T212 funding on a monthly basis???
Discussion
michael_JCWS said:
I m trying to fund my T212 account on a reoccurring basis without using a card payment that incurs 0.7% charges.
Has anyone figured an easy way of doing this ? You can automate this for cash ISAs but not S&S ISA?? Seem very odd
Just read and understand 14 through to 16 and make sure you fully understand what an MMF is. You could even ask them where they operate their MMFs, who the third parties are and where they're based along with how much leverage is being applied. Enjoy. Has anyone figured an easy way of doing this ? You can automate this for cash ISAs but not S&S ISA?? Seem very odd
DonkeyApple said:
michael_JCWS said:
I m trying to fund my T212 account on a reoccurring basis without using a card payment that incurs 0.7% charges.
Has anyone figured an easy way of doing this ? You can automate this for cash ISAs but not S&S ISA?? Seem very odd
Just read and understand 14 through to 16 and make sure you fully understand what an MMF is. You could even ask them where they operate their MMFs, who the third parties are and where they're based along with how much leverage is being applied. Enjoy. Has anyone figured an easy way of doing this ? You can automate this for cash ISAs but not S&S ISA?? Seem very odd
Let's keep this simple with some key extracts,
14. in the event of failure (for example, due to the insolvency) of a third party, as your client money will be held with other customers' money in a pooled client money account or QMMF in the event that the third party holding the money defaults and there is a shortfall, you agree to share proportionately in that shortfall with other creditors of the third party where your client money is deposited.
15. (Nothing to see here. It's only about interest.)
16. We may, subject to the FCA’s Client Assets Rules, appoint any other third party to hold your Investments... We will exercise reasonable skill and care in the selection, appointment and periodic review of such third parties, but we are not liable for their acts, omissions, insolvency or dissolution.
14. in the event of failure (for example, due to the insolvency) of a third party, as your client money will be held with other customers' money in a pooled client money account or QMMF in the event that the third party holding the money defaults and there is a shortfall, you agree to share proportionately in that shortfall with other creditors of the third party where your client money is deposited.
15. (Nothing to see here. It's only about interest.)
16. We may, subject to the FCA’s Client Assets Rules, appoint any other third party to hold your Investments... We will exercise reasonable skill and care in the selection, appointment and periodic review of such third parties, but we are not liable for their acts, omissions, insolvency or dissolution.
Compare, for instance Fidelity Cash Fund. Their outline T's & C's aren't so very different,
"Investment in a Money Market Fund is different from an investment in deposits, in particular, the principal invested in a Money Market Fund
may fluctuate and the risk of loss of the principal is to be borne by the investor.
"The fund is not a guaranteed investment. It does not rely on external support for guaranteeing the liquidity of the fund or stabilising the net
asset value of shares in the fund."
The big question is whether these MMFs are worth holding compared with bank deposits which are now guaranteed under the FSCS scheme up to £120,000 per institution.
I understand that cash held on platforms as "cash" will be protected under the £120k per institution FSCS guarantee. However, I believe that if you've got £100k at XBank in your own name and £50k at XBank through a platform you are only guaranteed up to £120k, not the full £150k.
The significant difference is that if you have cash in an ISA on a platform the interest will be tax free.
"Investment in a Money Market Fund is different from an investment in deposits, in particular, the principal invested in a Money Market Fund
may fluctuate and the risk of loss of the principal is to be borne by the investor.
"The fund is not a guaranteed investment. It does not rely on external support for guaranteeing the liquidity of the fund or stabilising the net
asset value of shares in the fund."
The big question is whether these MMFs are worth holding compared with bank deposits which are now guaranteed under the FSCS scheme up to £120,000 per institution.
I understand that cash held on platforms as "cash" will be protected under the £120k per institution FSCS guarantee. However, I believe that if you've got £100k at XBank in your own name and £50k at XBank through a platform you are only guaranteed up to £120k, not the full £150k.
The significant difference is that if you have cash in an ISA on a platform the interest will be tax free.
The key lies in what your MMF actually is.
Is it leveraged junk bonds managed by a Bulgarian maniac with a penchant for the old lavish lifestyle or is it unleveraged, blue chip corporate bonds managed by some dull t
ts worried about their pensions?
