IG offers 8.5% AER variable interest on cash for new customers – double the Bank of England base rate
New customers who open account and make initial investment before May 31 will earn boosted rate until August 31
Offer available across ISA, SIPP and General Investment Account (GIA) only
London, Friday 9 May – IG, the global investing and trading platform, has launched a market-leading1 offer for new UK customers, doubling the interest it pays on cash to 8.5% AER variable - twice the current Bank of England base rate.
The boosted rate will be available to customers who open an ISA, SIPP or GIA account and make an initial investment before 31 May. Customers who meet the qualifying criteria will benefit from the increased interest until 31 August. After this date, interest reverts to IG’s standard variable rate, which currently matches the Bank of England’s (BoE) base rate (4.25% AER variable), making it highly competitive for existing clients.
The announcement of the offer comes as the BoE lowers its base rate to 4.25% AER, a move which typically prompts banks and investment platforms to reduce their own interest rates. The IG boosted rate is significantly higher than any other cash interest rates currently on the market (see notes to editors for details).
Michael Healy, UK MD of IG, said: “While others cut, we’re doubling down. At a time when rates are falling and investors are cautious, we’re offering new customers a standout return on their cash of 8.5%.
“Many investors are sitting on the sidelines right now as they wait for market clarity - this offer gives them a place to park their money and still earn a serious return which is head and shoulders above anything else out there. From zero commission on stocks to transparent fees and market leading cash interest rates, we want to give investors the best possible value.”
Interest paid on the additional 4.25% bonus rate (on top of the standard rate) will be available across all ISA, SIPP or GIA accounts across the IG platform and the IG Invest app, launched earlier this year. Existing account holders will also be eligible for the offer, providing they have not yet placed their first trade and do so by 31 May.
To access the rate, customers must hold an open investment position at the end of each month (June, July and August).
To open an account and be eligible for the offer, customers can follow this link.
Interest new customers can earn on cash with IG
| Cash amount | Interest earned until 31 August if deposit is made today (9 May) |
| £10k | £260 |
| £20k | £520 |
| £30k | £780 |
| £40k | £1041 |
| £50k | £1301 |
| £60k | £1562 |
| £70k | £1823 |
| £80k | £2083 |
| £90k | £2343 |
| £100k | £2603 |
The launch of the 8.5% boosted rate follows a series of recent initiatives from IG, including commission-free share investing, which launched earlier this year.
Investing puts your capital at risk.
Connect with us
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71% of retail investor accounts lose money when trading spread bets and CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.
Professional clients trading spread bets and CFDs can lose more than they deposit.
Options and futures are complex instruments which come with a high risk of losing money rapidly due to leverage. They’re not suitable for most investors. Before you invest, you should consider whether you understand how options and futures work, the risks of trading these instruments and whether you can afford to lose more than your original investment.
Trading stocks and shares ‘on margin’ within a US options and futures account – meaning that you only finance part of the cost of acquiring a position in a security – carries additional risks over buying securities on a fully funded basis and may result in losses exceeding your original investment. Trading on margin will also result in additional costs to you as the investor and any securities purchased using margin may be held as collateral by the lender, restricting both your rights as shareholder, and your ability to use the securities until the margin trade is closed. You should familiarise yourself with these risks before trading on margin.
The value of shares, ETFs and other ETPs bought through a share dealing account, a US options and futures account, a stocks and shares ISA or a SIPP can fall as well as rise, which could mean getting back less than you originally put in. Past performance is no guarantee of future results. Some ETPs carry additional risks depending on how they’re structured, investors should ensure they familiarise themselves with the differences before investing.
Share dealing and IG Smart Portfolio accounts provided by IG Trading and Investments Ltd, CFD accounts and US options and futures accounts are provided by IG Markets Ltd, spread betting provided by IG Index Ltd.
IG is a trading name of IG Trading and Investments Ltd (a company registered in England and Wales under number 11628764), IG Markets Ltd (a company registered in England and Wales under number 04008957) and IG Index Ltd (a company registered in England and Wales under number 01190902). Registered address at Cannon Bridge House, 25 Dowgate Hill, London EC4R 2YA. IG Markets Ltd (Register number 195355), IG Trading and Investments Ltd (Register Number 944492) and IG Index Ltd (Register number 114059) are authorised and regulated by the Financial Conduct Authority.
The information on this site isn’t directed at residents of the United States, Belgium or any particular country outside the UK and isn’t intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.