Trading 212 card review: is it any good?

[@StatzGFX]

Hi, great video. One important note is that the cash you earn interest on is your available cash and the balance for spending is taken from your available cash. So that information is incorrect. I have checked this personally and can confirm this, others have also confirmed this. That one thing changes a lot. 5.2% interest on balance and 0.5% cashback is a pretty lucrative offer.

[@realbartie]

I have it too and yes, I'm getting the 5.2% on the uninvested cash. The debit card makes no difference to that so I think that particular part in the video is incorrect. Cashback is not as quick as with Chase, but it does appear, d+2 for me.

[@StatzGFX]

@@realbartieyeah same, about 2-3 days after so I’d assume it waits until the transaction is settled before confirming cashback which makes sense.

[@outsidethebox2037]

Not all your uninvested cash is part of your available balance to use with the credit card. Some may be 'invested' in QMMF's as part of the 5.2% interest rate ..so technically that is not part of your available CASH.

[@StatzGFX]

@@outsidethebox2037 All your uninvested cash is part of your available balance to use with the card. Regardless if it’s invested in the QMMF it is still listed as available cash that you can spend. That’s what it shows on my account. The main catch being your cash with T212 is FSCS protected but any invested in the QMMF is not FSCS protected.

[@matissemoretti8451]

Hi Andy, it would be great if you could do a simple video on how you deal with your monthly income. I.e what bank account it should go into (briefly going over the competitive rates vs. Accessibility for current accounts (I know you did this fairly recently but would be great to see it in a concise video alongside other types of accounts) how to split up, where to keep your different savings I.e (short/medium/long/ISAs). Also, it would be helpful to incorporate stocks and shares, alt cards, investing accounts etc. I find myself moving money about unnecessarily sometimes, mainly from my chase account where I keep my current short term savings in the connected savings account (currently at 4.1% AER :/). Thanks for the 10/10 content, been watching you avidly since early dec 2023,

[@rushy3001]

Can you explain the bit about the interest not stacking with the cash balance for the Debit Card. I've got the account myself and from the looks of it all the cash balance is gaining the interest, paid out each day. The spending I've done on the card goes directly from the uninvested cash balance. I might have missed something. The cashback has been a bit hit or missed for me, and can't find what is included in the cashback

[@StatzGFX]

Hi yeah that is correct, love Andy’s video but this is a piece of incorrect information he has posted.

[@KuzeReika]

no apple pay support is a bummer

[@fraggr6913]

It’s being tested and they’re planning to release it next month

[@boshjosh1918]

It's been released now by the looks of things

[@reecie2000]

Some payment systems used by providers recognise this as a credit card unfortunately

[@reecie2000]

Also you now do get the interest whilst spending.

[@sakishrist]

01:05 You are telling me I can't buy a McFlurry with my McDonald's stock?

[@jjames11984]

Cash back looks better on Algbra and chase at the moment

[@alekskipton]

Apple Pay ready to use

[@notwkrail]

An u Ave 1000 tax and 3000on cgt

[@13mowe]

im new to 212 , customer service have been awsome, make sure your deposites are from a varifired account(this will help withdrawls go smoothly) dont forget to mention the 1% cash back on all ISA deposits 24-25. £200 in total will = 6.2%

[@rfxtuber]

I'm curious... On normal bank accounts there are options to allow something called open banking? This shares all your info with other banks or third parties? Does anyone know if using trading 212 that you are doing this without being told or knowing about it?

[@notwkrail]

Does 212 alow cgt on 3000

[@powderpofgirls]

Is it better than using monzo or starling abroad?

[@NightElff88]

Yes, T212 exchange rate is better.

[@powderpofgirls]

@@NightElff88 but monzo and starling use the master card exchange rate and no fees? So T212 can do better than that? And how can you check?

[@NightElff88]

@@powderpofgirls Exactly - Mastercard exchange rates are worse than the true interbank rates that T212 uses.

[@josephhughes1498]

@@powderpofgirls they use interbank rate plus 0.15% I believe , the only thing you lose is any purchase protection but that’s generally weak on debit cards anyway

[@my95lifestyle47]

I've got free cash in my invest account but can't deposit in my isa on it why can't I deposit

[@jaylavigne4057]

If you've been given free stocks, or money... That's only to be used in Trading 212

[@notwkrail]

3009

[@AllCuriousQuestions]

Hi Andy, I live in Hungary, and we have to pay 15% taxes for investment earnings, and 28% for dividends, so by using this card I have to keep track on the payments to calculate my taxes, or is there an easier way?

[@jackmiller9926]

so you get 5.2% APR plus 0.5% when you spend that cash on the card?

[@notwkrail]

If managt to max cash Ias does investment account be cgt ?

[@notwkrail]

300

[@purplebass5275]

Can anyone help please with the UK tax position on interest earned. Currently, UK banks and building societies advise HMRC of interest earned. Is this the case with interest earned from a T212 account, or is it the account holder’s responsibility to declare? Does anyone know the answer please?

[@stephenharrison9808]

Banks inform HMRC how much interest you’ve earned. You’ll get taxed on it

[@purplebass5275]

@@stephenharrison9808 Thank you for your input. I know I should have done this before posting here, but I’ve just asked T212 the same question and got this response, ‘We do not report interest earned to HMRC. It is important to understand the taxes that may apply to your trading activity. You are responsible for calculating and paying any applicable taxes on your trading profits. You may need to declare your profits from financial trading in your tax return according to the tax laws in the UK.’ So when you say, ‘Banks inform………..’ presumably you mean UK banks only? Assuming what T212 says is correct it begs two questions, namely is T212 a bank ( UK or otherwise ) and are they subject to UK regulations?

[@stephenharrison9808]

Apologies, for T212 I am not too sure if they are part of FCA which I think they are they will also report on your profits earned. I am not 100% though.

[@purplebass5275]

Thanks. Perhaps Andy can cover the UK tax position in a future video. The questions I have are, if as T212 say they don't inform HMRC of interest earned, who has to, and how and when is that done?

[@johnyramos8527]

If you're asking this question you are probably on the basic rate tax paying band wich means you have a anual tax free allowance of £1000 combined from all your sources as of now in 2024 and this card only pays you up to £20 per month but that allowance drops to £500 if you're on the higher rate and it drops to £0 if you're on the additional rate , all the interest you get beyond your allowance will be taxed but this doesn't happen automatically, all banks ,building societies and alike reports your interest recieved at the end of the fiscal year and you'll know if you owe any tax on your p60 unless you're unemployed or self-employed ,in those cases you're expected to declare your incomes to hmrc accordingly, hope it helps