Trading 212 interest rate issue

jungleboy123

Hello,

I switched my ISA to trading 212 when it was offering like 5.17%. A month after mine dropped to 4.9%.

it is now offering similar 5%ish but appears to be for new customers, i assume i cannot get onto the higher rate now?

It kind of sucks because i joined their existing deal late then as soon as BOE dropped rates they dropped the ISA rate but now upped it again, i feel like maybe i didn't read the T&Cs or maybe i can still get the higher rate by asking?

Ayr_Rage

You are, like me, stuck with the variable rate, currently 4.9%

Our rate drop was in response to the BoE rate cute

The new 5.16% rate is for new clients only and includes a bonus, with conditions.

rob37uk

I have jumped ship to Moneybox at 5.11%

eskbanker

rob37uk said:

I have jumped ship to Moneybox at 5.11%

....which works as a one-off, but for the record, they've done exactly the same as Trading 212 in reducing rates for existing customers while remaining more competitive for new ones.

slinger2

The BOE may well reduce the base rate next week. If so the rate offered for all these variable rate products is likely to drop about 0.25% in the coming weeks.

wmb194

Bank rate is 4.75% so 4.9% still isn't bad and competitive with other providers.

https://moneyfactscompare.co.uk/isa/easy-access-cash-isas/?quick-links-first=false&product-favorites-first=false&sort-order=AER&sort-order-text=Rate

https://www.bankofengland.co.uk/monetary-policy/the-interest-rate-bank-rate

jungleboy123

update on this i have checked and the same issue on my regular non isa chip account, i assume i cant get another account off them for the higher rate? And it will likely go down as someone here said because rates are dropping once again.

slinger2

jungleboy123 said:

update on this i have checked and the same issue on my regular non isa chip account, i assume i cant get another account off them for the higher rate? And it will likely go down as someone here said because rates are dropping once again.

"The Chip Cash ISA, the Chip Easy Access Saver and the Chip Instant Access Accounts have tracker rates. The rates on these accounts will change on the same day that the BoE base rate moves."

jungleboy123

slinger2 said:

jungleboy123 said:

update on this i have checked and the same issue on my regular non isa chip account, i assume i cant get another account off them for the higher rate? And it will likely go down as someone here said because rates are dropping once again.

"The Chip Cash ISA, the Chip Easy Access Saver and the Chip Instant Access Accounts have tracker rates. The rates on these accounts will change on the same day that the BoE base rate moves."

but if i had an account that has gone down and the new headline rates are higher (for the same type of account), would they be able to put me on the higher rate?

wiseonesomeofthetime

jungleboy123 said:

slinger2 said:

jungleboy123 said:

update on this i have checked and the same issue on my regular non isa chip account, i assume i cant get another account off them for the higher rate? And it will likely go down as someone here said because rates are dropping once again.

"The Chip Cash ISA, the Chip Easy Access Saver and the Chip Instant Access Accounts have tracker rates. The rates on these accounts will change on the same day that the BoE base rate moves."

but if i had an account that has gone down and the new headline rates are higher (for the same type of account), would they be able to put me on the higher rate?

Short answer. No.

eskbanker

wiseonesomeofthetime said:

jungleboy123 said:

slinger2 said:

jungleboy123 said:

update on this i have checked and the same issue on my regular non isa chip account, i assume i cant get another account off them for the higher rate? And it will likely go down as someone here said because rates are dropping once again.

"The Chip Cash ISA, the Chip Easy Access Saver and the Chip Instant Access Accounts have tracker rates. The rates on these accounts will change on the same day that the BoE base rate moves."

but if i had an account that has gone down and the new headline rates are higher (for the same type of account), would they be able to put me on the higher rate?

Short answer. No.

Slightly longer answer: they would be able to but wouldn't be willing to....