How to Earn £315 Cashback with Scottish Friendly My Ethical Select ISA

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Looking to maximise your savings while earning a hefty cashback bonus? Scottish Friendly's Ethical Select ISA, in partnership with TopCashback, offers a unique opportunity to earn £315 cashback. Here's everything you need to know to take advantage of this offer.

What Do You Need to Do?

1. Sign Up to TopCashback
   If you're new to TopCashback, start by signing up here to receive an additional £10 sign-up bonus.

2. Open a Scottish Friendly My Ethical Select ISA
   Once you're on TopCashback, find the offer for the Scottish Friendly Ethical Select ISA and follow the link to sign up.

3. Invest a Minimum of £100 per Month
   You’ll need to invest at least £100 per month to qualify for the cashback. There are smaller/larger amounts available but we deem this to be the best value offer.

4. Wait for Your Cashback
   After meeting the investment requirement, TopCashback will release the £315 cashback payment (this can be withdrawn as cash).

Real-Life Example

Here’s the experience of one of our team members:

• Over 7 months, they invested £100 per month into the ISA, totalling £700.

• By the end of the 7-month period, their ISA value had grown to £768.

• At this point, they received the £315 cashback payment from TopCashback.

• In total, this resulted in a £383 increase (£768 ISA value + £315 cashback - £700 investment).

While individual returns may vary depending on market performance, the cashback bonus offers a significant boost to your savings.

Key Considerations

• Slightly Higher Risk Strategy: As with any investment, your capital is at risk. The cashback process can also be temperamental at times, so patience is required.

• Potential Fees: If you withdraw all your funds within 5 years of opening the account, Scottish Friendly charges a £50 withdrawal fee. However, you could theoretically withdraw most of your money and leave £50 in the account to avoid this fee or just absorb the £50 fee in your profit.

Why This is Worth Considering

Even with some risk involved, this offer is an excellent opportunity to grow your money quickly. Between the cashback and potential investment growth, the returns can far outweigh the initial £700 investment.

As of April 2024, UK savers can now hold multiple ISAs simultaneously, allowing you to take advantage of various ISA bonus offers. This change means you no longer have to limit yourself to one provider, giving you the flexibility to open multiple ISAs and maximise cashback promotions and investment opportunities across different platforms.