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

maximise

MeteredOut said:

maximise said:

Can I open and pay into more than one cash ISA in current 24/25 tax year?

I recently opened a cash ISA with chip (5.1%) in May 24, and have chipped in a small amount (less than 2k).

I've also got a LISA which I plan to invest 4k before April 2025.

now I've just seen this paying 5.2%, I've just opened new Trading 212 ISA, presume ok to begin depositing remainder of allowance into here?

Yes, limit is now £20K/year only, not restricted to a single ISA. Though, some providers have their own restrictions so read the T&Cs.

Thanks, probably only a pound or so difference, but I presume I can just withdraw the small amount (less than 2k) I deposited in Chip, May 24, and put this into the T212 ISA (as opposed to transferring in, as all in current tax year) to get the better rate.

slinger2

maximise said:

MeteredOut said:

maximise said:

Can I open and pay into more than one cash ISA in current 24/25 tax year?

I recently opened a cash ISA with chip (5.1%) in May 24, and have chipped in a small amount (less than 2k).

I've also got a LISA which I plan to invest 4k before April 2025.

now I've just seen this paying 5.2%, I've just opened new Trading 212 ISA, presume ok to begin depositing remainder of allowance into here?

Yes, limit is now £20K/year only, not restricted to a single ISA. Though, some providers have their own restrictions so read the T&Cs.

Thanks, probably only a pound or so difference, but I presume I can just withdraw the small amount (less than 2k) I deposited in Chip, May 24, and put this into the T212 ISA (as opposed to transferring in, as all in current tax year) to get the better rate.

That is no longer allowed. Money withdrawn from a flexible ISA must be returned to the same ISA. 

maximise

slinger2 said:

maximise said:

MeteredOut said:

maximise said:

Can I open and pay into more than one cash ISA in current 24/25 tax year?

I recently opened a cash ISA with chip (5.1%) in May 24, and have chipped in a small amount (less than 2k).

I've also got a LISA which I plan to invest 4k before April 2025.

now I've just seen this paying 5.2%, I've just opened new Trading 212 ISA, presume ok to begin depositing remainder of allowance into here?

Yes, limit is now £20K/year only, not restricted to a single ISA. Though, some providers have their own restrictions so read the T&Cs.

Thanks, probably only a pound or so difference, but I presume I can just withdraw the small amount (less than 2k) I deposited in Chip, May 24, and put this into the T212 ISA (as opposed to transferring in, as all in current tax year) to get the better rate.

That is no longer allowed. Money withdrawn from a flexible ISA must be returned to the same ISA. 

Glad I asked, many thanks for your reply, that helps me to calculate how much of my allowance has been used.

presume LISA 4k with 1k bonus counts as 4k of 20k allowance, and not 5k.

Petriix

slinger2 said:

maximise said:

MeteredOut said:

maximise said:

Can I open and pay into more than one cash ISA in current 24/25 tax year?

I recently opened a cash ISA with chip (5.1%) in May 24, and have chipped in a small amount (less than 2k).

I've also got a LISA which I plan to invest 4k before April 2025.

now I've just seen this paying 5.2%, I've just opened new Trading 212 ISA, presume ok to begin depositing remainder of allowance into here?

Yes, limit is now £20K/year only, not restricted to a single ISA. Though, some providers have their own restrictions so read the T&Cs.

Thanks, probably only a pound or so difference, but I presume I can just withdraw the small amount (less than 2k) I deposited in Chip, May 24, and put this into the T212 ISA (as opposed to transferring in, as all in current tax year) to get the better rate.

That is no longer allowed. Money withdrawn from a flexible ISA must be returned to the same ISA. 

That's not actually true. It would just count double towards this year's ISA allowance; which may or may not be relevant. 

slinger2

Petriix said:

slinger2 said:

maximise said:

MeteredOut said:

maximise said:

Can I open and pay into more than one cash ISA in current 24/25 tax year?

