AXA has said that any saver transferring to AXA Self Investor can claim back up to £750 per person against any interest penalties or exit fees imposed by their existing provider.
“AXA Self Investor is giving savers trapped in cash ISAs a way out by launching a cash ISA transfer offer,” said Adrian Lowcock, head of investing, AXA Self Investor.
“Savers have been suffering from seven years of record low interest rates; the average interest paid on a cash ISA fell to 0.85% in December 2015 according to the Bank of England. Savers look set for another year of low returns as the Bank of England does not expect interest rates to rise soon.
“To make matters worse many cash ISAs apply penalties such as loss of up to 365 days’ interest which prevent savers from switching. By offering to reimburse the costs of exit fees or any interest penalties up to £750 on any cash or stocks and shares ISA transferred, AXA Self Investor is enabling savers to escape from their existing cash ISAs and get their money working hard to achieve their goals.”
The offer is open to new and existing investors who are resident in the UK and are aged 18 or over and applies to transfers of at least £500 requested before 31 January 2017. Any transfers will need to remain with AXA Self Investor for a minimum of 12 months or the investor will be liable to pay back any amount claimed.
AXA Self Investor charges:
- AXA Self Investor account charge: 0.35% per annum if they have up to £250,000 invested across all their AXA Self Investor accounts or 0.20% per annum if they have £250,000 or more invested, excluding any offers;
- ongoing fund manager charges which vary between funds;
- fund entry and exit charges where imposed by the fund manager (this charge only applies to seven funds).
Also, AXA Self Investor says it does not levy any transaction charges for buying, selling or switching funds, and only offers ‘clean’ funds with no built-in commission to new investors.
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