Trading 212 (T212)

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.

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I see that the rate is 5.1% now, but for new clients only.
Mine is 4.9%.

How is the app? Notifications work well? Merchant data?

Notifications are good but honestly never used the cards so no idea what spending from it is like.

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The money is held in money market funds.

Its not risk free, its not like a savings account.

That’s only the case for uninvested cash in their investment accounts (ISA and non-ISA).

The Cash ISA holds 100% of your funds in banks.

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What sort of notifications do you get?

I’m very much a set and forget investor so would never want any notifications.

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

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It is exclusive to This is Money’s readers. I signed up directly recently and only got 4.9%.

Update: I’ve just put the promo code TIM in and it bumped to 5.16%. Looks like it’s this month’s promo rate for newbies.

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Thanks for this, just done the same!

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If you have a Stock ISA, applying the same code would get you a free Nvidia share, too.

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Already used a different code for the S&S ISA (RAMIN), got BP.

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Anyone heard anything about their cash ISA? Staying at 4.9% or are they reducing it like others?

Not yet.

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.

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