Interesting article relating to cash held in accounts with investing platforms.
Barely surprising, investing platforms are for investing. There’s surely investing instruments that are highly correlated with interest rates in any event.
FT offers 3% and I have an account with Skipton that’s offering 4.02% just now. If it’s worth the effort (ISA allowances aside), easy to shift money back and forth and lose about 3 days interest presumably.
I think its good FT give you any interest at all.
It’s an investment platform, not a savings account.
You can always put uninvested cash into a money market fund. Freetrade have some available on their platform now.
If I remember rightly from the latest accounts, the amount FT makes from uninvested cash is negligible compared with subscriptions and forex fees which make up most of its revenue.