As the saying goes, if it looks to good to be true, it probably is.
And while some of these rates really very good, there are some limitations which may affect how you use them, and whether they’re worth accessing in your circumstances.
- Bonus rates
How long does the headline rate last for?
And what does it drop to when the bonus period ends?
Many of the top rates are only available for a short period of time before reverting to the ‘standard’ rate. The current top rate at IG fits into this category.
- New customers only
Some rates are only available for brand new customers.
- Customers on paid-for plans only
To access Freetrade’s 5%, you’ll need to pay £9.99 to access the Plus plan. Customers on the free Basic plan can only access 1% AER interest on up to £1,000 uninvested cash.
- Maximums
Some providers put a limit on how much cash you can earn interest on. For example, Freetrade’s 5% applies to a max of £3,000.
- Different rates for different amounts
Quite a few platforms change their rates as the amount of uninvested cash you have, increases. Toggle the different price bands in the interactive chart at the top of this page to see what I’m talking about.
- Money Market Funds
This is an interesting one. Some providers use your uninvested cash to potentially make some money back for themselves. One way of doing this, is by holding your cash in Qualifying Money Market Funds (QMMFs). These funds are designed to be low-risk places to keep your cash while earning a bit of interest. While the risk to your cash is very small, there is a chance you could experience losses, not gains.
- Other conditions
IG’s headline-busting rate of 8.5% comes with a few limitations it’s important to understand or you could get stung. You’ll need to make a trade by May 31st 2025, for example, and you need to hold at least one asset in your account at the end of each month. Always check the terms and conditions!
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