February 09, 2025

Ep 493 - Best investing apps, top banks to switch to & the risks of paying via your banking app

29 minutes

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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Check out this week's ⁠⁠⁠⁠⁠⁠⁠⁠podcast article ⁠⁠⁠⁠⁠⁠⁠⁠on the MTTM website to see the full list of resources from this week's show.

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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