Home Money Cash Isa battle sees Trading 212 top rate rise TWICE in one week – how to get 5.1%

Cash Isa battle sees Trading 212 top rate rise TWICE in one week – how to get 5.1%

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Cash Isa battle: Trading 212 and Plum are fighting at the top of the savings charts

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Investment platform DIY Trading 212 has increased its cash Isa rate for the second time in a week, achieving a record 5.1 per cent deal.

Exchanging Isa* of 212 offers a 0.2 cent bonus for 12 months on top of its standard 4.9 per cent variable rate for new customers.

This week’s double rise comes as the Easy Access Cash Isa’s battle with its rival has reignited. Plum* also raising its rate to 5.06 percent.

Plum’s move followed Trading 212’s rise to 5.05 percent on Tuesday.

To get the deal, This Is Money readers must sign up with this Trading 212 exclusive link*.

Cash Isa battle: Trading 212 and Plum are battling it out at the top of the savings charts

You’ll need £1 to open a cash Isa and you can do this by downloading the Trading 212 app.

There are no limits to the number of times you can withdraw your money and Trading 212 will not reduce your interest rate to access your money.

Fundamentally, it is a flexible Isa that allows you to dip into your fund as long as you pay the money back during the same tax year. You don’t lose your tax-free wrapper or use any of that year’s £20,000 Isa allocation.

The new deal means Trading 212 is one of the only providers, along with Moneybox and Plum, to pay interest above 5 per cent.

Follow-up Trade 212*, Plum* and Piggy bank They are Monument Bank and Mansfield Building Society, which pay interest of 4.76 and 4.75 per cent respectively.

It means easy access Isa rates currently outperform fixings. The best one-year solution is offered by Shawbrook Bank and Castle Trust Bank at 4.53 per cent, while the best two-year solution is offered by Hodge Bank at 4.43 per cent.

Cash deposited at Trading 212 is fully protected by FSCS. Trading 212 Isa funds are held in bank accounts associated with Barclays, NatWest and JPMorgan.

Customers can see the percentage of their cash held at each bank in the “cash tab” of the Trading 212 app.

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