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

10_66

masonic said:

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.

What I mean is; if for the sake of argument, you already have £60K in a savings account with one of the banks, then you transfer a Cash ISA to Trading 212, you need to know in which of the 3 banks (or the split between the 3) they are holding your cash to ensure that you don't exceed the £85K protection limit.

MiserlyMartin

What about if you also have a T212 stock and shares ISA.? Is that also held in the three banks? I'm mainly in cash on that though currently because I'm waiting for a better buying stocks time

Blackbriar_040

juw8e7 said:

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

Yes, Currently just initiated a partial transfer from Moneybox to newly opened Trading212 Cash ISA!

Once you open the Cash ISA, the option to transfer in, should be visible!

My transfer is still in progress, showing a possible completion time of 2 weeks!

gravel_2

MiserlyMartin said:

What about if you also have a T212 stock and shares ISA.? Is that also held in the three banks? I'm mainly in cash on that though currently because I'm waiting for a better buying stocks time

On T212 click the menu, click "earn interest on cash". The next page will show you where your money lives. Any % in banks will be the same story as Cash ISA. Any in QMMFs are actually invested by T212 (presumably on your behalf) so your protection is the liquidity and value of the instruments invested in.

My own experience is that T212 do not seem to prefer banks for uninvested cash in the S&S ISA. They start you at 100% banks and then very quickly move it all to QMMFs over a week or so.

pecunianonolet

Anyone else had to provide wet ink signature? Trading got in touch about a transfer from Coventry BS requesting a wet ink signature. Trading provided a form and said it needs to be printed out, signed and scanned back in or to take a photo and send it in. 

Sounds a bit strange that Coventry is asking for this.

gravel_2

pecunianonolet said:

Anyone else had to provide wet ink signature? Trading got in touch about a transfer from Coventry BS requesting a wet ink signature. Trading provided a form and said it needs to be printed out, signed and scanned back in or to take a photo and send it in. 

Sounds a bit strange that Coventry is asking for this.

Not the exact same but Skipton BS I believe also required wet ink. The way they got around it was phoning me, doing security verification and seeking verbal approval for the transfer.

dlevene

pecunianonolet said:

Anyone else had to provide wet ink signature? Trading got in touch about a transfer from Coventry BS requesting a wet ink signature. Trading provided a form and said it needs to be printed out, signed and scanned back in or to take a photo and send it in. 

Sounds a bit strange that Coventry is asking for this.

Exact same thing happened with me transferring away from Metro Bank. Went very quickly after I sent a photo of the hand-signed form

gravel_2

Seems odd. I would have thought the rush would have been when it first launched.

juw8e7

From past experience, having a trading account with them, when anything goes array its just radio silence or automated AI BS.

Tonski

lohr500 said:

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.

It's still in the process of transferring. On the website it says, "contacting the broker". After how quickly it was initiated, I was hoping it would have been completed by now, but Virgin are probably taking their time with the request.