The New Top Easy Access Savings Discussion Area

pookey

Bridlington1 said:

@soulsaver
Was mentioned a few days ago by someone else IIRC:

Chip Easy Access Saver `Tri' now 4.84% (4.07% tracking the BOE base rate plus 0.77% boost for 12 months)

Is this new customers only? 
Also is the money protected, saw a comment on the other thread about DYOR

allegro120

pookey said:

Bridlington1 said:

@soulsaver
Was mentioned a few days ago by someone else IIRC:

Chip Easy Access Saver `Tri' now 4.84% (4.07% tracking the BOE base rate plus 0.77% boost for 12 months)

Is this new customers only? 
Also is the money protected, saw a comment on the other thread about DYOR

No, existing customers are eligible too.
Yes, the money is protected.

mikeprice

I note that Trading 212 has an option to save with them for 5% p.a.:

"Earn 5% on your GBP cash

Paid daily. No minimums or limits.
Withdraw anytime."

With the impending drop in interest rates from other places to save, this looks like it will be the highest paying instant access option.

I'm wondering if this option to save with Trading 212 is available outside of an ISA? Or only within an ISA?

Are there risks or downsides of using Trading 212 as a savings account?

Thank you.

gt94sss2

mikeprice said:

I'm wondering if this option to save with Trading 212 is available outside of an ISA? Or only within an ISA?

Are there risks or downsides of using Trading 212 as a savings account?

Yes, it's available outside an ISA.

As for a downside - T212 say withdrawals may take 2/3 days though you can also apply for a debit card if you want to spend directly from the account

Bridlington1

@soulsaver
West Brom Four Access Saver (Issue 1) now listed as 4.9% on moneyfacts (up from 4.81%)

BestSeagull

mikeprice said:

I note that Trading 212 has an option to save with them for 5% p.a.:

"Earn 5% on your GBP cash

Paid daily. No minimums or limits.
Withdraw anytime."

With the impending drop in interest rates from other places to save, this looks like it will be the highest paying instant access option.

I'm wondering if this option to save with Trading 212 is available outside of an ISA? Or only within an ISA?

Are there risks or downsides of using Trading 212 as a savings account?

Thank you.

Trading 212. I just looked at the frequently asked questions and when you enable interest, you have to accept that your money will be held in qualifying market funds. Money in qualifying market funds is not FSCS protected. 

https://www.trading212.com/interest-on-cash

slinger2

BestSeagull said:

mikeprice said:

I note that Trading 212 has an option to save with them for 5% p.a.:

"Earn 5% on your GBP cash

Paid daily. No minimums or limits.
Withdraw anytime."

With the impending drop in interest rates from other places to save, this looks like it will be the highest paying instant access option.

I'm wondering if this option to save with Trading 212 is available outside of an ISA? Or only within an ISA?

Are there risks or downsides of using Trading 212 as a savings account?

Thank you.

Trading 212. I just looked at the frequently asked questions and when you enable interest, you have to accept that your money will be held in qualifying market funds. Money in qualifying market funds is not FSCS protected. 

https://www.trading212.com/interest-on-cash

Lets be careful what we're talking about here. Trading212 offers 3 different accounts paying 5.0%. There's the Cash ISA, the S&S ISA and the non-ISA "Invest" account. Money in the Cash ISA is not invested in QMMFs and is covered by FSCS. For the other two you have to actively say that you want to get "interest" on your uninvested cash. If you do that for either of those accounts then much of your cash will be in QMMFs and not covered by FSCS.

Would I put my life savings in uninvested cash in Trading212. No, but I'm happy to have a few thousand in there getting 5%.

Also note that with the Invest account you can put your uninvested cash into other currencies and get interest on that too. USD currently pays 5.1% for example. For those you've got fees to factor in and clearly the exchange rate risk.

slinger2

gt94sss2 said:

mikeprice said:

I'm wondering if this option to save with Trading 212 is available outside of an ISA? Or only within an ISA?

Are there risks or downsides of using Trading 212 as a savings account?

Yes, it's available outside an ISA.

As for a downside - T212 say withdrawals may take 2/3 days though you can also apply for a debit card if you want to spend directly from the account

My experience is that withdrawals from the Invest account are paid the following day (for workdays). Earlier this week I withdrew £1k early on Monday and it was in my bank account first thing on Tuesday. Clearly that's not guaranteed.

Bridlington1

Bridlington1 said:

@soulsaver
West Brom Four Access Saver (Issue 1) now listed as 4.9% on moneyfacts (up from 4.81%)

Now reflected on website.

BestSeagull

Bridlington1 said:

Bridlington1 said:

@soulsaver
West Brom Four Access Saver (Issue 1) now listed as 4.9% on moneyfacts (up from 4.81%)

Now reflected on website.

West Brom Four Access Saver.  It's worth noting that with the monthly interest option, the interest cannot be paid into this account so the benefit of compounding is lost. (Unless you then re-deposited I suppose).  The rates are 4.9% for annual interest and 4.79% for monthly. They do say the monthly AER is 4.9% but that doesn't seem to be the case if the interest isn't able to be compounded]

Interest is variable and paid annually or monthly. Annual Interest can be added to the account or paid into another account and is paid/credited on 30 April. Monthly interest must be paid to another bank or building society account and is paid/credited on the first day of the month four-access-saver-issue-1