There’s a bit of a welcome rash of this coming I think. Trading212 is going to 4.5% interest basically because up to now they’ve been keeping about half of it for themselves.
Robinhood is trying to launch in the UK again with 5% interest (in dollars).
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From AJ Bell:
We have been planning these latest pricing changes for some time. Now we have clarity from the regulator, we are pleased to confirm another significant package of pricing changes which will benefit our customers to the tune of £14m a year.
Meaning: We’ve known for ages that what we are doing is unethical, but now that the regulator has called us out publicly, we’ll behave better.
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But, whilst we could do it in January, we’re going to continue overcharging until April.
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