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

sta0612

The Cashback T&Cs eligibility criteria state:

"You are a first-time registered and Activated ISA Account holder whose account is

activated between 29 January 2024 and 30 April 2024"

I have held money/investments in a Trading 212 ISA for a couple of years now. Am I right in thinking I am not eligible for the cashback?

Alternatively, does me having held an activated ISA between 29 January 2024 and 30 April 2024 make me eligible? (Wishful thinking).

masonic

I would interpret that as meaning you are eligible unless you previously held an ISA with T212. So those who just had an invest account would be ok, but those such as yourself who previously held an ISA would not.

gravel_2

When I looked the FAQs made it quite clear which existing customers are or are not eligible.

sta0612

Thanks both. The wording on the main website, FAQs is much clearer imo. As suspected, I'm not eligible.

slinger2

Seems I am eligible, being new to Transfer212. The question is whether its a good deal for me. I'm paying 20% income tax on my non-ISA savings, so opening a Cash ISA in 24/25 will save me 1% of what I put in (20% of the roughly 5% interest). This matches the 1% offered by Transfer212. I'd still have an ISA for 24/25 and could transfer the Transfer212 Stocks & Shares ISA to a Cash ISA after April 2025 if I wanted to.

The question then is whether having a Stocks & Shares ISA is any use to me. I could leave the money in one of their MMF getting a relatively safe variable rate in currencies of my choosing. I could buy and sell things but normally I'm under the CGT/Dividend allowances and probably will be even though they're halving this week.

Maybe I'll give it a go just for a bit of entertainment.

DJSINGH

slinger2 said:

Seems I am eligible, being new to Transfer212. The question is whether its a good deal for me. I'm paying 20% income tax on my non-ISA savings, so opening a Cash ISA in 24/25 will save me 1% of what I put in (20% of the roughly 5% interest). This matches the 1% offered by Transfer212. I'd still have an ISA for 24/25 and could transfer the Transfer212 Stocks & Shares ISA to a Cash ISA after April 2025 if I wanted to.

The question then is whether having a Stocks & Shares ISA is any use to me. I could leave the money in one of their MMF getting a relatively safe variable rate in currencies of my choosing. I could buy and sell things but normally I'm under the CGT/Dividend allowances and probably will be even though they're halving this week.

Maybe I'll give it a go just for a bit of entertainment.

Could you technically open the S&S ISA, receive the 1% bonus then switch the S&S ISA away, straight after? I cant see anything that says the ISA needs to remain with them for a period of time? (Only that you cant take the 1% bonus until 12 months later. That bonus goes into your invest account, rather than ISA anyway)

slinger2

DJSINGH said:

slinger2 said:

Seems I am eligible, being new to Transfer212. The question is whether its a good deal for me. I'm paying 20% income tax on my non-ISA savings, so opening a Cash ISA in 24/25 will save me 1% of what I put in (20% of the roughly 5% interest). This matches the 1% offered by Transfer212. I'd still have an ISA for 24/25 and could transfer the Transfer212 Stocks & Shares ISA to a Cash ISA after April 2025 if I wanted to.

The question then is whether having a Stocks & Shares ISA is any use to me. I could leave the money in one of their MMF getting a relatively safe variable rate in currencies of my choosing. I could buy and sell things but normally I'm under the CGT/Dividend allowances and probably will be even though they're halving this week.

Maybe I'll give it a go just for a bit of entertainment.

Could you technically open the S&S ISA, receive the 1% bonus then switch the S&S ISA away, straight after? I cant see anything that says the ISA needs to remain with them for a period of time? (Only that you cant take the 1% bonus until 12 months later. That bonus goes into your invest account, rather than ISA anyway)

or even the other round: open a Cash ISA now with someone else, and then transfer it to Trading212 next March to get the £200. All a bit to complicated for me.

gravel_2

slinger2 said:

DJSINGH said:

slinger2 said:

Seems I am eligible, being new to Transfer212. The question is whether its a good deal for me. I'm paying 20% income tax on my non-ISA savings, so opening a Cash ISA in 24/25 will save me 1% of what I put in (20% of the roughly 5% interest). This matches the 1% offered by Transfer212. I'd still have an ISA for 24/25 and could transfer the Transfer212 Stocks & Shares ISA to a Cash ISA after April 2025 if I wanted to.

The question then is whether having a Stocks & Shares ISA is any use to me. I could leave the money in one of their MMF getting a relatively safe variable rate in currencies of my choosing. I could buy and sell things but normally I'm under the CGT/Dividend allowances and probably will be even though they're halving this week.

Maybe I'll give it a go just for a bit of entertainment.

Could you technically open the S&S ISA, receive the 1% bonus then switch the S&S ISA away, straight after? I cant see anything that says the ISA needs to remain with them for a period of time? (Only that you cant take the 1% bonus until 12 months later. That bonus goes into your invest account, rather than ISA anyway)

or even the other round: open a Cash ISA now with someone else, and then transfer it to Trading212 next March to get the £200. All a bit to complicated for me.

No. Transfers do not count as deposits for the purpose of the 1% cashback promo. Also the promo ends at the end of April this year.

dlevene

This ISA might not be a great alternative to a fixed term ISA, but compared to an easy access, it's quite tempting.

I use my cash ISA as my emergency fund and to hold various pots, for example as regular savers mature but before I shift them into longer-term products like my pension or overpaying my mortgage.

So something that pays more than an easy access ISA, is in theory minutely higher risk, but doesn't entail the commitment, complexity or exposure of an actual S&S ISA, could do me quite nicely...

slinger2

gravel_2 said:

slinger2 said:

DJSINGH said:

slinger2 said:

Seems I am eligible, being new to Transfer212. The question is whether its a good deal for me. I'm paying 20% income tax on my non-ISA savings, so opening a Cash ISA in 24/25 will save me 1% of what I put in (20% of the roughly 5% interest). This matches the 1% offered by Transfer212. I'd still have an ISA for 24/25 and could transfer the Transfer212 Stocks & Shares ISA to a Cash ISA after April 2025 if I wanted to.

The question then is whether having a Stocks & Shares ISA is any use to me. I could leave the money in one of their MMF getting a relatively safe variable rate in currencies of my choosing. I could buy and sell things but normally I'm under the CGT/Dividend allowances and probably will be even though they're halving this week.

Maybe I'll give it a go just for a bit of entertainment.

Could you technically open the S&S ISA, receive the 1% bonus then switch the S&S ISA away, straight after? I cant see anything that says the ISA needs to remain with them for a period of time? (Only that you cant take the 1% bonus until 12 months later. That bonus goes into your invest account, rather than ISA anyway)

or even the other round: open a Cash ISA now with someone else, and then transfer it to Trading212 next March to get the £200. All a bit to complicated for me.

No. Transfers do not count as deposits for the purpose of the 1% cashback promo. Also the promo ends at the end of April this year.

"‘Deposit’ means any deposited funding or transferred funds in your Activated ISA Account during the Tax Year, ..."

"3.3. Eligible clients (as per Clause 3.1. and 3.2.) who have completed their application for an Activated ISA Account with Trading 212 between 19 January 2024 and 30 April 2024 and have transferred their Deposit during the Tax Year are also eligible for this Campaign. Transfers of previous tax year subscriptions (i.e. deposits made before 6 April 2024) will not count as ‘Deposit’."

I was assuming from this that a new 2024/25 ISA could be transferred in at any time during the 2024/25 tax year. You'd have to "have completed your application" before 30 April 2024.