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

gravel_2

gravel_2 said:

Doing a test withdrawal, will report back.

Still waiting.

gravel_2

peter021072 said:

I've already opened cash ISA for 20k this financial year, and have a separate fixed rate cash ISA which matures later this month. 

Is it within the cash ISA rules to open this 'Trading 212 cash ISA ' with zero balance and transfer the amount from the maturing fixed ISA on the date of maturity? 

Yes but...
T212 do not currently let you issue maturity instructions so they will just try to transfer straight away. If it happens before maturity you may suffer penalties, if it happens after you may lose days of interest.
Transfers in to T212 are currently not working "due to very high demand".

Aidanmc

gravel_2 said:

gravel_2 said:

Doing a test withdrawal, will report back.

Still waiting.

Did you withdraw to card or linked bank acc?

I've made 2 withdrawals from 212 Invest to linked bank account both took 24hs to receive the funds in my account.

gravel_2

Aidanmc said:

gravel_2 said:

gravel_2 said:

Doing a test withdrawal, will report back.

Still waiting.

Did you withdraw to card or linked bank acc?

I've made 2 withdrawals from 212 Invest to linked bank account both took 24hs to receive the funds in my account.

Linked bank. It was just £10 and I've already paid it back in but would be much more annoying if withdrawing large sums.

lohr500

I also did a test payment and withdrawal.

The payment in last week from Santander into my T212 Cash ISA for £2 was almost immediate.
The withdrawal of £2 from T212 back to my nominated Santander a/c was initiated yesterday at 14:00 and arrived at some point today.

If it takes the same timescale for larger amounts, then I can live with that. 

pecunianonolet

OH requested on 27th May a transfer from Coventry BS to Trading 212. On 3rd June Trading got in touch and requested a wet signature, which was provided the same day (electronically). After a lot of chasing and requesting updates as well as making Trading aware on the 15 day rule the funds arrived today 14th June. However, funds left Coventry on 13th June.

Should we challenge Trading as this is a day of lost interest and should they not backdate to the 13th? It's almost £6 for that one day. 

Opinions?

gravel_2

I also lost a day of interest. Not sure there's much to be done about it.

10_66

pecunianonolet said:

OH requested on 27th May a transfer from Coventry BS to Trading 212. On 3rd June Trading got in touch and requested a wet signature, which was provided the same day (electronically). After a lot of chasing and requesting updates as well as making Trading aware on the 15 day rule the funds arrived today 14th June. However, funds left Coventry on 13th June.

Should we challenge Trading as this is a day of lost interest and should they not backdate to the 13th? It's almost £6 for that one day. 

Opinions?

The same happened when OH transferred from YBS to Zopa.  This was raised with Zopa who just went on about the 15 day transfer window and that, though funds had left YBS on one day, they didn't receive it until the day after.  Not sure how that happened given that they both do electronic transfers, and I thought I'd previously understood that the transfer in and out date should be the same, but I then doubted my recollection of this, so we didn't pursue it any further.

Beddie

Losing a day of interest (£6) is really nothing to worry yourself about, is it? Let it go and enjoy your weekend. 

pecunianonolet

Beddie said:

Losing a day of interest (£6) is really nothing to worry yourself about, is it? Let it go and enjoy your weekend. 

If you have a specific savings target and put every penny aside you can it is something you may not worry about but kind of want in your instead of somebody else's pocket. It's more about the principle that if something is in the interest of a bank, building society or other financial institution things go very quick. If something only benefits the customer, why bother. 

Moving money via ISA transfer it's 15 days, this is the main issue. Not fit for 2024 when everything is instant.