Just wanted to add my thanks to you @RichardL for asking the above questions, because I was thinking the same thing just last week. Your conversation with @Sprinter1067 has answered a lot, so cheers to you both.
I’m fairly new to T212 myself and have made a pie with the aim of regular monthly ‘fire and forget’ investing. I’ve split the pie:
30% - VUSA
24% - EQQQ
24% - IITU
22% - SGLN
I’m sure there’s a lot of overlap in there but I’m really just trying to learn the ropes. I played around with individual stocks and just either obsessively checked it every day, or made some ill-timed trades.
Out of interest, I’m thinking of keeping my savings in the Cash ISA on 212 as it hands down beats Monzo, but I’m concerned about accessibility of the withdrawal isn’t instant. Anybody have any experience? Interesting to see that the ISA allowance is flexible between the Cash ISA and S&S.
I use two ISA’s with T212 and one I use to withdraw regularly on (just treat it like a savings account). 99% of the time my withdrawal lands in my current account in seconds. Worst case it’s 48 hours. So it’s quick all considered for the bump in interest rate.
Regarding the Cash ISA. As flagged previously by T212, interest earned is still SHOWN daily, but is now PAID monthly.
I’ve also seen something about an offer of a bonus rate of 0.15% in addition to the headline 4.90%, effectively 5.05%. I’m not sure whether this is just for This Is Money readers or just new customers. It is not currently included in my rate, as an existing customer.
The only platform notifications I get are dividends, monthly cash top-ups received from card (automated direct debit funding currently not yet available) / completed pie purchase
Edit: settings menu is fully customisable, looks like you can turn almost everything on/off individually
Just stumbled across this information regarding the FSCS protection with T212’s Cash ISA that I was unaware of, although it makes complete sense now I think about it…
Because they use three actual banks (Barclays, NatWest and JP Morgan/Chase) to hold your Cash ISA funds, you get £85,000 FSCS protection per bank if an individual bank were to fail.
Chances of either of those three names failing is minuscule, but the part that may require consideration is that any money you hold with those particular banks either directly, or via another 3rd party also counts towards their individual £85,000 limit.
So if I already had £45,000 saved with Barclays directly, I would only get FSCS protection on up to a further £40,000 held with them via my T212 Cash ISA before I exceed their limit.
If T212 itself were to fail, you still only get a total of £85,000 protection though, according to their CS team.
