Last updated: 28 October 2026
Scottish Widows will pay £25 to share dealing customers who register for its app before 4 January 2027. The money does not arrive until February, it lands outside your ISA, and anyone who already uses the app is shut out.
That last rule matters more than it sounds. Scottish Widows says more than 1 million customers already use its app. None of them qualify.
This review covers what the app does, what share dealing through it costs, how the £25 and the £5 trade refund work together, and the clauses that trip people up.
Table of Contents
Contents
- Quick verdict
- What the Scottish Widows app is
- The £25 offer: the full terms
- Fees and charges
- Pros and cons
- How to claim the £25
- What real users say
- Verdict
- FAQ
Quick verdict
For someone who already wants a low-cost UK share dealing account, the £25 is a fair sweetener. It covers five UK trades at £5 each.
It is not a reason to open an account on its own. Cash sitting in the ISA or Share Dealing Account earns 0% interest, and you must keep the account open until the payment is made in February 2027.
What the Scottish Widows app is
The Scottish Widows app started as a pensions app. It now pulls together pensions, Ready-Made Investments, insurance and, since the iWeb rebrand, the Scottish Widows Share Dealing service.
The share dealing service used to be called iWeb. It is operated by Halifax Share Dealing Limited (FCA number 183332), part of Lloyds Banking Group, the same group that owns Scottish Widows.
Main features
- Share dealing in the app: buy and sell UK and international shares, ETFs, funds, investment trusts, bonds and gilts.
- Biometric log-in: face or fingerprint.
- Connect other providers: add pensions, savings, loans, mortgages and bank accounts held elsewhere and see them in one view.
- Find lost pensions: a free search tool inside the app.
- AI assistant: Scottish Widows says it helps with investing decisions. It is not regulated advice.
- Insurance view: shows your cover from Scottish Widows and other insurers, with renewal dates.
To register you need your postcode and National Insurance number. If you already log in to Scottish Widows online, the same details work in the app.
The £25 offer: the full terms
The offer launched on 19 October 2026. We read the full promotional terms on the Scottish Widows website. These are the points that decide whether you get paid.
| Term | What it says | What it means for you |
|---|---|---|
| Offer window | 19 Oct 2026 to 4 Jan 2027 | 68 days left from today |
| Who qualifies | Holders of a Share Dealing Account or Stocks & Shares ISA, new or existing | You can open the account during the offer |
| Who is excluded | Existing app users, and anyone who got (or is waiting for) the £25 gift voucher | Pension customers already on the app miss out |
| Action needed | Download, register, log in and tap the “Share Dealing” tile at least once | Registering alone is not enough |
| Payment date | Paid on or by 10 February 2027 | Up to 105 days from today |
| Where it goes | Your Share Dealing Account only | Not into the ISA, even if you only opened an ISA |
| Account status | Account must stay open and able to receive the payment | Close it early and you lose the £25 |
| Limit | One £25 per customer | Holding an ISA and a dealing account still pays £25 |
| Excluded products | Ready-Made Investments, Ready-Made Pensions, SIPP | A SIPP alone does not qualify |
The two £25 offers people are mixing up
On the MoneySavingExpert forum this week, one member said they had just received an Amazon voucher, while others pointed out the new terms pay cash into the dealing account. Both can be true. Scottish Widows has run a separate £25 gift voucher offer for getting the app.
The new terms are explicit: if you have already received that gift voucher, or are waiting for one, you cannot also get the £25 cashback. It is one or the other.
The ISA wrinkle
Opening only a Stocks & Shares ISA still qualifies, because a Share Dealing Account is opened alongside it. The £25 is paid into that dealing account.
You can move it into the ISA, but under HMRC rules any money paid into an ISA counts as a new subscription. Moving the £25 uses £25 of your £20,000 annual allowance.
The £5 trade refund runs alongside
A second offer refunds the commission on one trade placed between 1 September and 30 November 2026, up to £5. It is open to new and existing app users, and the terms say you can take part in both offers.
So a new customer who registers for the app and places one UK trade before 30 November can collect £30 in total: £5 in December 2026 and £25 in February 2027.
The refund only covers trades that charge commission. Regular investment plan trades, international trades and dividend reinvestments do not count, and stamp duty, the 1.5% FX charge and the PTM levy are not refunded.
The £10,000 prize draw
Anyone who downloads, registers and logs in between 7 July and 31 December 2026 with an eligible product is entered automatically into a £10,000 cash draw on 25 January 2027. You can opt out by email. Closing or transferring the account before the prize is paid removes you from the draw.
Fees and charges
These figures come from the Scottish Widows share dealing costs and charges page, checked on 28 October 2026.
| Charge | Stocks & Shares ISA / Share Dealing Account |
|---|---|
| Annual account fee | None |
| UK shares and funds, online trade | £5.00 |
| Regular Investment Plan | Free |
| International trades | No commission; 1.5% foreign currency charge |
| Dividend reinvestment | 2% of the dividend, maximum £5 |
| Stamp duty (UK purchases) | 0.5% (1% for Irish shares) |
| PTM levy | £1.50 on trades over £10,000 |
| Transfers in or out | Free |
| CHAPS / same-day payment | £25 |
| Paper statement | £12.50 |
| Interest on uninvested cash | 0% |
Worked examples
| Scenario | Cost |
|---|---|
| Buy £1,000 of a UK share | £5 commission + £5 stamp duty = £10 |
| Buy £1,000 of a US share | No commission, but £15 in FX charges |
| Reinvest a £100 dividend | £2 |
| Reinvest a £400 dividend | £5 (the cap) |
| Five UK trades in a year | £25, which the cashback covers |
The 1.5% FX charge is the cost to watch. For anyone buying mainly US shares, “commission-free” international dealing is more expensive per £1,000 than a £5 UK trade.
