HSBC UK is offering up to £500 cashback for depositing and/or transferring new funds into a cash ISA before May 11, according to multiple reports. The offer runs from March 9 to May 11 and provides tiered cashback: £150 for £20,000-£49,999, £250 for £50,000-£99,999, and £500 for £100,000 or more. First Direct is offering a £100 cash reward for depositing or transferring £10,000 or more into a First Direct variable cash ISA before May 4, with the offer available between April 6 and May 4. According to First Direct, customers can receive £100 cashback when depositing or transferring at least £10,000 of new funds into a First Direct Cash ISA, with the reward credited to their First Direct current account.
To qualify for the First Direct £100 reward, customers must maintain a First Direct current account for the reward to be credited into, and they must maintain a cash ISA balance of at least £10,000 until July 31. New funds for the First Direct offer are defined as funds not already held in any First Direct, HSBC, or M&S Bank account before April 6. First Direct customers can also claim a £175 switching incentive on top of the £100 cash reward if they switch their current account through the Current Account Switch Service and meet the criteria. It is unknown how many customers have taken up the HSBC UK or First Direct cashback offers so far, and the specific terms and conditions for the HSBC UK offer beyond the basic tiered structure have not been detailed.
First Direct is an online arm of HSBC UK. Currently, people can newly save up to £20,000 annually in cash ISAs, stocks and shares ISAs, or a mix of both. From April 2027, the annual adult cash ISA limit will be reduced to £12,000.
According to Andrew Hagger, a personal finance expert at Moneycomms.co.uk, Investec Save has increased the rate on its one-year fixed rate ISA to 4.20%. Andrew Hagger said Nationwide Building Society, Tandem Bank, and Aldermore have also launched new deals. Whether other major banks beyond those mentioned are planning similar ISA incentives before the tax year deadline is not yet known.