TRADING 212 Cash ISA rate reduction to 5%

slinger2

Cash ISAs can be fixed rate or variable rate. Trading212's Cash ISA is a variable rate product. They can set the rate as they wish. Probably they would cut the rate again if the Bank of England cut the base rate again, but it's up to them.

You can transfer your ISA to another provider with a fixed rate product if you wish.

eskbanker

Luna_the_cat said:

I thought the whole point with cash ISAs was that your money was 'safely locked away' at a guaranteed rate.

No, the whole point of cash ISAs is to avoid any income tax liabilities on the interest, but, like taxable savings accounts, the interest rate can be either fixed or variable, it's up to you which to choose.

Casper7

I have an ISA with Nationwide with 10k allowance remaining for this year.

I want to go for this Trading 212 5%.

The question: Should I add the 10k in Nationwide and then move the whole balance to Trading 212? or the allowance will still be available to use with Trading 212 directly after moving?

eskbanker

Casper7 said:

I have an ISA with Nationwide with 10k allowance remaining for this year.

I want to go for this Trading 212 5%.

The question: Should I add the 10k in Nationwide and then move the whole balance to Trading 212? or the allowance will still be available to use with Trading 212 directly after moving?

Either is fine, i.e. you can use the rest of your annual allowance before or after (or even without) transferring.

liamcov

My interest rate is showing as 5.1% - why is this?

Sea_Shell

It went back up again!! 😉

They don't have to give notice for an increase, but they only HAVE to give 1 day notice of a reduction.  As per T&C's.

In reality they gave longer, when it went from 5.2 to 5%.   Can't remember how long, but it was a few days.

Johnny-Cage

Sea_Shell said:

It went back up again!! 😉

They don't have to give notice for an increase, but they only HAVE to give 1 day notice of a reduction.  As per T&C's.

In reality they gave longer, when it went from 5.2 to 5%.   Can't remember how long, but it was a few days.

It was a good couple of weeks from memory