I’ve just seen the new T&Cs saying T212 may put your uninvested funds in to a bank account. They will share any interest they get from this but also you will share the risk e.g. if the bank goes bust you may lose some money.
Can anyone help me with some questions please?
Can we opt out of this if we don’t want it?
Is there an easy way to see the interest earned e.g. can you filter like you can with dividend?
However, if you do not wish to receive the interest, you may inform us and we will discontinue its payment to you. In such a scenario, although you have opted out of receiving interest on your Uninvested Money, you hereby agree that we may still deposit your Uninvested Money in accordance with Clause 14.1 above and we will retain all interest.
You can opt out of receiving interest but not opt out of your money being deposited into interest bearing accounts.
Yes, you’ll be able to do that. The feature is not enabled yet, but once it is live, you will be able to opt out of receiving interest via a section in your account’s menu.
As @Dougal1984 mentioned, the interest will be credited to your account automatically at the end of each Business Day and reflected on your periodic Statement.
In the unlikely event Trading 212 or the bank holding your client funds were to go into liquidation, and if there was a failure to safeguard your assets, the value of your funds and assets held with Trading 212 are still protected by the applicable compensation scheme.
I would say yes it counts towards the £1000 allowance but looking at HMRC guidelines it states the following places is where interest comes from that counts towards the allowance, now the question is which category would interest from T212 come under? Anyone know as it isn’t clear to me which category it would be under.
Interest covered by your allowance
Your allowance applies to interest from:
bank and building society accounts
savings and credit union accounts
unit trusts, investment trusts and open-ended investment companies