make any investments. I assume I am still eligible for this offer…? Just when I go to the Nutmeg Avios landing page, it tells me it recognises my email and to login..I will ring them and check!

  6. Sorry have I got this straight as per your post., So I invest 80k

    You will receive your Avios within 45 days of making your initial investment.

    After receiving I withdraw 80k

    Nutmeg reserves the right to withdraw approximately 1p per Avios awarded from the closing balance before returning funds. So in effect you get 80,000 avios for penalty of £800. That’s not poor return, right?!

    • I would say there are better ways to get avios for 1p that don’t put 80k of capital at risk

    • Or you could wait till the next 50% bonus offer and just buy the avios for around the same price!

      • Roger I* says:

        Yes, but that way you’ve spent the money and have Avios.

        With the Nutmeg offer, you’ve spent the money, have the Avios and £xxx-worth of investment.

        I still have my 2017/18 USA allowance intact. I’m looking at 2x RFS awards (2.5x off-peak) as the potential inducement.

    • Frenske says:

      What happens when the market goes 1% down? Stock markets are too volatile for secure short term investments.

  7. Stevie says:

    -4% on the 2/10.. all Avios gone, as well as additional money.. now scared to withdraw as they may charge me 1 p per Avios?

  8. StewartR says:

    These returns being banded about above … are really poor. You should relieve any fund manager of their services if they’ve returned a negative out the market in the last 12 months – its been roaring!!!

    Some balance needs to be brought to the conversation.

    Invest with Fund Manager, get a few miles, put your capital at risk, in some cases lose money, in other cases fail to match inflation.
    Invest and get good real returns – and buy the avios when they next come on sale.

    If you are having to make yourself 7/10 risk profile (I assume 10 is max/adventurous) for 2.48% in 2017 … something is very wrong. You’ve lost money against inflation there.

  9. As StewartR has said there are other investments out there that generate a greater return 8-10% and preserve your capital

    With the return you can buy Avios or anything else and reinvest your capital

    I generate minimum 8% per annum

    • StewartR says:

      People need to think about what is happening here.

      You invest with Nutmeg and
      A) If you buy ETF or Investment Trusts or actual stocks and shares – Nutmeg charge you a dealing fee i.e. Nutmeg makes money.
      B) You pay an annual Fund Management Fee to NutMeg i.e. Nutmeg makes money.

      Nutmeg makes money if you put money into their service whether you make a positive, neutral or negative return. Doesn’t matter to them, they don’t care – they’ve made their money. The airmiles they give us back are small change/marketing expense.

      It ONLY makes sense to put your capital at risk if the following conditions are met:
      1. You beat the rate of inflation.
      2. You grow your capital greater than the cost of the miles you BOUGHT (you aren’t getting them for free) assuming 0.7p/mile
      3. You don’t take on excessive risk to achieve #1 and #2.

      That is only to break even on the cost of the airmiles!!!!

      A market down turn going to come (not if but when). History tells us it will be minus 20-30% when it does appear. I wouldn’t put my money with anyone unless I was getting at least 5-10%.

      8-10% is what you should be getting and certainly should have been achievable in 2017. S&P 500 returned ~18.5% last year.

      Return is everything in investing. 10% is not twice as good as 5% its many many many times better.

      If those returns above are normal/expected … then this is a bad investment. The airmiles certainly do not cover the lost capital.

      #rantover 🙂

    • Mr(s) Entitled says:

      You are half right

      + StewartR has brought a welcome perspective to the comment section in his post above and below.

      – You cannot get 8-10% and preserve capital. It is always at risk. The debate is the amount of risk based on your assumptions and the probablity thereof but not the existence of risk.

      • Mr(s) Entitled says:

        This was meant to be in reply to RK’s comment.

        • Capital can be preserved in different types of investments, granted stock and shares cannot be guaranteed

          But as a wider portfolio of investments. There are investments out there which preseve capital and generate a 8-12% return

        • Mr(s) Entitled says:

          Stocks and shares are the same thing.

          You understand that even cash at the bank is at risk right? Even the bit insured by the Gov is at risk, albeit small.

      • StewartR says:

        Very fair comment … i should not have used the term “preserve capital” – bad choice of words on my part. I appreciate preserve capital means something quite different in context of investing.

        What I was trying to make clear to people is that the miles are not free. i.e. you are not parking your $$$ with Nutmeg for a period of time and getting a free hand out of miles. You are in fact buying the airmiles from Nutmeg and taking on a risk (a large risk IMO giving the apparent returns and current stage of the market cycle) that you might not make enough money back to cover the cost of the miles + the erosion of capital caused by inflation. It is very possible at the end you’ll be up a few airmiles and down in Net Worth.

        Investing only makes sense if you’re getting sufficient reward for the risk you are taking. Miles in this case (IMO) doesn’t look like sufficient reward when the rates of return described above.

