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

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  • friolento said:
    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



    Thanks for pointing that out.  That is a bit sneaky having a different (and poor) rate for transfers.
  • friolento
    friolento Posts: 2,450 Forumite
    1,000 Posts Second Anniversary Name Dropper Photogenic
    edited 27 November 2024 at 6:09PM
    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 don't have an issue with where my Moneybox ISA money is held, and I don't have a problem ensuring that my balance doesn't go above £85k.My FSCS protection for my Moneybox ISA is with Moneybox, not with the banks they spread the ISA to.

    What I don't like about Moneybox is that the interest is not FSCS protected before they credit it to my account, which is at anniversary.




  • Beddie
    Beddie Posts: 1,013 Forumite
    Part of the Furniture 500 Posts Photogenic Name Dropper
    Still very competitive and likely to remain so. I won't be moving any money out.
  • Beddie said:
    Still very competitive and likely to remain so. I won't be moving any money out.
    What makes you think it's likely to remain competitive ?
  • Nuggy96
    Nuggy96 Posts: 227 Forumite
    Eighth Anniversary 100 Posts Name Dropper
    not a fan of plum as it's not a flexible ISA either, whereas T212 is
  • refluxer
    refluxer Posts: 3,187 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    edited 28 November 2024 at 1:25PM
    friolento said:
    I don't have an issue with where my Moneybox ISA money is held, and I don't have a problem ensuring that my balance doesn't go above £85k.My FSCS protection for my Moneybox ISA is with Moneybox, not with the banks they spread the ISA to.
    Do you have a Stocks and Shares ISA with them or a Cash ISA ? It's worth noting that Moneybox's direct £85k FSCS cover only applies to their investment products (eg. Stocks & Shares ISA) and any cash you hold with them (whether temporarily in a S&S ISA or wholly in a Cash ISA) is spread over multiple different banks, to which the FSCS cover would apply.

    This are the banks they use for their Cash ISA deposits, for example...

    Moneybox Cash ISA

    Moneybox uses a range of banks for its Cash ISA. The proportion of money held with each bank can vary over time. However, we will never hold more than 50% of the total funds with a single bank at any given moment.

    The banks we use change over time. The banks we currently use are:

    • HSBC Bank PLC
    • Santander UK PLC
    • National Westminster Bank PLC
    • Clydesdale Bank PLC
    • Bank of Scotland PLC
    • Lloyds Bank PLC
    • Qatar National Bank (Q.P.S.C.)
    • First Abu Dhabi Bank P.J.S.C.
    • National Bank of Kuwait (International) PLC
    • The Bank of New York Mellon, London Branch
  • Moneybox FSCS protection

    Moneybox cash ISA – savings protection

    App-only Moneybox Cash ISA pays 5.17% and allows three penalty-free withdrawals per year (the rate drops to 0.75% from the fourth onwards). The rate also includes a 0.47% bonus which only lasts the first 12 months, so diarise for then to check for a better rate (Moneybox says it will also contact you when the rate changes).

    This is only available for new Moneybox customers – you can't have previously signed up to its app or had an account with Moneybox at any point in the past.

    When you deposit into Moneybox's cash ISA, the funds are held in a 'client money account', separate from Moneybox's own money. Moneybox currently holds its 'client money accounts' with many different banks – this means YOUR money could be with one (or more) of these banks. These are all fully regulated UK banks and are therefore covered by the FSCS.

    You can find out which of these banks your money is actually being held with by contacting Moneybox's customer service team, however it's important to understand that if you've existing savings with any of them, the FSCS only covers up to £85,000 per person, per financial institution – in other words, the total protection for all accounts held with a particular bank is capped at £85,000.

    It's also important to understand that, while your deposit and interest paid are covered by the FSCS, interest due but not yet paid is not covered. However, Moneybox does ringfence these funds, so in the unlikely event it did go bust, you'd have a clear claim to the unpaid accrued interest. Moneybox pays its interest annually – bear this in mind if you've large savings that will generate a lot of interest.

     For more on this see Are my savings safe?

    This is an extract from MSE's best ISA page!

  • MoneyBox Cash ISA interest rate is decreasing to 4.92% from 17/12/2024.
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