Clients taking out a new VitalityInvest ISA, Junior ISA or Retirement Plan by 5 April will have their first year’s product charges refunded after 12 months.

Rebates of charges during the ISAs season are a common marketing tool used by many platforms and providers but it is believed to be the first time VitalityInvest has offered this deal.

VitalityInvest, the investment arm of financial and healthcare insurance provider Vitality, said the offer is for new customers who open a VitalityInvest Stocks and Shares ISA, Junior ISA or Retirement Plan by 5 April 2019.

At the end of the first-year customers will receive back the product charges.

It applies to new plans opened for a minimum investment period of 12 months, with a minimum initial investment of £5,000 as a lump sum or transfer, or regular payments of £200 a month or more.

If clients transfer their drawdown plan, the transfer value will need to be at least £25,000. The VitalityInvest Retirement Plan is only available through a financial adviser.

Clients who invest £20,000 in a VitalityInvest Stocks and Shares ISA, after 12 months, could get £100 back in product charge savings. Clients who open a plan by transferring £50,000 of their retirement savings into a VitalityInvest Retirement Plan, after 12 months, could get back £230 in product charge savings.

Clients who invest £500,000+ would get £1,355 over the year.

Justin Taurog, VitalityInvest deputy CEO, said: “We work continuously on bringing innovative ways and incentives to encourage customers to invest, save towards a financially independent future, while enjoying the wide range of benefits that we offer. “