T212 cash ISA interest to be paid monthly from January 2025

frosch411

Got an email earlier from T212 outlining the interest on the cash ISA will switch from daily to monthly payment.

Can't add a screenshot from my phone via the app (find file button doesn't work) but this is what the email said:

"Upcoming changes

Hi [privacy], 

At Trading 212, we're committed to offering you the best interest rates on the market. To help us do this, we’re changing the way we pay your Cash ISA interest. From January 2025, we’ll start paying your interest monthly instead of daily. 

The way we calculate your annual effective rate will remain the same. You’ll still earn interest on a compounding basis each day, and you can track your daily interest earnings in our mobile and web apps. 

If you have an Invest Account or Stocks ISA with us and have opted in to earn interest on any amounts held in those accounts, we’ll continue paying your interest daily.

Coming soon – investing your spare change and cashback

In the coming months, we’ll be rolling out new features that will let you automatically invest spare change and cashback from your Trading 212 card transactions into your investment pies.

These features will offer a simple and consistent way to build your wealth without having to think about it. We’ll provide further information about them soon.

To make the above possible, we’re updating our terms

📄

Invest terms

Changes • Full document

📄

ISA terms

Changes • Full document

These changes will take effect on 09.01.2025."

dont_use_vistaprint

I got the same, seems their strategy is clearly to try and get customers for the trading app.

So it looks like it will be like Monument now where  you can view the accrued interest daily and it adds it on monthly.  I actually prefer this , tracking accruals and updating my tools once, monthly makes more senses. 

Sea_Shell

From the new T&Cs

. Interest will be credited to your Cash ISA automatically on the third calendar day of each month.

And from the bottom of the e-mail...

These changes will take effect on 09.01.2025

So i take it from that, that the first monthly amount to be credited will be on 3rd February 2025 ??    I'm guessing that this will be the case even if the 3rd falls on a weekend.   Otherwise they'd have said 3 working days?

sausage_time

Note this only applies to the Cash ISA.  From the e-mai...

If you have an Invest Account or Stocks ISA with us and have opted in to earn interest on any amounts held in those accounts, we’ll continue paying your interest daily.

JRF2398

The way we calculate your annual effective rate will remain the same. You’ll still earn interest on a compounding basis each day, and you can track your daily interest earnings in our mobile and web apps.

So only difference is it is credited monthly on the 3rd of the following month. 

Bigwheels1111

A shame as I like the way its done now.

Like Chip, they work it out daily and pay 4 working days into the next month.

So not the end of the world.

Archerychick

Having it paid monthly makes it easier from own admin perspective, it was annoying that a simple ‘this month you’ve earned this much interest’ wasn’t in the admin screens. So at least now it will just be added as a monthly amount, I also won’t want to spend pointless time updating my spreadsheet part way through the month 🫣😆