Trading 212 Cash ISA - QMMF protection

WalletFullOfMoths

This cash ISA came up top of the list on MSE so I went to open an account.  However MSE says that it's FCA protected, which is true if you choose not to earn interest, but Trading 212 says you have to consent to keeping your money in a QMMF (which isn't FCA protected) if you want to earn interest.  Am I right in thinking MSE's guidance is misleading and needs to be corrected? 

Ayr_Rage

First screenshot is from my T212 cash ISA showing where the money currently resides.

Second is from Moneyfacts, you do get FSCS protection albeit in a slightly convoluted way.

As interest is added daily that'll always be included.

masonic

Both MSE and Trading212 are correct. You are comparing two different products. The cash ISA does not use a QMMF.

Aidanmc

WalletFullOfMoths said:

This cash ISA came up top of the list on MSE so I went to open an account.  However MSE says that it's FCA protected, which is true if you choose not to earn interest, but Trading 212 says you have to consent to keeping your money in a QMMF (which isn't FCA protected) if you want to earn interest.  Am I right in thinking MSE's guidance is misleading and needs to be corrected? 

The 212 Cash ISA does not use QMMF's.

Only the Invest account and S&S ISA use QMMF's IF interest is enabled.

WalletFullOfMoths

This is what I see...

Ayr_Rage

@WalletFullOfMoths that's the general page, kindly click on ISA > Cash ISA and scroll down !

Also, read this page

https://www.trading212.com/en/money-protection

WalletFullOfMoths

Thank you!