Chase/Nutmeg - What's the catch?

[Jenkins]

I have an account with Chase banking and there's been a link on the app to Nutmeg (also owned by Chase) whereby if you invest £1000 with Nutmeg by the 5th April and leave it there until at least the end of June, they'll add £100 to it.

As long as you bank with Chase and don't have a Nutmeg account yet, you could get a £100 investment boost. Here's what you need to do:

• Open a Nutmeg account through the Chase app, following the steps above, by 5 April 2023
• Pay in at least £1,000 to a Nutmeg ISA, Lifetime ISA (LISA), Junior ISA (JISA), general investment account (GIA) or pension
• You can spread the £1,000 across more than one pot, and you can also pay in instalments, as long as you've paid in a total of at least £1,000 by 5 April 2023
• You'll need to remain a Nutmeg customer and keep the minimum investment contribution in your pot (£100 for a LISA or JISA, or £500 for an ISA, GIA or pension) until 30 June 2023

That's it! Nutmeg will then add £100 to your Nutmeg account after 30 June 2023. You'll find it under 'Unallocated cash'.

Unless there's something in the terms about having the investments having a fixed minimum term of a year, surely getting 10% added to your cash for a 3 month investment is too good to be true - or am I just being cynical?

 

[annedonnelly]

It's discussed on the Money saving expert Forum I expect a lot of the people who invest won't get around to moving the money after three months so Chase will have it to invest for longer.

 

[Jenkins]

Thanks for the link @annedonnelly - I'll have a read of that shortly.

 

[brucers]

I think you'll find it is as it seems. A few investment sites have similar type offers. It is a variation on banks paying you to open a current account.

 

[Bonefish Blues]

Plenty of marketing cash to spend in FS. This is another example.

 

[notmyrealnamebutclose]

A sprat to catch a mackerel

 

[Saluki]

I bank with Chase and I like them. I do work for a large European bank, although I hold none of their products. I put my £1000 over to Nutmeg PDQ, mostly because Martin Lewis told me to. £100 of free money is not to be sneezed at. As for keeping the money there, I’ll see how it goes.