The New Top Easy Access Savings Discussion Area

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

Bankboy

Noticed that no one is mentioning Trading 212 for EA account and more. They have just dropped their GBP rate to 5% from 5.2% on uninvested cash but also have a 1.5% cash back on debit card spending. As well as this the account is multi currency with better rates than Wise bank on USD and Euros. Great rates for converting currencies and then using the card abroad in the local currency. Their cash ISA also pays 5.2%. You don’t need to use the account to buy and sell shares but you can if you want. My best account at the minute. 

Bankboy

Further to my post on Trading 212 the interest is paid daily

janusdesign

slinger2 said:

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. 

from my previous reading of the threads about them, it might be worth mentioning too that I believe they use partner banks for their FSCS protection - from what I understand, they can't / won't tell you which bank(s) is holding your money... so if you already have significant sums saved with those partner banks directly, any balances saved with T212 could take you over the FSCS limit without even knowing.

HHUK

Bankboy said:

Their cash ISA also pays 5.2% 

Their Cash ISA rate also reduced to 5% a few days ago

pecunianonolet

There are many dedicated Trading 212 conversations elsewhere and I see a lot of false info just in the last few posts.

- GBP interest rates have been lowered from 5.2 to 5% on 9th Sep. This rate is for the cash ISA and for uninvested cash in their shares accounts
- Cash ISA only has full FSCS protection
- For uninvested cash they tell you the exact split of your money between the 3 banks they are using and the proportion invested in QMMF's. This is shown in the app.
- It is easy access but not instant access, can take up to 3 days to get your cash but in most instances you've got it the next working day
- QMMF's are very low risk with underlying assets being mainly government bonds
- Trading 212 is headquartered in Cyprus where investment, trading and dividend income is tax free, hence the competitive rates 

Been with trading for several months and so is the OH. between us we hold different currencies in uninvested cash and ISA's and no issues. The only thing that took a bit longer was a cash ISA transfer in (15 days). 

They have rather good and detailed FAQ pages so as always, DYOR

Bridlington1

@soulsaver
OakNorth Bank Easy Access Limited Edition - Issue 5 4.82% £20k min 

TomJ

janusdesign said:

slinger2 said:

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. 

from my previous reading of the threads about them, it might be worth mentioning too that I believe they use partner banks for their FSCS protection - from what I understand, they can't / won't tell you which bank(s) is holding your money... so if you already have significant sums saved with those partner banks directly, any balances saved with T212 could take you over the FSCS limit without even knowing.

The app does tell me where my Cash ISA money is - approx 16:40:44 between JPM, Barclays and NatWest - but I don't know how often they rebalance that, if indeed they do...

slinger2

Bankboy said:

Noticed that no one is mentioning Trading 212 for EA account and more. They have just dropped their GBP rate to 5% from 5.2% on uninvested cash but also have a 1.5% cash back on debit card spending. As well as this the account is multi currency with better rates than Wise bank on USD and Euros. Great rates for converting currencies and then using the card abroad in the local currency. Their cash ISA also pays 5.2%. You don’t need to use the account to buy and sell shares but you can if you want. My best account at the minute. 

note: Cash ISA is also 5.0% now. The 1.5% cashback on the card is only until 1 October, 0.5% after that. Physical card costs £4.95. Also ATM acceptance of the card seems low, so I wouldn't rely on it for cash.

soulsaver

West Brom Four Access Saver (Issue 1) 4.90% £1 min (05/09)

Hi SoulSaver
Your new account is now open and ready for you to make a deposit. 

Making a deposit into your new account

There are two ways you can make a deposit into your new account. You should fund your account as soon as possible, accounts that have not been funded within 30 days will be closed and any funds received after this time will be returned to you.

If you have already paid into your account, we may not be able to accept additional deposits once the product has been withdrawn from sale. In this case, your funds will be returned to you.

Electronic transfer
You can send your funds electronically from another bank or building society by quoting the following information:
Account number: xxxxxxxx (this is your new West Brom account number)
Sort code: 40-64-36

The payee name for electronic transfers must be addressed to the account holder(s). Your account details will be available for bank verification services within 24 hours of account opening.

Please note that if you are making your opening balance payment via electronic transfer, your first payment must be equal to or above the products minimum opening balance amount. If your payment is below this amount it will be returned to the payment account.

Send a cheque
You can send us a cheque to fund your account. Cheques must be made payable to your name as the account holder. Please also print your name and address on the reverse of the cheque along with your signature and send it to: FREEPOST THE WEST BROM. (Please write the address exactly like this, all in upper case and on one line. You don't need to use a stamp. Please note: Royal Mail delivers Freepost as Second Class mail.)

Managing your account

You can manage your account in a number of ways: 

• online using our savings portal;
• by post; or
• over the phone.

If you would like to access your account via our savings portal, you will need to register for the service and set a unique PIN. To do this, please allow 24 hours from the time you receive this email, before contacting our Customer Service team on the number below. Our Customer Service team will take you through the registration process.

If you have already registered for our savings portal, you can access your account using your current login. Please allow 24 hours for your account to become accessible.

Please Note: We are unable to register you for online services within the first 24 hours of opening an account.

Need any help?

If you have a question regarding your new account, you can try our FAQs on our website. Alternatively, you can call our Customer Service team on 0345 241 3785 (our telephone lines are available Monday to Friday 8.30am to 6.00pm; Saturday 8.30am to 12.30pm). 


Yours sincerely

the West Brom