Hi all, I’ve been using T212 ISA for years and really enjoyed and do intent to keep going. I’ve only just realised that FSCS’s 85k over includes all accounts with 1 platform, which means between the ISA and Investing accounts I currently hold, it still ocunts as one. So just for future planning and stuff, I was wondering what do people use as a backup platform other than T212. I do still intent to use T212 ISA as my main one, but might hold some that I don’t buy/sell often in a separate account in the future
That all depends on what you plan to hold in a separate GIA / ISA, if that’s what you choose.
If you want to hold mutual funds, then you need a platform like say Fidelity, Hargreaves or Interactive Investor.
thanks, I’m thinking I just need a separate account to hold the shares I don’t buy/sell often and will be holding for long, so that I don’t need to worry about tax and stuff… not thinking of mutual funds, all hand-picked stocks… can’t seem to find another free platform like T212, but a little about concerned about the risks as I currently only have accounts with T212
you understand the fscs protection for ÂŁ85 per financial company is for cash only
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That’s not correct. I’m not sure why people continue to peddle this.
yes you are correct, i just looked it up, i always thought that was the case. the importance of doing your own research
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Just another thought and I will try to explain my view.
I hold cash across different accounts. Not because of the 85 FSCS protection limit (I wish), but I hold cash that I want to be easy access. You never know if one bank may have an IT issue at the moment you need funds, so I spread it about.
Although this limit applies to stocks too, your assets are held in a segregated pot. If your broker were to go under, this pot would be transferred to another broker. For here, that would most likely be interactive broker.
If you are still not comfortable with that and want the government protection, you need to find another company that has no affiliation with 212, or interactive brokers.
You could look at another entry to the low cost investing scene, but that depends what you would like to invest in. InvestEngine is also free for ETFs, FreeTrade has access to more LSE stocks than 212, but that comes behind its paywall. Then there is goLightYear, Robin Hood and Webull, or you can go with more paid services such as Interactive Investor, or Hargreaves Lansdown.
It really boils down to your preference, so good luck and I would recommend you DYOR to double check any suggestions / advice you receive.
Pick any low cost option you want that has the options you want. Currently I’m adding to InvestEngine and transferred my SIPP from Vanguard to there. Eventually when that looks near to the limit I’ll probably look at lightyear, hopefully they have some free share sign up by then. Freetrade I have below the limit but I plan to just leave it as is to grow over time since T212 has surpassed the limit now due to growth
This should help clarify…
It’s not correct. The FSCS guarantee applies to the banks that T212 uses to hold your uninvested cash e.g. Barclays, Nat West, JP Morgan. So its £85k per bank license (including if you have any accounts with those banks outside of T212).
Hey @qs0926 ,
I had the same concern. If it’s any help, I looked at a range of alternatives as an FSCS backstop. Most of the well known ones had downsides like high monthly or yearly fees. And as you mentioned, just for holding, paying holding fees is not what we’d want.
I discovered another lesser known platform that I’ve found to be really good called CMC Invest.
Their ISA is flexible like T212’s, but they do have a very low annual fee. The lowest I found. They are app based only, but I’ve had zero issues with them so far.
Don’t know why more people haven’t cottoned onto them yet.
Hope that helps.
Regards.
CT
Not used them in a while but when I did they had a very limited investment universe.
I don’t know what you ultimate investment goals are, but say its to reach the magic £1 million mark that we all dream of. So you are going to find 12 different brokers? I’m just wondering.
And at what point do you discover it’s absolutely pointless.
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Actually, yes, that could be true. They had the two I wanted at the time, so didn’t really look any further.
Well, of course,
- I had thought about that too. Figured I’d just try and keep diversifying all the way up the ladder until I ran out of brokers!!?!
- A nice problem to have. I think if that happened, I might be inclined to be less worried about protecting little lumps of ÂŁ85K!?
4 X ÂŁ300K ?
6 X ÂŁ200K ?
Aaahh, fxxk it! The drinks are on me anyways!!?! 
CT
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Tell that to Beaufort Securities customers who had more than ÂŁ50k AUM with them
Beaufort Securities clients are the reason it’s moot.