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

dlevene

Account opened, initial £10 deposited, interest enabled, cashback activated, fractional share awarded, transfer of previous year ISA initiated. All very straightforward.

dlevene

Expotter said:

gravel_2 said:

I'm signed up. I unintentionally got my fractional share paid into ISA. Can live with that.

I got the notification for ISA cashback and accepted the terms. Still waiting - is that expected? Do I need to set up a payment method on the Invest account before it will credit?

EDIT: cash arrived, took ~40 mins.

I did the same, are you allowed to sell the free share straight away? Besides, I'm not sure you're allowed to hold fractional shares within an ISA.

You can sell immediately but have to wait 30 days to withdraw the cash.

https://helpcentre.trading212.com/hc/en-us/articles/360007291258-Invite-Your-Friends-Get-Free-Fractional-Shares#:~:text=You can sell the free,be withdrawn after 30 days.

pokemaster

dlevene said:

Account opened, initial £10 deposited, interest enabled, cashback activated, fractional share awarded, transfer of previous year ISA initiated. All very straightforward.

Thank you @dlevene after reading how simple it was to opening an account and it all being pretty straight forward, I took the plunge and as you said it was simple, just a little wait time for the notifications to come through.

dlevene

pokemaster said:

dlevene said:

Account opened, initial £10 deposited, interest enabled, cashback activated, fractional share awarded, transfer of previous year ISA initiated. All very straightforward.

Thank you @dlevene after reading how simple it was to opening an account and it all being pretty straight forward, I took the plunge and as you said it was simple, just a little wait time for the notifications to come through.

Thanks, was a pleasure, another bonus share added!

vipt

Hi, I'm new to this forum and trading but did a little reading on trading 212.

1) am I right in saying that I can open an ISA and get 1% cashback and the free share (via referral link)? Or do I need to open an invest account for the free share (or have to open both is and invest)?

2) when opening ISA and getting cashback it is unclear if counts to allowance for year as the information is contradictory 

"How much cashback can I receive? 

Up to £200. It is counted against the total amount that can be deposited into the ISA (£20,000). 

Is the cashback included in my ISA allowance for the current tax year? 

No, the cashback will be received in your Invest account without counting towards the allowance."

3) the fees for depositing over £2000 are 0.7%, so if I deposit £20000, I will actually end up with £19860 in the account, not counting cashback?

4) have I missed a trick with 'transfer of ISA' in the sense that I can move around the same £20000 from previous years to make it work harder?

Thank you in advance 

gravel_2

vipt said:

Hi, I'm new to this forum and trading but did a little reading on trading 212.

1) am I right in saying that I can open an ISA and get 1% cashback and the free share (via referral link)? Or do I need to open an invest account for the free share (or have to open both is and invest)?

2) when opening ISA and getting cashback it is unclear if counts to allowance for year as the information is contradictory 

"How much cashback can I receive? 

Up to £200. It is counted against the total amount that can be deposited into the ISA (£20,000). 

Is the cashback included in my ISA allowance for the current tax year? 

No, the cashback will be received in your Invest account without counting towards the allowance."

3) the fees for depositing over £2000 are 0.7%, so if I deposit £20000, I will actually end up with £19860 in the account, not counting cashback?

4) have I missed a trick with 'transfer of ISA' in the sense that I can move around the same £20000 from previous years to make it work harder?

Thank you in advance 

Important to note that there are three account types on T212 - Invest, which is a general non-ISA investing account, ISA, and CFD (which you can ignore). Understanding this may help you follow better the cashback/ISA allowance question.

1) The free trade is paid into whatever account you fund first. If it's paid into your ISA it does count as part of your annual subscription. If this matters to you then I suggest doing a nominal payment (e.g. £10, although I think £1 is the minimum deposit) into the Invest account before you fund the ISA. This gives you full 20k ISA subscription plus free share outside the ISA, as opposed to almost full ISA subscription plus a free share inside that ISA.
2) The cashback is paid into the Invest account, not the ISA, so it has no impact on your allowance and any gains you make from the cashback will be taxable in the normal course.
3) Only true if you are using a card to deposit. You can do it through open banking (instant) or bank transfer (they say up to 3 working days) for no cost.
4) If you already have ISA money with a bank then you can transfer that money to other banks or into S&S ISAs as long as you use the designated transfer mechanism and do not manually withdraw it. Note that the T212 cashback deal is not available for transferred money - you must pay in 20k of new money to receive the full cashback offer.

vipt

gravel_2 said:

vipt said:

Hi, I'm new to this forum and trading but did a little reading on trading 212.

1) am I right in saying that I can open an ISA and get 1% cashback and the free share (via referral link)? Or do I need to open an invest account for the free share (or have to open both is and invest)?

2) when opening ISA and getting cashback it is unclear if counts to allowance for year as the information is contradictory 

"How much cashback can I receive? 

Up to £200. It is counted against the total amount that can be deposited into the ISA (£20,000). 

Is the cashback included in my ISA allowance for the current tax year? 

No, the cashback will be received in your Invest account without counting towards the allowance."

3) the fees for depositing over £2000 are 0.7%, so if I deposit £20000, I will actually end up with £19860 in the account, not counting cashback?

4) have I missed a trick with 'transfer of ISA' in the sense that I can move around the same £20000 from previous years to make it work harder?

Thank you in advance 

Important to note that there are three account types on T212 - Invest, which is a general non-ISA investing account, ISA, and CFD (which you can ignore). Understanding this may help you follow better the cashback/ISA allowance question.

1) The free trade is paid into whatever account you fund first. If it's paid into your ISA it does count as part of your annual subscription. If this matters to you then I suggest doing a nominal payment (e.g. £10, although I think £1 is the minimum deposit) into the Invest account before you fund the ISA. This gives you full 20k ISA subscription plus free share outside the ISA, as opposed to almost full ISA subscription plus a free share inside that ISA.
2) The cashback is paid into the Invest account, not the ISA, so it has no impact on your allowance and any gains you make from the cashback will be taxable in the normal course.
3) Only true if you are using a card to deposit. You can do it through open banking (instant) or bank transfer (they say up to 3 working days) for no cost.
4) If you already have ISA money with a bank then you can transfer that money to other banks or into S&S ISAs as long as you use the designated transfer mechanism and do not manually withdraw it. Note that the T212 cashback deal is not available for transferred money - you must pay in 20k of new money to receive the full cashback offer.

Thank you so much for your explanation @gravel_2, this is a big help.

Beddie

I have been very impressed with Trading212 so far. Opened an ISA to 'Bed&ISA' some shares I sold end of last tax year. All very easy, free share (£8 worth of Airbus!) and cashback a nice little extra, but the main thing is the platform is so easy to use and very comprehensive too. It's light years ahead of clunky old platforms like Fidelity and HL.

gravel_2

My only gripe is that the UI is designed almost entirely for mobile so when used on a browser it doesn't function as expected (do not dare touch the back button on your browser, you must use the back button on the page, each tab has it's own instance so if you go back to a tab later you can sometimes find yourself half way down a path to a menu you not longer want to be in etc). Clunky in its own way.

Alkmund2

I opened a Trading 212 ISA account for the first time this new financial year. Compared to other providers I have used, Trading 212's sign up and platform is very functional. The reason for opening an account with Trading 212 this year is the ability to build up positions in a larger portfolio of (individual) companies in smaller chunks. Previously the trading fees very much limited the number of investments I could make each month. The free share because I signed up using a link from an existing user, the interest (5.2% currently) and 1% cashback were remarkably easy to sign up to. So far all very positive and I'm very much appreciative of the new rules allowing us to open and fund multiple ISAs in the same financial year.