Trading212 - Rate reduced to 4.90% from 30/11/2024

BigBlueSky

Just noticed in the app and in small print on the website that with effect from 30/11/2024 the interest rate is being reduced from 5.17% to 4.90% AER.

This applies to Cash ISA, Stocks & Shares ISA and Trading account.

friolento

Nothing to do with the influx from MSE, no doubt.😭

Expotter

Meanwhile Plum has increased its Cash ISA rate to 5.18% (including a 12 months bonus)

https://withplum.com/cash-isa

beefturnmail

Aren't they supposed to give notice?

Also (for anyone thinking of transferring out of trading 212 to Plum) the bonus of 1.39% only applies to new money - transfers from other ISAs will only get 3.79%

gravel_2

beefturnmail said:

Aren't they supposed to give notice?

Also (for anyone thinking of transferring out of trading 212 to Plum) the bonus of 1.39% only applies to new money - transfers from other ISAs will only get 3.79%

Yes, one day notice according to the terms.

Blackbriar_040

Well that was nice of them!!

Looks like even with lower rate, will still be worth keeping!

Other transfer options not worth it for me. 

Plum - Lower rate
Moneybox - Have already/bonus expired/lower rate!

winkowinko

Makes me feel a bit better about fixing elsewhere at 4.91% a few months ago 

surreysaver

Does it say what the gross rate is?

beefturnmail

Blackbriar_040 said:

Well that was nice of them!!

Looks like even with lower rate, will still be worth keeping!

Other transfer options not worth it for me. 

Plum - Lower rate
Moneybox - Have already/bonus expired/lower rate!

I'm thinking about Moneybox - looks a bit weird though, with money held at lots of different banks and possible implications for being over the £85k FSCS cap without knowing it?

BigBlueSky

beefturnmail said:

Blackbriar_040 said:

Well that was nice of them!!

Looks like even with lower rate, will still be worth keeping!

Other transfer options not worth it for me. 

Plum - Lower rate
Moneybox - Have already/bonus expired/lower rate!

I'm thinking about Moneybox - looks a bit weird though, with money held at lots of different banks and possible implications for being over the £85k FSCS cap without knowing it?

I'm not sure yet what to do - whether to move to Moneybox.  Isn't that exactly what Trading212 do though? - They spread their money between Chase, Barclays and Natwest.

friolento

Expotter said:

Meanwhile Plum has increased its Cash ISA rate to 5.18% (including a 12 months bonus)

https://withplum.com/cash-isa

Be very careful with transfers to Plum