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Trading 212 easy access ISA 5.2% APY and 1% cashback. Too good to be true?
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Has anyone paid £20,000 into their ISA, received the £200 cashback and then transferred the £20,000 to another ISA provider?
I can see anything in the T&Cs that says this isn’t allowed. It doesn’t look like they will clawback the £200.0 -
What I did was pay in £500 then move it backwards and forwards between the ISA and the Invest accounts within the app 37 times before withdrawing it again. This used up £18.5k of my ISA allowance and generated £185 cashback.
They don't seem to have any issues with the money being withdrawn again. The cashback itself remains locked for 12 months.1 -
Petriix said:What I did was pay in £500 then move it backwards and forwards between the ISA and the Invest accounts within the app 37 times before withdrawing it again. This used up £18.5k of my ISA allowance and generated £185 cashback.0
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From mid-late May (whenever they launch their cash ISA), T212 ISAs will become Flexible, meaning it will not be necessary to burn ISA allowance in the manner @Petriix has done.Also, just to note that withdrawing from a previous year ISA elsewhere to contribute into T212 would result in consumption of this year's ISA allowance @Alexland. I'm not sure if the reason you mentioned this was because you don't expect to be able to fund from unwrapped cash, or thought the money could be added as replacement subscriptions to T212.0
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masonic said:Also, just to note that withdrawing from a previous year ISA elsewhere to contribute into T212 would result in consumption of this year's ISA allowance @Alexland. I'm not sure if the reason you mentioned this was because you don't expect to be able to fund from unwrapped cash, or thought the tax status on the withdrawn previous year ISA contributions would be retained.1
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masonic said:From mid-late May (whenever they launch their cash ISA), T212 ISAs will become Flexible, meaning it will not be necessary to burn ISA allowance in the manner @Petriix has done.Also, just to note that withdrawing from a previous year ISA elsewhere to contribute into T212 would result in consumption of this year's ISA allowance @Alexland. I'm not sure if the reason you mentioned this was because you don't expect to be able to fund from unwrapped cash, or thought the money could be added as replacement subscriptions to T212.
Thanks.0 -
gravel_2 said:masonic said:From mid-late May (whenever they launch their cash ISA), T212 ISAs will become Flexible, meaning it will not be necessary to burn ISA allowance in the manner @Petriix has done.Also, just to note that withdrawing from a previous year ISA elsewhere to contribute into T212 would result in consumption of this year's ISA allowance @Alexland. I'm not sure if the reason you mentioned this was because you don't expect to be able to fund from unwrapped cash, or thought the money could be added as replacement subscriptions to T212.
Thanks.
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See: https://www.gov.uk/guidance/manage-isa-subscriptions-for-your-investors#flexible-isas
"Where the terms and conditions of an ISA are changed to offer flexibility from a date other than 6 April, and managers’ systems permit it, withdrawals made from the start of the tax year can be treated as having been made from a flexible ISA. In other words, any subsequent subscriptions in the same tax year that would otherwise count towards the subscription limit will do so only to the to the extent that previously withdrawn amounts have been fully replaced."
I think that means that they MIGHT treat earlier withdrawals (since 6 Apr 2024) as flexible. All quite unclear at the moment.1 -
I've just received an email from T212 announcing their new cash isa.
There is also a link to their new cashback terms which refers to "net deposit" when the previous cashback terms referred to "deposit".
It doesn't look clear to me but it looks like they are now saying that if you deposit 20k in your isa and then withdraw 20k (or transfer away) then your net deposit would be zero so no cashback.
Am I reading it correctly?I have activated my T212 stocks isa and I was going to add this year's 20k and transfer it out soon afterwards to get the £200 cashback. This may no longer work.The new terms take effect on 08/06/24 so it could work if done within the next month.
https://www.trading212.com/legal-documentation/uk/Table-Overview-of-ISA-Deposit-Cashback-Terms-Amendments-05.2024_EN.pdf0 -
charlie12525 said:I've just received an email from T212 announcing their new cash isa.
There is also a link to their new cashback terms which refers to "net deposit" when the previous cashback terms referred to "deposit".
It doesn't look clear to me but it looks like they are now saying that if you deposit 20k in your isa and then withdraw 20k (or transfer away) then your net deposit would be zero so no cashback.
Am I reading it correctly?I have activated my T212 stocks isa and I was going to add this year's 20k and transfer it out soon afterwards to get the £200 cashback. This may no longer work.The new terms take effect on 08/06/24 so it could work if done within the next month.
https://www.trading212.com/legal-documentation/uk/Table-Overview-of-ISA-Deposit-Cashback-Terms-Amendments-05.2024_EN.pdfWould it have something to do with them making it a flexible isa, i wonder?The cashback is credited more or less instantly to the Invest acc whenever deposit is made to S&S Isa.I cant see them clawing the cash back0
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