You can open a free account with Trading 212 by downloading the app and depositing PS1. You’ll then earn tax-free interest on your savings daily. It’s a flexible ISA, so you can withdraw and replace funds freely within the same tax year, without it counting towards your annual allowance. Is Trading 212 Cash ISA Safe?

This makes it a top choice for those who want to keep some money away from their investments. It’s important to note that the rate you get on your uninvested cash is a bit different to what you might expect from a bank or building society. Instead of being held as ‘cash’, it will be invested in things like Qualifying Money Market Funds (QMMFs). These are a type of low-risk investment that usually follow the Bank of England base rate. You can see a percentage of the amount held with each provider on your account’s cash tab’.

Is Trading 212 Cash ISA Safe? A Security and Compliance Review

It’s worth noting that the rate is variable and can go up or down based on market conditions. It’s also important to remember that your cash won’t be as secure as a bank account, and it could be at risk of being frozen in a recession. That’s why it’s essential to keep an emergency fund of at least six months in case you need to access the money.

The rate at the moment is one of the highest for full easy-access cash ISAs on the market and easily beats fixed-term ISA deals. This is mainly because it’s not tied to a specific bank or building society. However, it is FCA regulated and your cash savings are protected up to 85,000 by the Financial Services Compensation Scheme.