MSE misleading on Trading212 ISA

Aidanmc

masonic said:

Is this true of the cash ISA? Do you therefore lose 3 working days interest like in the days before faster payments.

The 3 business days for the S&S ISA would be to allow for sale and settlement of investments and is unavoidable.

I have made 3 withdrawals so far from Trading 212 Invest account and the funds was in my bank next morning, working day. I haven't withdrew from the cash ISA though, but i would expect the same.

JadeHighland

nedwilsher said:

I agree MSE's portrayal of Trading212 is misleading. It's under the "Easy Access ISA - what we'd go for" banner; but for me Easy Access means I can access my money "easily". Yet, Trading 212 makes you wait 3 business days for funds to reach your account. Trading 212 says you can withdraw at anytime - no you can't. It is not until you withdraw that they tell you that you have to wait 3 business days! So, if you apply to withdraw on Good Friday for your Easter holiday it will take 6 days to arrive because of the long bank holiday. By contrast, Zopa and Chip pay instantly.
I also feel quite uncomfortable about the Trading 212 security set up. If I open Trading 212 on my browser it goes straight into my account without login and password!
It might be what Martin Lewis "would go for" but I'm withdrawing all funds and business from Trading 212 so that I can sleep at night!
And, finally, I'd strongly suggest MSE get its lawyers to look at its sloppy "what we'd go for" wording as that, to me, sounds like giving financial advice. Yeah, I know there is a small print disclaimer at the bottom of the page - but how water-tight is that?

Funny enough, I withdrew some cash from my cash ISA today and got my money within the hour 

lohr500

I did a small Cash ISA withdrawal a week or so ago to see how long the process would take. 

Initiated the withdrawal on the afternoon of 12th June.
Received into my nominated Santander a/c early doors on the 13th June.

So next working day in my case.

nedwilsher

I got paid in 2 business days (3 days in total).

It's great for gravel_2 to copy/paste the MSE explanatory notes which I did read and do not need reminding. But claims by Trading 212 that:
~ you can "withdraw anytime"
~ "your cash is always free to use"

are a tad untrue because - fact:

~ whilst I can apply to withdraw at anytime I won't actually withdraw my savings for a few days

~ whilst my money is free to use as I wish, it is not always freely available because of the delay factor

Why the dishonesty when they could have been quite open about it and say up front that there is up to 3 buisness  days delay in the withdrawal application?

Horses for courses, I suppose. I am not going to run on this one.

Aidanmc

nedwilsher said:

I got paid in 2 business days (3 days in total).

It's great for gravel_2 to copy/paste the MSE explanatory notes which I did read and do not need reminding. But claims by Trading 212 that:
~ you can "withdraw anytime"
~ "your cash is always free to use"

are a tad untrue because - fact:

~ whilst I can apply to withdraw at anytime I won't actually withdraw my savings for a few days

~ whilst my money is free to use as I wish, it is not always freely available because of the delay factor

Why the dishonesty when they could have been quite open about it and say up front that there is up to 3 buisness  days delay in the withdrawal application?

Horses for courses, I suppose. I am not going to run on this one.

I think Trading 212 have been quite upfront about the withdrawal times.

If they say it takes up to 3 working days and I receive it in 1 working day, thats not too bad.

masonic

It is worth remembering that money can be held up for weeks in extreme cases due to the suspicious activity reporting requirements placed on all banks by law. More common is for a Faster Payments to be delayed and this can be for up to two days. This does not mean banks and MSE need to rewrite their comments around access, or that easy access savings accounts are a myth. Everyone can expect to experience delays in some form sooner or later. This is why it is advisable to have fallback options or keep some savings with the bank you normally spend from.

eskbanker

Perhaps also worth noting that 'easy access' doesn't relate to the timescale for the money to reach its destination, but simply to the fact that such accounts don't entail giving advance notice of withdrawals....

slinger2

Personally I've got a little over £8k in total in three T212 accounts: "Invest", Stocks ISA and Cash ISA. For me these are not the sort of accounts where I'm concerned about getting my money instantly: the next day or two will be adequate.

Would I put my life savings there, perhaps not. But it's a bit of fun with T212 throwing a few bonuses my way too.

wmb194

The last withdrawal I made from T212 was instant to my account with Halifax.

Aidanmc

wmb194 said:

The last withdrawal I made from T212 was instant to my account with Halifax.

Great, maybe they have speedied up the withdrawals recently,