Trading 212 Cash ISA Jan Statement Interest Discrepancy

Jimmar

Just wanted to let you know to check your January statement from T212 (the one which ends with a warning to check it carefully and alert them within one day or you're deemed to have accepted the numbers in the statement)
Mine was wrong (under of course) and I had to go to live chat where they acknowledged there was a mistake and that they will be in touch soon with a correction. 
Might be worth double checking your statements though to make sure your numbers are correct.

wiseonesomeofthetime

How was yours wrong?

Mine appears correct. I think 🤔 

Bettie

Mine seems wrong, £60 short on interest but when I log in to my account I have a balance that seems ok. 

AmityNeon

My January statement reflects the total interest paid in January, which is equal to eight days paid daily from 01 Jan to 08 Jan inclusive, covering the period 31 Dec to 07 Jan. T212 then switched to monthly interest, and no further interest was paid in January.

Interest for 08 Jan to 30 Jan inclusive, which is equal to 23 days' interest, was paid on 02 Feb at 22:50 GMT.

As of 03 Feb (daytime), I had three days of pending interest (covering 31 Jan to 02 Feb inclusive).
[Update: Now four days' interest as of 04 Feb.]

This means the following information tooltip next to PENDING INTEREST ℹ is not entirely accurate:

You earn and accrue interest daily, and accumulated pending interest over the past month is paid on the 3rd day of the next one.

I vaguely recall Chip's interest months also running from the last day of the month to the second-last day of the next (an equally unpublished detail).

AmityNeon

Jimmar said:

Mine was wrong (under of course) and I had to go to live chat where they acknowledged there was a mistake and that they will be in touch soon with a correction.

What mistake specifically did they acknowledge? The statement figure (if wrong) doesn't change the amount of interest that was actually paid in January, which at the time was paid daily.

Please note that it is your responsibility to check your monthly statements and inform us of any discrepancies within one working day. After this period all deals will be deemed confirmed by you.

I highly doubt this applies to Cash ISA Interest. It would be absolutely farcical for T212 to shift the burden of responsibility of accurate interest calculations to customers whilst only allowing a single working day for discrepancies to be alerted.

Y_am_I_Here

The interest showing on the  January Statement I received is also £60 or so less than it should be, although the balance actually looks correct 🤔

Ayr_Rage

My January interest statement shows 8 days of interest, which were added daily.

In the account there is further interest added on 2nd Feb and also pending interest.

The cleared balance looks correct.

I am sure T212 have got it right and we just need to get our heads around the change to monthly interest and how they have chosen to produce the statements.

perfectlegend94

I got in touch with them and they said it's a visual discrepancy on the monthly statement. The interest I actually received is correct.

AmityNeon

perfectlegend94 said:

I got in touch with them and they said it's a visual discrepancy on the monthly statement. The interest I actually received is correct.

What is the visual discrepancy exactly? Does the figure on the statement not match the sum of the interest paid over the first eight days in January? The statements have always shown interest paid (credited) in the corresponding period, which is exactly the same as what all other providers do in their interest statements.

perfectlegend94

AmityNeon said:

perfectlegend94 said:

I got in touch with them and they said it's a visual discrepancy on the monthly statement. The interest I actually received is correct.

What is the visual discrepancy exactly? Does the figure on the statement not match the sum of the interest paid over the first eight days in January? The statements have always shown interest paid (credited) in the corresponding period, which is exactly the same as what all other providers do in their interest statements.

My statement only shows the interest I received up until January 8th. They said it'll be fixed though.

AmityNeon

perfectlegend94 said:

AmityNeon said:

perfectlegend94 said:

I got in touch with them and they said it's a visual discrepancy on the monthly statement. The interest I actually received is correct.

What is the visual discrepancy exactly? Does the figure on the statement not match the sum of the interest paid over the first eight days in January? The statements have always shown interest paid (credited) in the corresponding period, which is exactly the same as what all other providers do in their interest statements.

My statement only shows the interest I received up until January 8th. They said it'll be fixed though.

OK, so it's not a discrepancy, and nothing is erroneous.