Anyone got a Moneyfarm Cash ISA and checked their daily interest?

wickford76

Getting there slowly! Good luck.

GoodDealSearcher

Just to confirm I got the correct interest on the anniversary and the bonus about 3 weeks later. Transferring an ISA out does seem to take far longer than most institutions. It would be good if MoneyFarm listed historic and bonus interest rates; and I had to ring them to get the account number for the ISA transfer as it doesn't seem to be anywhere on the app. Once I was given it, I found it was contained in an email when I had opened the account.

GOTfan

https://forums.moneysavingexpert.com/discussion/comment/82087337#Comment_82087337

TBH they'd have to do something pretty spectacular for me to ever want to deal with them again

mrkds

I just want to chime in here.

Ive gone through a similar experience. Transfered in from another ISA being wooed by a 4.88% rate. My first few daily interest payments were not consistent with the advertised AER. The advertised AER for the base (excluding the 1% additional bonus) was 3.88%, but my daily interest payments were consitent with an AER of 3.29% (accounting for compounding). On contacting customer seccice, at first an AI bot tried to fob me off with "your calcualtion doesnt consider compounding", "your bonus is not payable until after a year", etc... none of which explain the discrepancy.

After geting through to a human agent, they explained how the rate can fluctuate even within a day due to movement within QMMF allocation , and the 3.88% is only the estimated return over a year. I got them to confirm the 3.88% is in no way garunteed. So the advertised rate to me is misleading. It doesnt reflect the current returns and there is no garuantee the rate will increase or even stay the same in the future, so i dont understand on what basis they can claim the AER is what they say.

Once you see the real AER, its really not a good product. I could get a better garuanteed return in a 1 year fixed cash ISA (an ACTUAL cash ISA!) than i would get in 12 months with the etoro ISA. Thats including the 12 month bonus and assuming the rate doesnt drop. I wouldnt have to deal with uncertain returns and potential risk (albeit low). So im now in the process of transfering out of etoro.

Thats aside from the other issues mentioned above. The term "cash ISA" is misleading as its really an investment ISA, the lack of transparancy of who administers the fund (etoro? Moneyfarm?). The way their AI bot tried to obfustate me. And the etoro app is one of them most horrible i've encountered.

The sooner i get my money out of there the better!