Trading 212 easy access ISA 5.2% APY and 1% cashback. Too good to be true?

Tonski

My ISA with Virgin money ended today, and they just moved me straight into an easy access ISA (0.1% interest!). As I already have a general investing account with Trading 212, the ISA was opened in about a minute and then the transfer was initiated from Virgin extremely quickly. I can't believe how smoothly everything went.

pecunianonolet

friolento said:

masonic said:

friolento said:

If the old ISA provider doesn't offer maturing into an easy access ISA, or doesn't offer a grace period after maturity, you can't transfer your matured ISA directly to T212.

I was under the impression that providers must provide one of these maturity options. Those that do not support EA should give a grace period. Are there any that immediately lock you in with penalty if you fail to respond with advanced instructions?

I don't know, I have never paid attention to it before because the ISA transfer requests always gave me the option to tick "wait until maturity". I now have a Coventry ISA maturing, and the only maturity options they are offering me are transfer to one of their fixed ISAs (even though they also do easy access ones) or withdrawal. The Coventry maturity options do specify that you have 21 days from maturity to request a no-penalty transfer to a Coventry easy access ISA but I had to ring them to confirm that the same grace period applies to transfers to other ISA providers, too.

You could just instruct Coventry to put in a fix and make use of your 14 day cooling off period for an internal transfer into an easy access you open separately. You may want to double check with them if possible for final confirmation.

Hal17

I have a Coventry ISA maturing at the end of the month. I have not provided any additional instructions on their 3 fixed rate options that they offered. On the 1st June I will open a Trading 212 Cash ISA and request a trade in from the Coventry ISA. I am not expecting any issues unless I have missed something.

thor

I also have a Coventry ISA maturing at the end of May and when looking at it online there is a maturity selection button which  offers transferring to one of their 3 fixed rate ISAs. If you leave it for 21 days  they will automatically roll you in to one of those fixed ISAs but I want to transfer it to a different provider and am worried that if there is a hitch and it takes longer than 21 days, Coventry might transfer to one of their fixed ISAs which I won't be able to move away from without incurring a penalty. What I have done is open an EA Coventry ISA and will transfer the fixed one to it as I expect an internal transfer should go through smoothly and then I can take my time to transfer it out elsewhere.

masonic

Best option is to move to easy access ahead of transferring externally if that is an option. Although receipt of a transfer request should be sufficient to avoid the money being locked away for a further term in most circumstances.

pecunianonolet

Right, transfer from Coventry initiated today by the OH. Let's see how long it will take to be completed and how long funds will earn that rate. Hoping for the rate not to drop before August. We shall see how long it takes but previous reports here and the speed provide some peace of mind.

juw8e7

Does this 212 cash ISA allow transfers in? I cant find anything on their website in relation to this.

10_66

juw8e7 said:

Does this 212 cash ISA allow transfers in? I cant find anything on their website in relation to this.

Be aware if you have savings with JP Morgan (Chase), Barclays and NatWest (Ulster) as Trading 212 will hold your Cash ISA savings with any or all of these banks.  I've been in contact with Trading 212 over the last week regarding the £85,000 FSCS protection, to ask which of these banks they will use in case savings with the other banks would exceed the £85,000.  The best response they will give me is that it is their "aim" to split the cash evenly between all three banks.  But that is not a satisfactory response as it's only an aim and not an assurance, so none the wiser.

lohr500

Tonski said:

My ISA with Virgin money ended today, and they just moved me straight into an easy access ISA (0.1% interest!). As I already have a general investing account with Trading 212, the ISA was opened in about a minute and then the transfer was initiated from Virgin extremely quickly. I can't believe how smoothly everything went.

Out of interest, is your Virgin transfer still in progress, or did it happen quickly?
My wife is transferring in one of her Virgin Cash ISAs and we submitted the request via the Trading 212 App on Friday.

masonic

10_66 said:

juw8e7 said:

Does this 212 cash ISA allow transfers in? I cant find anything on their website in relation to this.

Be aware if you have savings with JP Morgan (Chase), Barclays and NatWest (Ulster) as Trading 212 will hold your Cash ISA savings with any or all of these banks.  I've been in contact with Trading 212 over the last week regarding the £85,000 FSCS protection, to ask which of these banks they will use in case savings with the other banks would exceed the £85,000.  The best response they will give me is that it is their "aim" to split the cash evenly between all three banks.  But that is not a satisfactory response as it's only an aim and not an assurance, so none the wiser.

Whether or not the money is split evenly between them, you'd only have up to £85k protection if Trading 212 goes bust and it transpires the money was spirited away.