Trading 212 credentials

Tightboy

Hi, Just opened a new Trading 212 cash ISA (5.2%) and have found it really difficult to get it accepted by my chosen bank account to feed funds into the ISA. The bank in question is Natwest and they just don't recognise either "Trading 212 UK Limited or "JPMorgan Chase Bank" in their "add a business to pay" field, Natwest say it's Trading 212's problem, Trading 212 have not been very helpful either, any thoughts by anyone?

PloughmansLunch

I used Open Banking from within the app, and it was all done and dusted in seconds. Deposit Funds > Instant Bank Transfer > £xxx > Pay. It then takes you to your linked bank app to finalise.

I've also recently attempted to set up a monthly standing order for the general investment part of T212, but that seems to be more of a manual affair. I'll find out on 1st July if it actually works.

born_again

Tightboy said:

Hi, Just opened a new Trading 212 cash ISA (5.2%) and have found it really difficult to get it accepted by my chosen bank account to feed funds into the ISA. The bank in question is Natwest and they just don't recognise either "Trading 212 UK Limited or "JPMorgan Chase Bank" in their "add a business to pay" field, Natwest say it's Trading 212's problem, Trading 212 have not been very helpful either, any thoughts by anyone?

Using add business as a payee is using a set of stored account details stored at Natwest called major beneficiaries, which are usually things like credit cards, utilities etc. Try adding it as a personal payee.

Failing that contact Trading 212 & ask what details you should be using.
Given I guess the payment goes to a generic account, it may throw up a error, which you could ignore.

Tightboy

Thanks, I've asked T212 to get some advice, the "instant" option doesn't work and my guess is because my bank has my name registered as surname first followed by first & middle name, T212 has just my full name written as: first name, middle name then surname, so the other way around...

swanny65

Tightboy said:

Thanks, I've asked T212 to get some advice, the "instant" option doesn't work and my guess is because my bank has my name registered as surname first followed by first & middle name, T212 has just my full name written as: first name, middle name then surname, so the other way around...

I have exactly the same issues with HSBC - cant set up the instant transfer as account name doesn't match (it should do) and bank transfer had to be done manually as JPMorgan Chase Bank isn't on the checking platform. Tested with a tenner for starters

Tightboy

Like you, I put £1 in on Monday and it went through okay, I will see how it goes, I have fed this back to Natwest.

Shanquia

Opened a Trading 212 cash isa yesterday and can't put any money into it! I am with Danske Bank and the chat in the app says it doesn't recognise Danske for instant (or other!) Bank transfers. The bot suggested using a debit card however there is no option to do that coming up in the app, only options are Instant Bank transfer or Bank transfer.  So it appears that I now have a cash isa that I can't use!

gravel_2

Cash ISA doesn't have the option to deposit by debit card. You should be able to do a bank transfer? It's just a normal bank transfer?

Is Danske bank the only place you hold a current account?

EDIT: I wonder if it has something to do with Danske restricting itself to NI, rather than all of UK?

Petriix

Or just open a S&S ISA in a couple of taps, pay in (no more than £2k cumulative or you pay fees) with your debit card then move it to the cash ISA within the app. 

Bambam61Pebbles

I opened an ISA with Trading 212 on 3/8/24 with £1. Money showed in account on 4th. On 5th transferred remaining ISA allowance. This transaction was stopped by Chase who informed me that even though Trading 212 states they are JP Morgan this is not the case. They are not authorised by the FCA and directed me to the FCA website. Thankfully £20k returned to my account. 

gravel_2

Bambam61Pebbles said:

I opened an ISA with Trading 212 on 3/8/24 with £1. Money showed in account on 4th. On 5th transferred remaining ISA allowance. This transaction was stopped by Chase who informed me that even though Trading 212 states they are JP Morgan this is not the case. They are not authorised by the FCA and directed me to the FCA website. Thankfully £20k returned to my account. 

This is a misplaced understanding.

T212 does not "state they are JP Morgan" - the firm banks with JP Morgan. This can be easily verified by doing a sort code look up.

T212 is regulated by the FCA. https://register.fca.org.uk/s/firm?id=001b000000NMi1QAAT

It's not clear why, but Chase in particular is scaring its customers (who also all seem to create accounts here just to post about it) out of using T212...