It’s back, bigger: Get up to 150,000 Avios when you open an ISA, SIPP or General Investment Account with Nutmeg

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This is an advertisement for Nutmeg Saving and Investment Limited (“Nutmeg”). Nutmeg has agreed to pay the publisher an award for new customers acquired via the promotion of its services on this site. Head for Points is a journalistic website. Nothing here should be construed as financial advice, and it is your own responsibility to ensure that any product is right for your circumstances. Recommendations are based primarily on the ability to earn miles and points. Robert Burgess, trading as Head for Points, is regulated and authorised by the Financial Conduct Authority

With the end of the tax year approaching, Nutmeg has improved on its generous Avios offer for opening a pension, ISA or General Investment Account.

Invest between £500 and £19,999 and for every £1 invested you will receive one Avios

Invest between £20,000 and £100,000 and you will receive 1.5 Avios for every £1 invested

This means that with a £100,000 investment you will receive 150,000 Avios!

This Nutmeg offer runs until 7th April 2019. Full details are here.  This means that you can invest for either this tax year or the new one.

What is Nutmeg?

As I wrote back in October, when a similar offer last ran, Nutmeg is an innovative online wealth management service that 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, 2017 and 2018.

The company now has over £1.5 billion of assets under management and over 60,000 investors.

Nutmeg Avios offer

How much do I need to invest?

You can open an account with the minimum contribution for an ISA or General Investment Account (GIA) 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 £500 with no direct debit contribution required.

What is the maximum I can invest?

The maximum you are allowed to invest in an ISA this tax year, which runs to 5th April 2019, 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 are not awarded for customers opening a Lifetime ISA, 100% cash ISAs or 100% cash GIAs.

Why should I invest with Nutmeg?

In their own words: “We take the best elements of a high-end investing service, strip out the complexity and cost, and provide it to you online.”

Nutmeg Avios offer

How many Avios will I receive?

You will receive one Avios per £1 invested in a pension, ISA or GIA up to an investment of £19,999.

Invest between £20,000 and £100,000 and you will receive 1.5 Avios per £1 invested.

For example if you invest £10,000 you will get 10,000 Avios.  If you invest £20,000 you will get 30,000 Avios An investment of £50,000 will earn 75,000 Avios.  £100,000 will earn you 150,000 Avios.  You can invest more but the Avios reward is capped at 150,000 points.

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. This offer is valid for invested accounts opened and funded before 7th April 2019.

Any half Avios will be rounded up to the nearest full Avios!

When do I receive my Avios?

Your bonus will be credited to your 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 24 months, Nutmeg reserves the right to withdraw the cash equivalent of the Avios points value awarded from the closing balance before returning funds.

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.

(Want to earn more Avios?  Click here to visit our home page for the latest articles on earning and spending your Avios points and click here to see how to earn more Avios from current offers and promotions.)

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  1. Only if they let you choose individual stock or fund.
    No point in Nutmeg making decision on your behalf for the sake of points!

    • Shoestring says:

      If you make a withdrawal or close your Nutmeg account within 24 months, Nutmeg reserves the right to withdraw the cash equivalent of the Avios points value awarded from the closing balance before returning funds.

    • I am happy with that tbh, had an account with HSBC before when you had to do a lot of research and monitoring of funds to reinvest, simply not worth the hassle as most of us do not have the experience of Nutmeg (or other funds) managers

  2. Ooh, that’s interesting. I wonder how much it costs to transfer my SIPP in and then out again for 150k Avios.

    Those Avios will probably be worth more than my pension soon if the doom mongers are to be believed.

    * I am not likely to do this as will no doubt be more complicated and costly than it should be !

    • Shoestring says:

      If you make a withdrawal or close your Nutmeg account within 24 months, Nutmeg reserves the right to withdraw the cash equivalent of the Avios points value awarded from the closing balance before returning funds.

  3. Anyone know what Nutmeg value an Avios point at ?

    Genuine question and one which seems very relevant with regards to the cost of the financial product Nutmeg are selling.

    “If you make a withdrawal or close your Nutmeg account within 24 months, Nutmeg reserves the right to withdraw the cash equivalent of the Avios points value awarded from the closing balance before returning funds.”

    • Genghis says:

      It was 1p last time I checked.

    • I don’t know if relevant, but for their standard 2500 avios deal, the terms state that they reserve the right to withdraw £50 pounds from your balance if you close the account within 12 months. From this would seem like 2p per avios, but obviously could be unrelated.

