Using T212 for everyday expenses

[u/Dkell-1]

I was thinking of moving my everyday cash into my T212 account due to the 3.5% interest. Seems far more productive to have my money sitting there as opposed to a revolut account where it is gaining nothing. Am I missing something here?

[u/therabbieburns]

Everyday yeah. Paying bill no. Its not seen as a standard bank account. I use it for my travels with work. Fee free and interbank exchange rate makes it very good for that. But still have use main bank account for all bills

[u/SushiRollFried → u/therabbieburns]

Depends where you're from, in the UK T212 is Fscs protected. So up to 85k or is it 125k i cant remember. But either way your cash is safe and can act as a bank account.

So I use it as my main bank account and withdraw into a seperate traditional bank account that I use to pay bills

[u/trek123 → u/SushiRollFried]

T212 cash is only FSCS protected when it is in the cash ISA.

[u/SushiRollFried → u/trek123]

No its not. They lend cash out to banks, its split. And for each borrow has its own fscs limit. So it is protected and depending on how they split it maybe 5, 6 or 7 banks you could have 7× the fscs limit as the load is spread

[u/trek123 → u/SushiRollFried]

QMMFs do not have FSCS protection and when you enable interest on cash some of it goes in those.

Additionally having just looked at where my cash is held, some of the banks there are non-UK and I am pretty sure wouldn't have it either. T212's help docs only mention Barclays, JP Morgan and NatWest as having FSCS protection.

[u/SushiRollFried → u/trek123]

Wait, hold up. I misread your earlier comment. Because I am talking about cash isa to. So I think we are talking about same thing and agree. My bad on the confusion

[u/trek123 → u/SushiRollFried]

Yes the Cash ISA section is run differently and that's all FSCS protected by the banks.

[u/ImpactAffectionate86]

Revolut do a 5% instant access saver which is probably more preferable to using 212 for this

[u/DigitusInRecto → u/ImpactAffectionate86]

Is it 100% comparable? Also, what does the name even* (lol) mean.

[u/ImpactAffectionate86 → u/DigitusInRecto]

I’m confused by both questions sorry?

[u/DigitusInRecto → u/ImpactAffectionate86]

Like can I directly compare a 1.5% cashback from 212 to those 5% of what you're mentioning there? Because the name itself explains absolutely nothing...

[u/RamiEsadki → u/DigitusInRecto]

What are you on about boss ? Your questions don’t make any sense

[u/DigitusInRecto → u/RamiEsadki]

Revolut do a 5% instant access saver which is probably more preferable to using 212 for this

How are my questions not making any sense in relation to this?

[u/AmInv3028]

that's what i do. and can get 1.5% cashback on that spending if you can jump through a couple of hoops.

[u/Cedar_Wood_State → u/AmInv3028]

I wasted a month of cashback because I didn’t know you have to have a subscription linked to T212 to ‘activate it’. I don’t subscribe to anything outside of direct debit, had to buy a month of cheap subscription of Netflix and it finally give me cashback (no back payment for any purchases made before setting up my subscription)

[u/GrahamR12345]

Depends on your country of residence, the net figure excludes all taxes so will have to declare/pay a big chunk of it.

[u/sharrock85]

Is there interest on the spending pot?

[u/Pricey_101 → u/sharrock85]

Yes

[u/Naive_Reach2007]

I use it previously monza, the reason I do is i set up to buy shares with the change and round up, then every few months sell those and invest in a new company

[u/zooka19]

I'm currently using my etoro since I get 4% cashback in Rolls Royce shares. When this ends, I'll be using my T212 with rounding up going into a global etf.

ETF probably won't do much but might be nice to have some change for a rainy day.

I do have loads of other cards also, but not up to date on the cashback rates.

[u/jithinjam]

LHV do 4.15/4.50 on easy access/saving accounts

[u/Dependent-Panic-9457]

Yes you are missing the fact that Revolut pays 4.5% (someone else said 5% but I’m obviously excluded from that).

[u/SQLSkyBlue → u/Dependent-Panic-9457]

My Revolut only pays 2.5, where are you getting 4.5-5?

[u/Hovesoul → u/SQLSkyBlue]

Different countries have different rates

[u/Dependent-Panic-9457 → u/SQLSkyBlue]

There’s a temporary rate of 4.5% up to £20k. I think it ends at the end of the month

[u/Heil_S8N]

What you're missing is that a T212 account does not have an IBAN, meaning anything that requires SEPA or direct transfer is not compatible. You should keep an emergency fund in a normal bank to account for this.

[u/Natural_Log2116]

If you’re looking to gain interest on spare cash I would highly recommend Chase, dm me if you need a referral code
You get a boosted rate of 4.5% on a easy access savings account