The New Top Easy Access Savings Discussion Area

SeriousHoax

t1redmonkey said:

SeriousHoax said:

Can someone tell me how long it takes for a withdrawal from Trading 212 to reach my account?

It's pretty much instant if doing it via open banking.

Thanks for that.

SeriousHoax

Just signed up to Trading 212. Very quick to open an account.

Wheres_My_Cashback

t1redmonkey said:

Wheres_My_Cashback said:

friolento said:

In contrast, TRading 212 adds the interest to your balance on a daily basis. Mind you, they have other issues, so it's from the devil into the deep blue sea.

Curious too as to what these issues are, my experience so far has been positive apart from the 1 day delay on fund distribution, however that is soon recouped through the higher interest rate and currently enjoying the price war with Moneybox who I also have funds with.

But this really isn't the thread to be discussing ISAs.

Trading 212 offer the same rate of 5.17% on non ISA money too (it’s what I’m using currently for small amounts of easy access cash).  The issue is that it’s not fully FSCS protected based on my understanding, since they split your money across a combination of banks but also place some of it in QMMFs.  The portion held in the QMMFs isn’t FSCS protected, but the money held in the banks is (that’s my understanding anyway, someone feel free to correct me if I’m wrong!).

Yes, I did look at using that as an easy access account but the QMMFs put me off as, like you came to the same conclusion about protection and wasn't sure how much would be allocated to QMMFs.

t1redmonkey

Wheres_My_Cashback said:

t1redmonkey said:

Wheres_My_Cashback said:

friolento said:

In contrast, TRading 212 adds the interest to your balance on a daily basis. Mind you, they have other issues, so it's from the devil into the deep blue sea.

Curious too as to what these issues are, my experience so far has been positive apart from the 1 day delay on fund distribution, however that is soon recouped through the higher interest rate and currently enjoying the price war with Moneybox who I also have funds with.

But this really isn't the thread to be discussing ISAs.

Trading 212 offer the same rate of 5.17% on non ISA money too (it’s what I’m using currently for small amounts of easy access cash).  The issue is that it’s not fully FSCS protected based on my understanding, since they split your money across a combination of banks but also place some of it in QMMFs.  The portion held in the QMMFs isn’t FSCS protected, but the money held in the banks is (that’s my understanding anyway, someone feel free to correct me if I’m wrong!).

Yes, I did look at using that as an easy access account but the QMMFs put me off as, like you came to the same conclusion about protection and wasn't sure how much would be allocated to QMMFs.

It's about 30% in QMMFs when I look at mine, and approx 70% in JP Morgan/Barclays/Natwest.  I do get the worry about it not being fully FSCS protected though, which is why I also only hold relatively small amounts in there.

dlevene

Only the S&S ISA uses QMMFs. Cash ISA does not

t1redmonkey

dlevene said:

Only the S&S ISA uses QMMFs. Cash ISA does not

Not talking about the ISA, talking about uninvested cash which earns 5.17% interest.

SeriousHoax

Chip, 5% has been pulled.

gesdt50

Just SeriousHoax said:

Chip, 5% has been pulled.

Just noticed after signing up a few hours ago to the 5%, surely they have to give notice?

ToastLady

gesdt50 said:

Just SeriousHoax said:

Chip, 5% has been pulled.

Just noticed after signing up a few hours ago to the 5%, surely they have to give notice?

Yes it's now showing at 4.75% in app. They don't have to give notice it's a variable tracker account.

slinger2

gesdt50 said:

Just SeriousHoax said:

Chip, 5% has been pulled.

Just noticed after signing up a few hours ago to the 5%, surely they have to give notice?

No. It s a "tracker". "The rates on these accounts will change on the same day that the BoE base rate moves."