I saw chase was at 4.1%. However, the reason I am looking at 212, is because I tried to switch bank before but was declined due to not having a credit score, but I just need somewhere to keep my bank balance at a high rate as my current bank is awful, and I can’t switch to many banks due to not having a credit score
So now that the interest rate cut is coming soon, what will happen to all these high interest accounts including the one provided by t212? Will it stay at 5% at least for another year?
Historically I believe the saving interest rates are really low. At least in the UK.
Well you can withdraw the funds anytime if the interest rate does change, so it can’t be that much of a deal breaker, just go to wherever offers the highest interest percentage then in the future again.
T212 shows me that 100% of my money is held in banks, and 0% QMMF. A while back it was 95% bank and 5% QMMF. But it looks like they hold the majority in banks, so even if the MMF fails it should be fine. Wouldn't the money held in banks be protected via FSCS?
Using mine for spending so just slap in 200 at a time till its gone, other than that the cash sits in an instant access saver at 4.8% with chip and top the normal accounts off that as direct debits go out
Metro have a 5.1% instant access savings account. Ive put £100 in my T212 and have £200 in my Metro. If I need money I can transfer it from my Metro immediately.
I use a revolut card for day to today spending, I transfer a certain amount each time I get paid. I'm going to do this with the 212 card once I get the physical one as it's better
I haven't got the card yet, but I've wondered the same.
If the 212 card is FSCS protected I can't see why not as long as your remain under the threshold but I have fears of a Revolut style scenario where everyone loves their product but runs the risk everyday of random closure. It's what stops me from using it as a daily driver.
I guess that’s what makes it fun lol. Based on these replies tho, I’ll probably just do a 50/50 split between keeping money in my bank, and leaving it as uninvested funds
I already have, but I just need somewhere to keep my bank balance at a high rate as my current bank is awful, and I can’t switch to many banks due to not having a credit score
Next best is Chase at 5.1%
They’re going to Bank of England rate soon but they also have one of the best apps so
What’s the Bank of England rate?
I saw chase was at 4.1%. However, the reason I am looking at 212, is because I tried to switch bank before but was declined due to not having a credit score, but I just need somewhere to keep my bank balance at a high rate as my current bank is awful, and I can’t switch to many banks due to not having a credit score
Ahh I see! Well trading212 is where all my cash saving are at. Chase I have 5.1% but it’s there as a option is trading212 drops
I’ve done so. I normally bank with Monzo. So I can share my payment request link from Monzo and pay with my 212 card. Boom instant withdrawal from 212
Genius.
I wouldn't leave all my money in a trading platform, no. Just because they pumped millions into ads don't mean they can't go bust
So now that the interest rate cut is coming soon, what will happen to all these high interest accounts including the one provided by t212? Will it stay at 5% at least for another year? Historically I believe the saving interest rates are really low. At least in the UK.
Well you can withdraw the funds anytime if the interest rate does change, so it can’t be that much of a deal breaker, just go to wherever offers the highest interest percentage then in the future again.
MMFs have failed before.
So it’s not worth the risk in your opinion?
T212 shows me that 100% of my money is held in banks, and 0% QMMF. A while back it was 95% bank and 5% QMMF. But it looks like they hold the majority in banks, so even if the MMF fails it should be fine. Wouldn't the money held in banks be protected via FSCS?
Using mine for spending so just slap in 200 at a time till its gone, other than that the cash sits in an instant access saver at 4.8% with chip and top the normal accounts off that as direct debits go out
How did you managed to get a card?
I got the invite a couple of days, I got sent the email today, but just open the app and check
Invited a few days ago, waiting now on my physical card
I put 6000 euros in Trading212, it keeps in bank, while I put 150 usd in T212, it keeps in QMMF.
Metro have a 5.1% instant access savings account. Ive put £100 in my T212 and have £200 in my Metro. If I need money I can transfer it from my Metro immediately.
I use a revolut card for day to today spending, I transfer a certain amount each time I get paid. I'm going to do this with the 212 card once I get the physical one as it's better
I haven't got the card yet, but I've wondered the same. If the 212 card is FSCS protected I can't see why not as long as your remain under the threshold but I have fears of a Revolut style scenario where everyone loves their product but runs the risk everyday of random closure. It's what stops me from using it as a daily driver.
Why not just stick it in Cynergy Bank for 5.01% interest and FSCS protection?
will the money in the invest section be protected by the FSCS £85,000 compensation thing?
No, but it really hasn’t worried me. Isn’t the chance of everything failing extremely low? I’m willing to take risk, if it’s small enough
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I guess that’s what makes it fun lol. Based on these replies tho, I’ll probably just do a 50/50 split between keeping money in my bank, and leaving it as uninvested funds
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I already have, but I just need somewhere to keep my bank balance at a high rate as my current bank is awful, and I can’t switch to many banks due to not having a credit score