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.

jobbywobbler

and it begins.......  

frosch411

I got an email today saying rate reduction from 5.17% to 4.9% effective 01-DEC-2024 
  
(Can't seem to add a screenshot from using the app on my mobile 😔)

PixelPound

frosch411 said:

I got an email today saying rate reduction from 5.17% to 4.9% effective 01-DEC-2024 
  
(Can't seem to add a screenshot from using the app on my mobile 😔)

Mine states

Due to the Bank of England’s recent interest rate cut, we’ve decreased the interest rate on GBP (Pound Sterling) from 5.17% to 4.9%, effective as of the 1st of December 2024.

iwant2asave

I'm wondering if it's worth switching to Plum or Moneybox or whether those going to follow soon after..

PixelPound

iwant2asave said:

I'm wondering if it's worth switching to Plum or Moneybox or whether those going to follow soon after..

Moneybox has a 14 day notice for reductions, if that helps.

iwant2asave

PixelPound said:

iwant2asave said:

I'm wondering if it's worth switching to Plum or Moneybox or whether those going to follow soon after..

Moneybox has a 14 day notice for reductions, if that helps.

Thanks, do you have a link for information on that 14 days period as I can't see it on the main webpage.

slinger2

iwant2asave said:

I'm wondering if it's worth switching to Plum or Moneybox or whether those going to follow soon after..

Note that Plum is basically a 3.79% product with a bonus. The 5.18% "Includes your Plum Bonus of 1.39% AER (variable) if kept for 12 months."

sammy_zammy

iwant2asave said:

I'm wondering if it's worth switching to Plum or Moneybox or whether those going to follow soon after..

To add to the above reply, the 1.39% bonus for the Plum ISA only applies to new balances - an ISA transferred from elsewhere doesn’t get it, so the rate is 3.79%.

Iconoclast

Well, I was disappointed, but 4.9% is still relatively high so I think I’ll stick with Trading212 for now.

BigBear68

I only just opened a 212 account at the beginning of this month so this is slightly disappointing but not surprising news, with the interest rates dropping on most saving platforms at what point would it be more prudent to put spare money into a pension pot as opposed to savings accounts ?.