        For sake of argument … 🙂

        Full ISA allowance = £20k. You would get 20,000 miles for that back. @ 0.7p/mile they would be worth £140. Let’s assume inflation = 3% = £600 out of the original £20k. Roughly speaking that means you need make a return with NutMeg of at least £740 or 3.7% just to break even. And that prices in zero risk. You are taking a risk here … and you do need to be paid for putting your capital at risk. I would want 5% MINIMUM for putting my capital at risk given the current age of the bear market (volatility is up … projections are suggesting 2018 are going to be mid to high single digit returns for the market). 5% + 3.7% = 8.7%. If i wasn’t getting that … I wouldn’t put my 20k with NutMeg.

        Need to make people aware that this isn’t your typical mile chasing post. There is more going on here.

        • Mr(s) Entitled says:

          In short: Anyone thinking about making an investment decision based upon the availability of Avios should think again.

          While collecting points can be a fun pastime, dont bring your SIPP into it. It’s far too an important a decision.

        • Agreed, the old Virgin ISA deal was in comparison a much better punt. £100 a month, so averaging in, you were far more unlikely to take a large hit to capital.

          If you were going to invest with Nutmeg anyway, great, but investing 80k for £800 of airmiles doesn’t seem sensible to me, especially since Nutmeg portfolios tend to be quite UK focused, and given Brexit uncertainty UK markets have been having a fairly torrid time (in comparison to most of the developed world).

        • Stevie G says:

          Some great posts StewartR. Thankyou

  10. Nigel Williams says:

    So unless you have a chunk of capital to throw in to make the reward worthwhile, it is better going for the Virgin ISA as a newcomer (Even more so if Nutmeg does not allow transfers in).

    • LuckyJim says:

      The Avios return is negligible relative to the risk and lost opportunity of investing in a better fund. It really should not be a factor in your decision.

      The Virgin offer is a much better deal – 8000 miles for a £900 investment only tied up for 12 months. You are very unlikely to lose money on that.

      • StewartR says:

        Agree 110%.

        • Sussex bantam says:

          I always feel very uncomfortable when HfP promotes this offer. This isn’t buying printer ink or Lego – an investment strategy is vital for us all and I’m not sure avios should feature in that strategy. I wish HfP would point that out more strongly

          StewartR makes strong well rounded points in his post. I would add that using your ISA in this way also has the opportunity cost of using up your ISA allowance for the year. For many people the ability to invest 20k tax free is the cornerstone of their investment strategy and shouldn’t be given away for a few avios

      • Mr(s) Entitled says:

        It’s a sad indictment upon the level of financial understanding in this country that Rob can link to a hotel aggregator that offers Avios and people are up in arms because they may or may not be the cheapest way to access hotels.

        Link to Nutmeg and it doesnt attract the same scrutiny.

        If you are devoting more time to researching hotels and investments your priorities are skewed and your hotel savings are being eaten alive by your investment fees and/or performance (or lack thereof).

  11. Sundar says:

    There is no right or wrong approach.
    Personally, in the past I have benefited from Virgin ISAs in the past converting those to Spire Elite bonus points 🙂 Some folks over here are well aware of the route.
    Past couple of years, I havent gone down the route of miles for ISA, instead focussing on valuing growth of portfolio.
    Fees( Loads of proof/research supporting this) are always a deterrent to Portfolio growth (and thereby returns), but factor it in your investment decisions and you can ( Note : Can not Will) come ahead.
    Any bonus (miles, magazines etc) should be considered as the cherry on the cake and not taken into the equation ( as then your valuations get skewed as that becomes a variable influencing your decision-making).

  12. Just to add, read closely what StewartR has posted, take the time to research your investment. All you need to do is Google ‘best performing funds over 10 years’, compare that with the returns offered by Nutmeg.

    I am 4 months into investing in a stocks and shares ISA, my portfolio is up 8%, the best performing fund is up 16% on average (monthly contributions lower the overall average growth, the first investment is up 20%) while the poor performers are up about 2%, 4 months in and one stock market ‘crash’ which is now long forgotten. But the aim of this isn’t short term gain, its long term compounded growth and saving towards a retirement pot.

    • Great post – and thanks to everyone for considering this so carefully and for such great advice/opinions

    • Past performance is no guide to future performance. In fact, I expect negative correlation because bond funds will have seen huge gains over 10 years but as soon as interest rates rise bond prices will automatically fall so that the yields keep in track.

    • My point, similar to other comments, is that people should do a like for like comparison between self-investing (on a platform such as Cavendish) and using Nutmeg. Measuring the return versus a high interest savings account may not be a good measure given your cash is at risk and other ISA funds are doing much better in the current bear market. My own experience is based on funds in various sectors and not bonds. Everyone is expecting a fall in the markets, and how will a Nutmeg ISA perform in such an event where previously in a bull market it was returning just 2 – 4%. Also, as others have said, a lot us of spend more time researching hotel rooms and not investments where our cash is at risk.

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