      • Genghis says:

        There’s different bandings in the T&Cs. Min of 1p. You need to be in this for the two years. Not for me given ongoing costs.

  4. And five years later that Nutmeg £100K will be £90K, having massively underperformed and whittled away with their charges. (Good years of 8% growth, is actually only 2% from them, and whittled away with 1% charges. Charges still applied when in loss).

    Oh, and they might have paid out 100K avios out of the 150K, initially only giving you 50K and you give up after about 3 years of trying to get it all out of them.

    And you watch as they advertise more incredibly offers they won’t pay.

    • reddot says:

      0.75%, not 1%, platform fees for fully managed portfolio up to 100k. 0.45% for robo portfolio.

      To add a different view –

      If you are a DIY investor as I am, then I get why you don’t like Nutmeg, but not everyone derives joy from picking individual ETFs or ITs.: there is a time cost to everything and choice can be a curse. Without the likes of Nutmeg, my partner’s cash would just be idling in the bank.

      • Why not put it into Vanguard Lifestrategy or Blackrock Consensus then – or the FTSE Global All Cap if you don’t like the UK bias. You just need to pick your the risk allocation and I suppose it would be best to drip feed rather than lump sum if you are afraid of Brexit-like events.

        • Richard Abrams says:

          I completely agree with this. Although these are long term assets its performance since Jan 2018 has been poor. Very few options to customise. My advice: keep your eyes on the prize and look for better performing fund managers rather than those who offer small but shiny perks.

        • Another vote for Lifestrategy here – nice and straightforward and low charges

      • I was doing DIY for a few years only to prove again to myself that this is exactly the case when chasing sheep is best left to shepherds

      • Reddot says:

        I tried to do a comparison starting 2017 by also putting some money into Vanguard Lifestrategy 100% (seized by the hype). It did not outperform Nutmeg where I had risk level 10 managed and certainly did worse than my S&P 500 ETF. Of course early days yet, but we shall see.

  5. I think it would be fair to add their fees structure to the article to show how much you actually pay for avios depending on how much you invest – assuming you keep the money for full 2 years and ignoring any gains/losses as thses are unknown.

    • You’d need to publish competitor fee structures for comparison, which is rapidly heading outside my area of expertise.

      • Let me help you:

        20000 invested for two years with Nutmeg with a fee of 1.02% per year gives a total cost of around 400.

        To make it simple you buy 30000 avios for 400 pounds.

        • Genghis says:

          That’s not the comparison though. The comparison is to an alternative similar provider, e.g. Vanguard Lifestyle at 0.22% ongoing fund charge + 0.15% account fee = 0.37% all in.

  6. Doug M says:

    Said it before. I’d never consider an investment provider on the basis of points or any other inducement. If their products were good enough and their charges low enough why would they need to sweeten the pot.

  7. SammyJ says:

    If I had 100k just sitting around to invest, I don’t think I’d be doing it based on some Avios points.
    A Parker pen… perhaps.

  8. Frenzie says:

    Just to manage your expectations . I invested £15K over 3 years with risk level 7.
    I now have 2% intetest in total.

  9. I recently notice that Nutmeg make more money out of my pension investment with them than I do. Paltry returns, and they make a lot of admin mistakes. If I was doing this again, I wouldn’t go with Nutmeg.

  10. My wife any myself have had Nutmeg accounts for a few years now – done very well (Set at highest risk level – why not! – we have cash ISAs for safe stuff). Real shame this isn’t available to existing account holders adding in the next tax years allowance – think I’d take it up if they allowed that.

    • zebrum says:

      At highest risk last month because of the crash you would have lost everything you made in the last 2 years, might wanna check your account

  11. Unless you are investing > £10k then there are other routes to Nutmeg which will pay a better sign up bonus (which can be taken as Avios).

    • Most will. Apparently we have the highest average initial deposit of any Nutmeg partner.

      I had an interesting stat from Virgin Money the other day too. The average deposit from HFP readers who opened the Virgin Atlantic Savings Account is £45,000.

      • High rollers

      • I guess it’s all this money that HFP readers save by not having to pay full price for flights! 🙂

      • The average balance of Nutmeg customers was £24k (2017).
        They lose money hand over fist, and loses are increasing.
        They lost almost 3 times their turnover in 2017
        Even in they double in size I doubt they will be profitable.
        Getting HFP with bigger balances (at a higher acquisition cost) doesn’t seen the greatest idea.
        Will only work if they don’t switch after 2 years.
        How likely is that ?

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