Trading 212 Invest : Polite warning if holding only cash.

Ayr_Rage

Like many, I have been holding a lot in cash in the Invest section to get a better interest rate.

They're obviously getting wise to this and I got the following by email this morning

Keep your benefits active

Hi XXXXX XXXXXX 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.

wmb194

Ayr_Rage said:

Like many, I have been holding a lot in cash in the Invest section to get a better interest rate.

They're obviously getting wise to this and I got the following by email this morning

Keep your benefits active

Hi XXXXX XXXXXX 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.

Do you hold any investments in the account? 

sausage_time

I have had this"warning" too.  I'm ignoring for now, but moving my cash to Chase in any case for now (4.8% > 4.6%). 

Ayr_Rage

wmb194 said:

Ayr_Rage said:

Like many, I have been holding a lot in cash in the Invest section to get a better interest rate.

They're obviously getting wise to this and I got the following by email this morning

Keep your benefits active

Hi XXXXX XXXXXX 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.

Do you hold any investments in the account? 

No, I was using it as a savings account, balance was at £117,000 or so in January, I never did trade!

The warning email arrived 2 days after I moved all but £7.11 to my new Chase 4.8% Boosted Saver.

All good things come to an end.

boingy

They have no trading fees so I guess you could make a ridiculously small trade once in a while. 
I guess if they see too many people just using as a savings account they will tier or cut the interest rate to discourage folks.

surreysaver

Then why offer interest on savings, and a debit card with cashback, then [shrug]

Hoenir

surreysaver said:

Then why offer interest on savings, and a debit card with cashback, then [shrug]

An FCA requirement. Though the initial rates offered are a marketing ploy to generate meda coverage. Amazing what social media can achieve at zero cost. Advertising is far from cheap. 

akm2018

I'm not seeing anything in 

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.

that looks like a 'warning' ? I'd just think "OK, thanks!" and delete the email...

Ayr_Rage

@akm2018 how about the first line above the waving hand, did you miss that?

"Keep your benefits active" 

Seems a veiled threat that the interest benefit could be axed.

akm2018

Not even a call to action, let alone a "if you don't do X then we will do Y"...

gt94sss2

Lots of stockbrokers send similar messages. They are safe to ignore.