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

friolento

After I had a fantastic experience with a transfer-in from Principality BS, I am now revising my verdict on the T212 transfer-in approach. I just cancelled transfer-in requests from Zopa and from Coventry. 

Both transfers didn’t move, and the only way I could communicate with T212 was via chat. Turns out that Zopa had rejected the transfer request because there was a mismatch in my name. Coventry was rejected because Coventry don’t have T212 on their list of electronic transfer partners and require a wet signature - something T212 doesn’t have a process for. T212 have known about this for  several days, from emails Zopa and Coventry had sent them. They said I would be told “in due course”.  Not satisfactory at all, especially because I only have limited time for my  Coventry ISA (it’s an old matured ISA which rolls over into another fixed term ISA unless transferred within 21 days).

T212 also won’t allow you to request a transfer-in without penalty before your old ISA has matured.

It’s disappointing that the T212 interest rate comes at the expense of functionality and customer service that you get with other ISA providers.

slinger2

I've got a Trading212 debit card. Cost me £4.95 but mostly back already in cashback. The issue I've had with it is to do with ATMs. I've got cash out from Lloyds and Santander but a number of others don't accept the card (eg Nationwide). Just wondering if there's any logic to which ATMs will work and which won't.

10_66

friolento said:

After I had a fantastic experience with a transfer-in from Principality BS, I am now revising my verdict on the T212 transfer-in approach. I just cancelled transfer-in requests from Zopa and from Coventry. 

Both transfers didn’t move, and the only way I could communicate with T212 was via chat. Turns out that Zopa had rejected the transfer request because there was a mismatch in my name. Coventry was rejected because Coventry don’t have T212 on their list of electronic transfer partners and require a wet signature - something T212 doesn’t have a process for. T212 have known about this for  several days, from emails Zopa and Coventry had sent them. They said I would be told “in due course”.  Not satisfactory at all, especially because I only have limited time for my  Coventry ISA (it’s an old matured ISA which rolls over into another fixed term ISA unless transferred within 21 days).

T212 also won’t allow you to request a transfer-in without penalty before your old ISA has matured.

It’s disappointing that the T212 interest rate comes at the expense of functionality and customer service that you get with other ISA providers.

Trading 212's standard quote is "soon" or "due course”.  I've been communicating with them for well over a week now, they keep saying they're going to publish "soon" on their website/app about what the financial breakdown is between the 3 banks where they hold Cash ISA savings.  I think they need to visit a dictionary to establish what the word soon means.

pecunianonolet

10_66 said:

friolento said:

After I had a fantastic experience with a transfer-in from Principality BS, I am now revising my verdict on the T212 transfer-in approach. I just cancelled transfer-in requests from Zopa and from Coventry. 

Both transfers didn’t move, and the only way I could communicate with T212 was via chat. Turns out that Zopa had rejected the transfer request because there was a mismatch in my name. Coventry was rejected because Coventry don’t have T212 on their list of electronic transfer partners and require a wet signature - something T212 doesn’t have a process for. T212 have known about this for  several days, from emails Zopa and Coventry had sent them. They said I would be told “in due course”.  Not satisfactory at all, especially because I only have limited time for my  Coventry ISA (it’s an old matured ISA which rolls over into another fixed term ISA unless transferred within 21 days).

T212 also won’t allow you to request a transfer-in without penalty before your old ISA has matured.

It’s disappointing that the T212 interest rate comes at the expense of functionality and customer service that you get with other ISA providers.

Trading 212's standard quote is "soon" or "due course”.  I've been communicating with them for well over a week now, they keep saying they're going to publish "soon" on their website/app about what the financial breakdown is between the 3 banks where they hold Cash ISA savings.  I think they need to visit a dictionary to establish what the word soon means.

I think they are snowed under with all the transfer in requests and distributing all the funds. OH is getting similar responses after chasing why the transfer in from Coventry BS takes so long. 

So far I only saw it featured in This is Money, and they already had to pause transfer in requests. Imagine what happens if it enters the MSE newsletter!

Having to worry where exactly you cash is to manage the 85k limit is a nice problem to have, albeit frustrating if in that very situation. 

BOE revealed that in April 11.7bn was moved into cash ISA's. Attractive offers as this one surely attract high sums and they need managed so I am not surprised.

juw8e7

Is this really an ISA? Headline just says earn 5.2% on your uninvested cash. 🤷

Aidanmc

juw8e7 said:

Is this really an ISA? Headline just says earn 5.2% on your uninvested cash. 🤷

They have Cash Isa where it uses banks and FSCS protected, S&S ISA (cash) and Invest acc where it uses qmmf's but no FSCS protection

juw8e7

Thanks. So which exactly is the headline product that I spoke of on landing page?

gravel_2

juw8e7 said:

Thanks. So which exactly is the headline product that I spoke of on landing page?

The principal product on their homepage is the "Invest" product which is just a GIA where univested cashed returns 5.2% through investing in QMMFs. If you click the different tabs you will see the other products.

nottsphil

pecunianonolet said:

10_66 said:

friolento said:

After I had a fantastic experience with a transfer-in from Principality BS, I am now revising my verdict on the T212 transfer-in approach. I just cancelled transfer-in requests from Zopa and from Coventry. 

Both transfers didn’t move, and the only way I could communicate with T212 was via chat. Turns out that Zopa had rejected the transfer request because there was a mismatch in my name. Coventry was rejected because Coventry don’t have T212 on their list of electronic transfer partners and require a wet signature - something T212 doesn’t have a process for. T212 have known about this for  several days, from emails Zopa and Coventry had sent them. They said I would be told “in due course”.  Not satisfactory at all, especially because I only have limited time for my  Coventry ISA (it’s an old matured ISA which rolls over into another fixed term ISA unless transferred within 21 days).

T212 also won’t allow you to request a transfer-in without penalty before your old ISA has matured.

It’s disappointing that the T212 interest rate comes at the expense of functionality and customer service that you get with other 

So far I only saw it featured in This is Money, and they already had to pause transfer in requests. Imagine what happens if it enters the MSE newsletter!

 Looks like this is coming to fruition according to the punters on this site.
So is CMG correct about the interest rate or is it more like 5.06% with the compounded rate as 5.2? Trading 212 don't display the actual APR on their website.

gravel_2

nottsphil said:

pecunianonolet said:

10_66 said:

friolento said:

After I had a fantastic experience with a transfer-in from Principality BS, I am now revising my verdict on the T212 transfer-in approach. I just cancelled transfer-in requests from Zopa and from Coventry. 

Both transfers didn’t move, and the only way I could communicate with T212 was via chat. Turns out that Zopa had rejected the transfer request because there was a mismatch in my name. Coventry was rejected because Coventry don’t have T212 on their list of electronic transfer partners and require a wet signature - something T212 doesn’t have a process for. T212 have known about this for  several days, from emails Zopa and Coventry had sent them. They said I would be told “in due course”.  Not satisfactory at all, especially because I only have limited time for my  Coventry ISA (it’s an old matured ISA which rolls over into another fixed term ISA unless transferred within 21 days).

T212 also won’t allow you to request a transfer-in without penalty before your old ISA has matured.

It’s disappointing that the T212 interest rate comes at the expense of functionality and customer service that you get with other 

So far I only saw it featured in This is Money, and they already had to pause transfer in requests. Imagine what happens if it enters the MSE newsletter!

 Looks like this is coming to fruition according to the punters on this site.
So is CMG correct about the interest rate or is it more like 5.06% with the compounded rate as 5.2? Trading 212 don't display the actual APR on their website.

~5.06% based on what I'm getting daily.