Who knows. But when sticking one's capital 100% at risk while possibly thinking it's just a normal cash account held in the U.K. by regulated U.K. banks It's probably worth spending a few minutes pondering over.
Is it leveraged junk bonds managed by a Bulgarian maniac with a penchant for the old lavish lifestyle or is it unleveraged, blue chip corporate bonds managed by some dull t
ts worried about their pensions? Who knows. But when sticking one's capital 100% at risk while possibly thinking it's just a normal cash account held in the U.K. by regulated U.K. banks It's probably worth spending a few minutes pondering over.
DonkeyApple said:
The key lies in what your MMF actually is.
Is it leveraged junk bonds managed by a Bulgarian maniac with a penchant for the old lavish lifestyle or is it unleveraged, blue chip corporate bonds managed by some dull tts worried about their pensions?
Who knows. But when sticking one's capital 100% at risk while possibly thinking it's just a normal cash account held in the U.K. by regulated U.K. banks It's probably worth spending a few minutes pondering over.
My T212 Cash ISA & S&S ISA cash is in;Is it leveraged junk bonds managed by a Bulgarian maniac with a penchant for the old lavish lifestyle or is it unleveraged, blue chip corporate bonds managed by some dull t
ts worried about their pensions? Who knows. But when sticking one's capital 100% at risk while possibly thinking it's just a normal cash account held in the U.K. by regulated U.K. banks It's probably worth spending a few minutes pondering over.
HSBC GBP LIQUIDITY FD CLS IE0007966447
LGIM LIQUIDITY GBP CLS 2 IE00B29R7937
DWS MANAGED GBP FUND IE0008707428
JPMorgan Liquidity Funds - GBP Liquidity LVNAV Fund LU1747646625
INSIGHT GBP LIQUIDITY IE0032398012
GOLDMAN LIQ RES GBP INST 630 IE0006948016
As detailed in the account activity statement they send you after any trade or monthly.
I've no idea if any of these are 'leveraged junk bonds managed by a Bulgarian maniac with a penchant for the old lavish lifestyle or is it unleveraged, blue chip corporate bonds managed by some dull t
ts worried about their pensions?'You tell me.
OIC said:
DonkeyApple said:
The key lies in what your MMF actually is.
Is it leveraged junk bonds managed by a Bulgarian maniac with a penchant for the old lavish lifestyle or is it unleveraged, blue chip corporate bonds managed by some dull tts worried about their pensions?
Who knows. But when sticking one's capital 100% at risk while possibly thinking it's just a normal cash account held in the U.K. by regulated U.K. banks It's probably worth spending a few minutes pondering over.
My T212 Cash ISA & S&S ISA cash is in;Is it leveraged junk bonds managed by a Bulgarian maniac with a penchant for the old lavish lifestyle or is it unleveraged, blue chip corporate bonds managed by some dull t
ts worried about their pensions? Who knows. But when sticking one's capital 100% at risk while possibly thinking it's just a normal cash account held in the U.K. by regulated U.K. banks It's probably worth spending a few minutes pondering over.
HSBC GBP LIQUIDITY FD CLS IE0007966447
LGIM LIQUIDITY GBP CLS 2 IE00B29R7937
DWS MANAGED GBP FUND IE0008707428
JPMorgan Liquidity Funds - GBP Liquidity LVNAV Fund LU1747646625
INSIGHT GBP LIQUIDITY IE0032398012
GOLDMAN LIQ RES GBP INST 630 IE0006948016
As detailed in the account activity statement they send you after any trade or monthly.
I've no idea if any of these are 'leveraged junk bonds managed by a Bulgarian maniac with a penchant for the old lavish lifestyle or is it unleveraged, blue chip corporate bonds managed by some dull t
ts worried about their pensions?'You tell me.
Douglas Quaid said:
michael_JCWS said:
So set up a standing order from my Lloyds bank ac as opposed to getting sorted on the T212 side
That s right. It is possible to do it as I have done it myself. Hustle_ said:
Douglas Quaid said:
michael_JCWS said:
So set up a standing order from my Lloyds bank ac as opposed to getting sorted on the T212 side
That s right. It is possible to do it as I have done it myself. Gassing Station | Finance | Top of Page | What's New | My Stuff