Ep 493 - Best investing apps, top banks to switch to & the risks of paying via your banking app
The Money To The Masses Podcast
Damien Fahy
4.8 • 589 Ratings
🗓️ 9 February 2025
⏱️ 30 minutes
🧾️ Download transcript
Summary
In this episode Damien provides an in-depth look at the best investment and trading apps for UK investors. He covers a range of scenarios to help listeners/viewers identify the platform that best suits their needs - whether that's a hands-off managed portfolio, a cost-conscious passive approach, or an active stock trading strategy. Next, Andy looks at the latest data from the Current Account Switching Service (CASS). He highlights the key findings, including the total number of switches in the last 12 months, as well as the banks that have seen the highest net gains and losses. Finally, Andy discusses the rising popularity of a payment method being offered by some online retailers - the 'pay by bank app' option, including the pitfalls.Thank you to our sponsor LightyearThis show is sponsored by Lightyear - https://moneytothemasses.com/redir/lightyear-isa-pod, a new, straightforward platform offering a Stocks & Shares ISA. With no account, subscription or custody fees, Lightyear’s Stocks & Shares (S&S) ISA will be 10 times cheaper than the average market provider over 10 years (based on research conducted by Capital Economics) and its Cash ISA offers easy access to the Bank of England base rate. Both accounts are flexible, so you can withdraw and re-invest without affecting your annual limit. Capital is at risk and ISA rules apply. Other fees - like foreign exchange fees - may apply. Lightyear UK Ltd is authorised and regulated by the Financial Conduct Authority
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00:00 - Introduction to Episode 49301:30 - Interest Rate cut by 0.25% 02:37 - Best Investing and Trading Apps Overview03:48 - Checklist for Choosing Investment Apps05:15 - Investment Scenarios for Different Investor Types10:28 - Best Investing App for Hands-Off Investors and Managed Portfolios12:56 - Best Investing App for Cost-Conscious Passive Investors15:56 - Best Investing App for Socially Conscious Investors16:47 - Best Investing App for Active Stock Traders18:35 - Best Investing App for Investing in Lifetime ISAs19:16 - Best Investing App for Automating Savings and Investments21:03 - Understanding CFD Trading Risks21:28 - The Importance of Research in Investing Platforms22:10 - Current Account Switching Service Overview22:53 - Analysing Bank Switching Trends24:28 - Consumer Protection when paying online
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Transcript
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| 0:00.0 | This show is sponsored by Lightyear, a new straightforward platform offering a stocks and shares ISA with no account, subscription or custody fees. |
| 0:08.6 | Light Year's stocks and shares ISA will be 10 times cheaper than the average market provider over 10 years based on research conducted by capital economics. |
| 0:17.6 | And its cash ISA offers easy access to the Bank of England base rate. Both accounts |
| 0:21.7 | are flexible so you can withdraw and reinvest without affecting your annual limit. Capital is at |
| 0:27.3 | risk and ISO rules apply. Other fees like foreign exchange fees may apply. Lightyear UK Limited is |
| 0:33.1 | authorised and regulated by the Financial Conduct Authority. Hello and welcome to episode 493 of the Money to the Masses podcast with your resident expert as |
| 0:42.6 | always Damien Faye and me Andy Leagues. Damien, welcome back. How are you doing? I'm good and it was |
| 0:47.8 | our 15th anniversary this week. So I mentioned it on last week's show. So we are 15. So thank you to |
| 0:53.7 | all those people who engaged with |
| 0:55.2 | the post on Instagram and our other social channels. So let's hope we can keep going for another |
| 1:01.8 | 15 years. But before we get onto what's going to be on the show, I just want to quickly |
| 1:05.8 | mention the base rate cut that happened on Thursday. So it's the first base rate cut since November. |
| 1:12.4 | So it's the third one that we've had since rates were hiked up to their higher 5.25% by the Bank of England. |
| 1:20.1 | So we're now at 4.5%. |
| 1:21.8 | So do keep an eye out on our YouTube channel and our social channels because I'll be putting out a video of me discussing |
| 1:29.5 | the outlook for interest rates going into the future. |
| 1:32.8 | But generally speaking, with rates coming down again, you're going to hopefully see a movement |
| 1:38.7 | of salt on mortgage rates. |
| 1:40.8 | They don't tend to fall as quickly because the market had predicted this rate cut. |
| 1:44.8 | Actually, they put it as a 90% certainty before it was announced. So it is baked into what we're |
| 1:50.4 | seeing in terms of the outlook for interest rates. It matters what the Bank of England says after |
| 1:56.6 | that rate cut. Because we've actually recorded this podcast about 10 minutes after the announcement. |
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