Is it better to have money in the Cash ISA at 5.2% or in the cashback on your uninvested money in your S&S ISA at 5.2% with the QMMF?
Also, silly question maybe but the cashback on your uninvested money in your S&S ISA taxable?
And the 1% cashback for net deposits in FY24 that will go to the Trading212 Stocks account for new users (me) taxable?
Fellow user here. Both have different protections. The best for cash would be the cash ISA.
You earn interest not cash back. This is earned inside the ISA wrapper so should not impact your 20k new funds deposit limit.
Fairly sure it would go to your GIA if you opened one, it’s been asked on the forum before and I think that’s what was said.
Is the Cash ISA eligible for the ISA Deposit Cashback promo?
I get the 1% cashback on my S&S ISA when I deposit, but so far not getting any cashback on the Cash ISA deposits.
To get the cashback could I simply deposit in to S&S ISA, then transfer over to Cash ISA?
If I am user/client of the S&S ISA sinxe 2023, and now I ooen a Cash ISA in T212 and transfer in an old ISA, would I be eligible for the 1% Deposits Cashback promotion?
I thought this too but didn’t get cash back. Think it’s just for entirely new customers.
T212 have confirmed that the cash ISA does not qualify but may in future promotions.
Why is the Cash ISA better for cash?
Would they not be the same?
Blockquote
Interest is the same for Cash and stocks/shares ISA - So the S&S ISA makes more sense because of its enhanced flexibly and access to stocks and etfs.
Oh what a shame, as I was planning to transfer to an ISA from another provider.
Thanks for the info.
I transferred a previous year cash ISA using portfolio transfer and it shows I “used up” my allowance for this year
Cash ISA is covered by FSCS.
S&S ISA uses QMMFs, and although highly unlikely due to regulations on how they are rum, have a really really small chance of default but there is still a risk there.
This has also happened to me today. The transfer status is still at “contacting broker” so I’m hoping it just means T212 need to do something to complete the transfer and the allowance will go back to £20k for this year.
Welcome to the Community, @John2024 
The banks and savings checker pulls through information from the FCA register and its banks, building societies and e-money providers. Any firm that is listed as e-money services will show up. As we’re not a bank or listed as an e-money provider, you’ll be unable to find our details when searching through the FSCS’ Banks & Savings Protection Checker or the Investment Protection Checker. Still, your funds are protected by the FSCS, and you’ll be able to find more information on our website soon, as well as in the next few sentences below.
As mentioned above, we’ll soon update the information on our website to include more information about the FSCS protection and which banks are involved. If we fail, your money is safe and sound at the banks we use to keep client money. If the banks where we hold your money fail and they are unable to return them, the FSCS can award up to £85,000 in compensation per bank. We want to highlight that this is unlikely as we keep your money only at systematically important banks, like JPMorgan Chase and Barclays. The funds in your account may be held in different banks depending on the currency you hold. This should also answer your questions, @Radiant.
Here’s the list of our partner banks and where your cash is held each day depending on the currency:
Is there a straight forward answer to this
Does the univested cash in S&S consume this years allowance if I transfer within the app to cash isa?
Can t212 confirm this please.
No it doesn’t, I’ve done it my self. I moved £1K from T212 S&S ISA to my new T212 CashISA and it still showed £20K still available. So there was no impact. Note: there was a bug in the ‘used’ field where it implied that I ‘used’ £1K of my allowance, but this is a software bug.
Yes I played about with small amounts yesterday before the full swing. I wanted to update the forum but I was on hold by the mods.
Is this different than the uninvested cash ISA paying 5% odd interest but invests our cash into QMMFs?
Both T212 S&S ISA and T212 CashISA give you 5.2% interest on your cash. The only difference is S&S ISA keeps your cash in both Banks and QMMF’s, where CashISA is only in Banks. Thus CashISA is better protection due to the £80K FSCS protection. You have no protection with QMMF’s if they go bust.
Any idea on junior isa ?
To be clear to those who were following the prior conversation: this is what happened to me too. But it was just a software bug, it corrected itself and all is well. Transferring works perfectly now.
