Soldato
- Joined
- 25 Nov 2007
- Posts
- 5,581
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- London
They dont, but HMRC will know as they will see all the reports from each provider
Best savings account?
- Thread starter Merlin5
- Start date
They dont, but HMRC will know as they will see all the reports from each provider
Soldato
- Joined
- 14 Jul 2005
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- 9,388
- Location
- Birmingham
So what happens if someone overpays the limit across multiple providers with different rates?
Soldato
- Joined
- 19 Oct 2010
- Posts
- 3,144
Just looked at T212
"
Is my money still protected?
Where we hold your money with a bank, you are protected by the FSCS up to a limit of £85,000. Learn more about how your money is protected here.
Money placed with a QMMF is treated as an investment and not as money held with a bank. In the unlikely event that the QMMF fails to maintain their low-risk strategy, as with any investment, the protection will not be available. We carefully select all QMMFs to ensure that they are highly liquid, stable in value and maintain their highly regulated status."
Am I missing something or is there a risk?
"
Is my money still protected?
Where we hold your money with a bank, you are protected by the FSCS up to a limit of £85,000. Learn more about how your money is protected here.
Money placed with a QMMF is treated as an investment and not as money held with a bank. In the unlikely event that the QMMF fails to maintain their low-risk strategy, as with any investment, the protection will not be available. We carefully select all QMMFs to ensure that they are highly liquid, stable in value and maintain their highly regulated status."
Am I missing something or is there a risk?
It is protected under the standard FSCS £85k rules in the Cash-ISA account; it is not if you choose to invest it in to a QMMF.
No news yet but they tend to give notice before they do change rates. Hoping they leave it alone to remain competitive.
Soldato
- Joined
- 4 Aug 2007
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- 22,397
- Location
- Wilds of suffolk
Cash ISA is protected upto £85k
Investment (S&S) ISA isn't if there is cash in there and you choose to take interest on it. That is invested into QMMF
Conversely, I've had a "can't login" ticket with them for over 2 weeks now. I used to have a practice trading account (for lols) and now I can't login using my email address. Sure I could just make another account on another address but this feels dodgy and they don't allow multiple accounts as far as I can tell/read online.
My 2 Nationwide accounts matured today. ISA and Regular Saver gave me a combined £220 in interest for the year so not too bad.
Now I need to find a place for my savings. Needs to be instant access as it will be my "6 Month Emergency Fund"
Now I need to find a place for my savings. Needs to be instant access as it will be my "6 Month Emergency Fund"
Associate
- Joined
- 22 Nov 2017
- Posts
- 353
Is there anything to stop opening multiple cash ISAs with T212? I currently have numerous savings pots in my Starling account and heard the news they are no longer paying interest on them, I totted them up and they amount to over £3k so I am thinking I should chuck it all in a cash ISA and create a spreadsheet with how it is all divied up but if multiple ISAs is allowed then maybe I don't need the spreadsheet faff?
So they are dropping ? not sure if it will be worth switching to them now if they are
If they drop to 4.9%, its likely they will drop it again just after the new year maybe?, and it wont be far behind some of the other banks.
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That's the gamble you take but considering it takes zero effort to open and transfer there's no reason not to just go for it.
It's still the best offering, what to say other banks won't drop further?
Yep got an email today, dropping from 5.17% to 4.9%
This is worth a watch... The 85k protection is kind of like an additional fail safe...
Soldato
- Joined
- 16 Aug 2009
- Posts
- 8,205
Featured as a best buy on MSE.
There are similar issues reported elsewhere. I can't even open an account.
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