The SIPP is priced differently: 0.25% a year, capped at £16.50 a month (£198 a year). The cap kicks in at about £79,200 invested. The SIPP is not part of the £25 offer.
Cash earns nothing
Scottish Widows pays no interest on cash held in the ISA or Share Dealing Account. It says it receives interest on those balances itself and uses it to develop its products. Keep idle cash elsewhere and move it in when you are ready to buy.
Pros and cons
Pros
- No annual account fee on the ISA or dealing account
- £5 UK trades and free regular investing
- £25 cashback plus a possible £5 trade refund
- Free transfers in and out
- Backed by Lloyds Banking Group, with FSCS protection for eligible assets
- Pensions, investments and other providers’ accounts in one app
Cons
- 0% interest on uninvested cash
- Existing app users cannot get the £25
- Payment not made until February 2027
- 1.5% FX charge on international trades
- Dividend reinvestment costs up to £5 a time
- Cashback lands outside the ISA wrapper
How to claim the £25
- Check you have never registered for the Scottish Widows app and have not had the £25 gift voucher.
- Open a Share Dealing Account or Stocks & Shares ISA, or use the one you already hold. You need your National Insurance number, address and a debit card.
- Wait one working day. The app only works with a new account after that.
- Download the app, register and log in before 4 January 2027.
- Tap the Share Dealing tile on the home screen. If you cannot see it, swipe through your accounts, or tap “Wealth” and then “Investments”.
- Optional: place one UK trade before 30 November for the £5 commission refund.
- Keep the account open until the £25 arrives, on or by 10 February 2027.
The full terms are on the Scottish Widows £25 share dealing offer page. Scottish Widows can close the offer early if demand is higher than expected.
What real users say
Scottish Widows has 16,574 reviews on Trustpilot with a TrustScore of 4.6 out of 5. 76% are five-star and 13% are one-star.
These reviews cover the whole company, mostly pensions. Recent reviews praise named staff for clear help with transfers and withdrawals. The most common complaint is phone waiting times, with one reviewer in September reporting a 30-minute hold.
We found no Trustpilot reviews dealing specifically with the app’s share dealing section. On the MSE forum thread about the offer, the main question has been which £25 a person is actually getting.
Verdict
The Scottish Widows app is a solid all-in-one view for people who already have a pension with the company. As a share dealing platform it is cheap for UK investors who trade a few times a year: no account fee, £5 trades and free regular investing.
The £25 is worth having if you were going to open an account anyway. Just read the exclusions first: if you have ever registered for the app, the offer is not for you.
If you buy mostly US shares, the 1.5% FX charge will cost you more than the £25 is worth. And with 0% on cash, the account works best when your money is invested, not waiting.
FAQ
Is the Scottish Widows app free?
Yes. The app costs nothing to download or use. You pay the normal account charges, such as £5 per UK trade.
Can I get the £25 if I already have the Scottish Widows pension app?
No. The terms say the offer is not available to existing Scottish Widows app users, even if you open a new share dealing account.
When will the £25 be paid?
On or by 10 February 2027, into your Scottish Widows Share Dealing Account. The account must still be open.
Does the £25 go into my ISA?
No. It goes into the Share Dealing Account. You can move it into the ISA, but that counts towards your £20,000 ISA allowance.
Can I get both the £25 and the £5 trade refund?
Yes. The trade offer terms say customers can take part in both. The trade must be placed by 30 November 2026 and must charge commission.
Is my money protected?
Scottish Widows Share Dealing is run by Halifax Share Dealing Limited, which is authorised by the FCA. Eligible assets are covered by the Financial Services Compensation Scheme if the firm fails. Investments can still fall in value.
Does Scottish Widows pay interest on cash in the ISA?
No. The current rate on cash in the Stocks & Shares ISA and Share Dealing Account is 0%.
Related reading on The Fintech Mag
- J.P. Morgan Personal Investing £100 Offer: What the New Chase Terms Change
- Moving Cash Out of a Stocks and Shares ISA Before April 2027: What the Final Rules Say
- Jarvis Investment Management in Special Administration: What x-o and ShareDeal Active Clients Need to Know
- Halifax Is Moving to Lloyds: What Changes, What Doesn’t, and the Traps to Avoid
Capital at risk. This review is for information only and is not financial advice.
Sources: Scottish Widows £25 share dealing offer terms (19 Oct 2026); Scottish Widows trade commission-free offer terms; Scottish Widows app registration prize draw terms; Scottish Widows share dealing costs and charges page; Scottish Widows Share Dealing Account page; Scottish Widows app page; Trustpilot (Scottish Widows, checked 28 Oct 2026); MoneySavingExpert forum thread “£25 cashback for new Scottish Widows App customers” (20–27 Oct 2026).
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