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DIY investment platform Trading 212 has hiked its cash Isa rate for the second time in one week, delivering a table-topping 5.1 per cent deal.
Trading 212’s Isa* offers a 0.2 cent bonus for 12 months on top of its standard variable rate of 4.9 per cent for new customers.
The double hike in one week comes as an easy access cash Isa battle has been reignited, with rival Plum* also raising its rate to 5.06 per cent.
Plum’s move followed Trading 212’s hike to 5.05 per cent last Tuesday.
To get the deal, This Is Money readers need to sign up with this exclusive Trading 212 link* or use the code TIM.
Cash Isa battle: Trading 212 and Plum are slugging it out at the top of the savings tables
You’ll need £1 to open a cash Isa and can do so by downloading Trading 212’s app. When you follow the link above or use the TIM code you will get the 5.1 per cent. At one point in the Isa opening process it may say 4.9 per cent, but the 0.2 per cent bonus will be added when the account is opened.
There are no limits to how many times you can withdraw your money and Trading 212 will not reduce your interest rate for accessing your money.
Crucially, it is a flexible Isa which allows you to dip into your pot as long as you put the money back in during the same tax year. It doesn’t lose its tax-free wrapper or use up any of that year’s £20,000 Isa allowance.
The new deal means that Trading 212 is one of the only providers, alongside Moneybox and Plum, to pay interest of more than 5 per cent.
Trailing Trading 212*, Plum* and Moneybox are Monument Bank and Mansfield Building Society which are paying 4.76 and 4.75 per cent interest, respectively.
It means easy-access Isa rates currently beat fixes. The best one-year fix is offered by Shawbrook Bank and Castle Trust Bank at 4.53 per cent, while the best two-year fix comes in at 4.43 per cent from Hodge bank.
Trading 212 is FCA regulated and cash savings deposits are FSCS savings scheme protected. Protection comes from the cash being held in partner bank accounts with Barclays, NatWest and JPMorgan. Customers are able to see the percentage held at each bank on the ‘cash tab’ in the Trading 212 app.
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5.1% cash Isa
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5.06% cash Isa
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