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

gravel_2

Not the clearest. I think they are just saying you can't deposit, withdraw, deposit, withdraw the same £1,000 20 times and expect the full cashback. Definitely to do with the move to flexible.

There was someone on this forum I'm sure who already did this - just cycled the same small amount through the ISA (eating up his allowance) just to get the £200 cashback...

pecunianonolet

Has anyone transferred previous tax year money to Trading? How long did it take, any problems? OH is thinking to move a higher sum from Coventry over to benefit for as long as still possible from the 5.2% rate while Coventry is 5.05% 

slinger2

Currently Trading212 only offer an S&S ISA, quite a different thing to a Cash ISA. I've got £5k in one, currently mostly in pounds getting the 5.2%. Looking at the app today, 100% of my cash with them is in QMMFs, so my capital is potentially at risk and also I'm not covered by the FSCS protection.

They're planning to offer a Cash ISA soon.

dlevene

pecunianonolet said:

Has anyone transferred previous tax year money to Trading? How long did it take, any problems? OH is thinking to move a higher sum from Coventry over to benefit for as long as still possible from the 5.2% rate while Coventry is 5.05% 

My original request went in on the 9th April.

I followed up on the 17th April as the request hadn't been processed. They sorted it same day.

Then I followed up again the 25th April - turned out my previous provider needed a real signature, although nobody had contacted me. After a bit of pushing I sent in a scanned version.

Money landed 30th April.

pecunianonolet

dlevene said:

pecunianonolet said:

Has anyone transferred previous tax year money to Trading? How long did it take, any problems? OH is thinking to move a higher sum from Coventry over to benefit for as long as still possible from the 5.2% rate while Coventry is 5.05% 

My original request went in on the 9th April.

I followed up on the 17th April as the request hadn't been processed. They sorted it same day.

Then I followed up again the 25th April - turned out my previous provider needed a real signature, although nobody had contacted me. After a bit of pushing I sent in a scanned version.

Money landed 30th April.

That's quite a long process indeed. May I ask who the other provider was? 

slinger2 said:

Currently Trading212 only offer an S&S ISA, quite a different thing to a Cash ISA. I've got £5k in one, currently mostly in pounds getting the 5.2%. Looking at the app today, 100% of my cash with them is in QMMFs, so my capital is potentially at risk and also I'm not covered by the FSCS protection.

They're planning to offer a Cash ISA soon.

Was hoping OH could transfer into their S&S ISA to start get the 5.2% rate and to make an internal transfer from their S&S ISA to the Cash ISA when launched. QMMF's are indeed a risk but it would require quite significant movements in the market for them to be impacted

Aidanmc

As 212's S&S Isa is becoming flexible, do you reckon if i withdrew some funds from it now, it could be replaced when they do make it flexible?

slinger2

Aidanmc said:

As 212's S&S Isa is becoming flexible, do you reckon if i withdrew some funds from it now, it could be replaced when they do make it flexible?

"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."

so it's still unclear.

dlevene

pecunianonolet said:

That's quite a long process indeed. May I ask who the other provider was? 

Metro Bank. Who have not provided a great experience, it must be said.

Sea_Shell

Does it have to be a transfer in to get the 5.2% rate, or can it be new money, new account?   Not interested in investing it.

I've just come across this offering, so am researching.   But that point wasn't clear.

slinger2

Sea_Shell said:

Does it have to be a transfer in to get the 5.2% rate, or can it be new money, new account?   Not interested in investing it.

I've just come across this offering, so am researching.   But that point wasn't clear.

It's available to anyone. It goes into QMMFs so you are "investing", just low risk. The 1% cashback offer on the S&S ISA is expired I believe. A 5.2% Cash ISA is announced but not available yet AFAIK. There's also a 1.5% cashback offer on their debit card until 1 October (normally 0.5%), this uses their "invest" account. It's all a bit bewildering to me.