I recently opened a cash ISA with chip (5.1%) in May 24, and have chipped in a small amount (less than 2k).

I've also got a LISA which I plan to invest 4k before April 2025.

now I've just seen this paying 5.2%, I've just opened new Trading 212 ISA, presume ok to begin depositing remainder of allowance into here?

Yes, limit is now £20K/year only, not restricted to a single ISA. Though, some providers have their own restrictions so read the T&Cs.

Thanks, probably only a pound or so difference, but I presume I can just withdraw the small amount (less than 2k) I deposited in Chip, May 24, and put this into the T212 ISA (as opposed to transferring in, as all in current tax year) to get the better rate.

That is no longer allowed. Money withdrawn from a flexible ISA must be returned to the same ISA. 

That's not actually true. It would just count double towards this year's ISA allowance; which may or may not be relevant. 

I also failed to mention that some of the money withdrawn could be used to buy an ice cream.

qbadger

Is an ice cream really a good investment? Will it double my ISA allowance - fast answer please as I think the van might be running out

Petriix

slinger2 said:

Petriix said:

slinger2 said:

maximise said:

MeteredOut said:

maximise said:

Can I open and pay into more than one cash ISA in current 24/25 tax year?

I recently opened a cash ISA with chip (5.1%) in May 24, and have chipped in a small amount (less than 2k).

I've also got a LISA which I plan to invest 4k before April 2025.

now I've just seen this paying 5.2%, I've just opened new Trading 212 ISA, presume ok to begin depositing remainder of allowance into here?

Yes, limit is now £20K/year only, not restricted to a single ISA. Though, some providers have their own restrictions so read the T&Cs.

Thanks, probably only a pound or so difference, but I presume I can just withdraw the small amount (less than 2k) I deposited in Chip, May 24, and put this into the T212 ISA (as opposed to transferring in, as all in current tax year) to get the better rate.

That is no longer allowed. Money withdrawn from a flexible ISA must be returned to the same ISA. 

That's not actually true. It would just count double towards this year's ISA allowance; which may or may not be relevant. 

I also failed to mention that some of the money withdrawn could be used to buy an ice cream.

That's completely irrelevant. You made a factually incorrect statement which might have been misleading. In any case, buying an ice cream would reduce the money available to invest in the new ISA.

masonic

Petriix said:

slinger2 said:

Petriix said:

slinger2 said:

maximise said:

MeteredOut said:

maximise said:

Can I open and pay into more than one cash ISA in current 24/25 tax year?

I recently opened a cash ISA with chip (5.1%) in May 24, and have chipped in a small amount (less than 2k).

I've also got a LISA which I plan to invest 4k before April 2025.

now I've just seen this paying 5.2%, I've just opened new Trading 212 ISA, presume ok to begin depositing remainder of allowance into here?

Yes, limit is now £20K/year only, not restricted to a single ISA. Though, some providers have their own restrictions so read the T&Cs.

Thanks, probably only a pound or so difference, but I presume I can just withdraw the small amount (less than 2k) I deposited in Chip, May 24, and put this into the T212 ISA (as opposed to transferring in, as all in current tax year) to get the better rate.

That is no longer allowed. Money withdrawn from a flexible ISA must be returned to the same ISA. 

That's not actually true. It would just count double towards this year's ISA allowance; which may or may not be relevant. 

I also failed to mention that some of the money withdrawn could be used to buy an ice cream.

That's completely irrelevant. You made a factually incorrect statement which might have been misleading. In any case, buying an ice cream would reduce the money available to invest in the new ISA.

I don't think anyone was in any danger of believing the literal interpretation that they would be committing an offence if they did not make the replacement subscriptions.

The ice cream advice is very tempting though. My only concern is that there's often quite a short holding period before it gets sticky, especially when held unwrapped.

juw8e7

Are transfers in still paused?

gravel_2

Yes they are.