Trading 212 Cash ISA Jan Statement Interest Discrepancy

dcs34

I think they changed the interest payment date during the month. At the start of January interest was paid daily. Then it was stated interest would be paid "at the end of the month". This was later revised to "on the third day of the next month".

Therefore it's possible the January statement doesn't include interest from 9th-31st Jan, as this will be shown in February's statement (since it was paid yesterday, 3rd February). They could make the statement read a little more clearly in terms of whether it is counting earnt, or paid, interest in the period.

wiseonesomeofthetime

My statement is exactly that. My balance as at 31 January, showing interest paid up to and including 8 January.

I expect the remainder, which is clearly visible in the app as correct for 9-31 January, to show in the next statement.

Jimmar

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.

I agree that it is farcical but the bottom of the statement has:

* Important: 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'm sure it wouldn't stand up to a complaint to the ombudsman but nonetheless I wanted to let people know to check their own accounts and to raise any issues (within this 24 hour period)

Jimmar

My statement had no information on the dates covered other than "January" hence my query to them. 
It showed my accrued interest correct until the 8th of Jan and then separately it had pending interest which would be the interest due for the remainder of Jan after they switched to monthly payments. It was the pending interest which was short. Given that the statement covered the whole of Jan the pending interest should have been the same as my pending interest on the 31st but it only showed what was due around the 28th of the month. 
Like others have said my app etc shows everything correctly. However if every month the interest was out - or vague- then at a later date you only have your statements to refer to - which would be incorrect. 

AmityNeon

Jimmar said:

My statement had no information on the dates covered other than "January" hence my query to them. It showed my accrued interest correct until the 8th of Jan and then separately it had pending interest which would be the interest due for the remainder of Jan after they switched to monthly payments. It was the pending interest which was short. Given that the statement covered the whole of Jan the pending interest should have been the same as my pending interest on the 31st but it only showed what was due around the 28th of the month.

My statements have never shown pending interest. The listed data fields are:

• Client
• Account number
• Primary Currency
• Deposit/Withdrawal
• Interest on uninvested cash
• Account adjustments
• Account value

Jimmar said:

Like others have said my app etc shows everything correctly. However if every month the interest was out - or vague- then at a later date you only have your statements to refer to - which would be incorrect.

You can export/download full transaction histories at any time from your account. Presumably you were paid the correct amount of interest on 02 Feb?

Pr3man

Just move it to the S&S ISA as uninvested cash and go back to having it paid daily 👍