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Ending soon: Earn 1% cashback on your ISA deposits in the 2024/25 tax-year with Trading 212
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Published: 25/04/2024

Furthermore, receive 5.20% interest daily on any uninvested cash with this stocks and shares ISA.

 

Advertisement: This is sponsored content which has been paid for by Trading 212

 

Fintech company, Trading 212, is offering savers the opportunity to earn 1% cashback on all deposits into its Stocks and Shares ISA within the 2024/25 tax-year. Available to new customers only, you have limited time left to sign up in time to take advantage of this deal before it expires on 30 April 2024.

In addition to being a first-time registered and Activated ISA Account holder (who activated their account between 29 January 2024 and 30 April 2024), you’ll also need to be a UK resident aged 18 or over and comply with any other terms to be eligible.

Customers who meet these criteria will then receive 1% cashback on any deposits made into the ISA from 6 April 2024 to 5 April 2025. The cashback will not be counted against your ISA allowance, since it will be credited to your Trading 212 Invest account.

 

Get 5.20% on your uninvested cash

Not only this, but the account also offers an attractive interest rate of 5.20% which is applied daily to any uninvested balances held in British pounds sterling (GBP).

There’s no minimum balance required to receive this rate; you simply need to log into your account, select ‘earn interest on cash’ and follow the instructions.

As with all ISAs, any interest earned is exempt from income tax. While there are no maximum balance requirements, you can only invest up to £20,000 across all ISAs each tax-year, as per the ISA allowance.

You should keep in mind, as a variable rate, the amount of interest you receive is subject to change over time. Any changes to the Bank of England’s base rate, for instance, could be reflected in the interest rate rising or declining.

It’s also important to note Trading 212 is not a bank. The fintech company earns interest through products such as qualifying money market funds (QMMFs), time deposits and current accounts.

QMMFs are a short-term, generally low-risk financial asset. However, they’re still treated as an investment which means the value of your ‘uninvested cash’ could go down if a QMMF were to perform poorly.

Furthermore, although your deposit and any assets held with Trading 212 are protected by the Financial Services Compensation Scheme (FSCS), your uninvested cash is not protected from a loss caused by a QMMF going down in value.

If you want guaranteed returns, you may prefer to opt for a cash ISA instead.

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