Trading212 Spending Pot

wmb194

BarGin said:

I've just started using the account and card, looking good and no problems so far. Do any users have concerns with the qualifying money market funds risk? This is something new to me although I don't expect to be keeping significant funds there. I won't be investing at all.

No. It now shows the QMMFs it uses:

sausage_time

Just had this e-mail from T212.  I hold only cash in my S&S account.

Keep your benefits active

We noticed you haven't traded for a while, yet you are still earning interest on your cash. We wanted to remind you that your Trading 212 account is primarily an investment account. It's designed for investing, rather than for holding cash as in a traditional savings account.

I wonder if they plan to stop interest for folks holding only cash in this account?  One to watch.

slinger2

sausage_time said:

Just had this e-mail from T212.  I hold only cash in my S&S account.

Keep your benefits active

We noticed you haven't traded for a while, yet you are still earning interest on your cash. We wanted to remind you that your Trading 212 account is primarily an investment account. It's designed for investing, rather than for holding cash as in a traditional savings account.

I wonder if they plan to stop interest for folks holding only cash in this account?  One to watch.

Seem to remember that they reserve the right to close accounts that aren't being used for trading but I haven't heard of such a case.

sausage_time

sausage_time said:

slinger2 said:

sausage_time said:

gt94sss2 said:

sausage_time said:

gt94sss2 said:

slinger2 said:

BarGin said:

Can you just put money in the spending pot, earn interest on it and spend it with the debit card?
Do they allow recurring card payments?

1. That's exactly what it is. 0.5% cashback too (on qualifying spending). I've found it reliable for spending but not had so much luck in ATMs.

The 212 Card can only be used with contactless ATM machines. You won’t be able to withdraw funds by inserting your card into the ATM due to the lack of a magnetic stripe.

I have used my card in a regular "card slot" ATM to withdraw cash.  I assume it reads the chip, which would not be contactless as such.  Interestingly it would not let me change my PIN (but you can do that in the app or on line).

Yes, the T212 card does not have a magnetic stripe so it won't work with ATMs which need them.

That's very few ATMs in the developed world. 

The earlier post was confusing because it said the T212 cards would only work on contactless ATMs.  But as I noted, I have used in a slot machine which almost certainly reads the chip via the contacts, and so is not contactless.  There are contactless ATMs that will work with contactless cards tapped on the reader, and the likes of Google Wallet.  In practical terms the T212 card should work in most ATMs in the developed world.

That's rather contrary to my experience. I went into my high street Nationwide today and the machine wouldn't even feed the card in. I crossed the street to Santander. Their machine accepted the card and I was able to withdraw some cash.

Looking at the T212 community forums (fora?) I see some comments that imply older ATMs look for the presence of the mag stripe but actually use the chip for processing the transaction!  Given that the mag stripe is being obsoleted (see below) that seems like it will have to be fixed on those ATMs.  

https://www.mastercard.com/news/perspectives/2021/magnetic-stripe/

For reference I used a slot card reader ATM branded Waitrose and managed by Cashzone.

FYI I have since successfully used my T212 card in ATMs at Tesco and Sainsbury.

crumpet_man

wmb194 said:

sausage_time said:

Seems a bit pointless to me.  I moved my entire balance to my "Spending Pot".

I guess it depends on the size of your balance but I think it's a good idea to be able to limit the amount someone can pinch via your debit card. Up to now I've been constantly freezing and unfreezing (defrosting?) my card in ApplePay so I quite like that I can now leave a small amount ringfenced just for the card.

There is also a card limits function in case you missed it

wiseonesomeofthetime

crumpet_man said:

wmb194 said:

sausage_time said:

Seems a bit pointless to me.  I moved my entire balance to my "Spending Pot".

I guess it depends on the size of your balance but I think it's a good idea to be able to limit the amount someone can pinch via your debit card. Up to now I've been constantly freezing and unfreezing (defrosting?) my card in ApplePay so I quite like that I can now leave a small amount ringfenced just for the card.

There is also a card limits function in case you missed it

I wouldn't spend that much in M&S let alone Tesco 😂😂