A top-paying Cash ISA is currently offering savers a bumper 4.51% interest rate plus a £182 bonus if they max out their £20,000 limit. Trading 212 is offering up to 4.51% AER for new customers for a year, making it the top paying on the market right now for new money, according to MoneySavingExpert (MSE).
How the Deal Works
Cash ISAs currently allow you to pay in a maximum of £20,000 in a single tax year – which runs from April 6 until April 5 the following year – and you never have to pay tax on the money that you put in. It means up to £20,000 of savings will be free of income tax and capital gains, and you can earn hundreds of pounds of interest.
Customers who are new to Trading 212 can apply for the Cash ISA via MSE’s promo link to get the 4.51% interest rate, which is made up of 3.6% variable plus a 12-month 0.91% fixed bonus. The bonus rate, which amounts to £182 if you pay in the maximum £20,000, only applies to new money that you pay in and transfers of cash deposited in the current tax year. If you transfer money from another ISA which includes deposits from previous tax years, then that ‘older money’ will only earn 3.6%.
Eligibility and Access
To bag the bonus rate, customers must use the promo code MSE when signing up and this should be applied automatically via the link, but it can also be entered manually in the app within 10 days of opening the account. To be eligible for the 0.91% bonus, you must be a resident of the UK, be a new Trading 212 customer, open or transfer your Cash ISA using the promo link or code, and make your first deposit of the minimum £1 amount or more within 10 days of registering.
Customers have unlimited access to their cash and can withdraw anytime without any impact on your interest which accumulates daily and is paid monthly, allowing you to maximise your earnings.
Expert Advice
While savers have up until April 5, 2027, to deposit up to £20,000 of savings into a Cash ISA, financial experts recommend putting cash into an ISA early on in the financial year as this allows your savings to grow tax-free for longer, helping you to maximise returns.
MSE said: “Get 4.51% on up to £20k with a top cash ISA. A cash ISA is just a savings account where the interest isn't ever taxable. But even if you don’t need the tax benefit, cash ISA rates are high right now, so just open one & use it for normal savings.”
“Via our link, Trading 212 pays 4.51% to newbies for a year on new money paid into it (ie, not ISA transfers), with unlimited withdrawals.”
MSE added: “Trading 212 is mainly an investment platform, so this ISA deal is clearly a loss-leader to attract new savers who may then open other investment products.
“There’s nothing wrong with that – your ISA savings stay in cash and won’t be invested – but don’t be tempted to try investing unless you fully understand the risks (your money can go down as well as up).
“If you only want the savings account, make sure you choose ‘Trading 212 Cash ISA’ when you apply. It also offers a stocks & shares ISA, which is very different.”
