Trading 212 Cash ISA - Impossible to transfer ISA out!

dunstonh

jimjames said:

How long has the T212 ISA been open? Seems very soon to be switching out already

Indeed, it may even trigger enhanced AML checks as money in and then a request out so quickly is a common trigger.

dlevene

Not that it's needed as this has already been thoroughly debunked, but I previously transferred my moneybox ISA out using just the reference number, no problem.

I've said it before: it's really odd how committed some people are to dunking on T212 for no real reason.

Hundall

i'm not worried about the lack of sort code for transferring an isa out of Trading212, but what concerns me is that there seem to be very few banks that accept transfers in from Trading212.  Of the handful I've checked, only Plum accept transfers from Trading212.  And then very few banks accept transfers in from Plum.  So am i now stuck with a very limited number of banks that i can transfer my existing isa between?  So I won't always necessarily be able to access the top rates.  Surely this can't be right and I'm just being an idiot?

booneruk

Isn't it the case that all ISAs must be transferrable? Have you actually asked the provider you're looking to transfer to? If they're not showing support for T212 transfers then it's their problem, or perhaps they need a query to customer support to initiate the transfer.

(Incidentally, I have a few cash ISAs and I don't think any of them come with a bank account/sort code)

Hundall

thanks booneruk.  In the transfer in form, there's often a dropdown list to select the bank that you want to transfer in from - and it's this dropdown that doesn't contain Trading212 as an option - certainly this is the case when trying to make a transfer into Zopa, Cynergy and Virgin.  In the case of Zopa (below), they say they accept transfers from all providers that use 'Pay.UK':

We accept cash ISA transfers from all providers that use Pay.UK, which we've listed below.

Please note, this provider list can change and was last updated on 10th June 2024.

• AA

• Aldermore

• AIB

• Bank of Scotland

• Barclays

• Bath Building Society

• Birmingham Midshires

• Britannia

• Castle Trust Bank

• Charles Stanley

• Charter Savings Bank

• Chelsea Building Society

• Cheltenham & Gloucester Building Society

• Chorley & District Building Society

• Close Brothers Savings

• Coventry Building Society

• Cumberland Building Society

• Cynergy Bank

• Danske Bank

• Darlington Building Society

• First Direct

• First Trust Bank

• Furness Building Society

• Gatehouse Bank

• Halifax

• Hampshire Trust

• Hargreaves Lansdown Savings

• HSBC

• Intelligent Finance

• Kent Reliance

• Leeds Building Society

• Lloyds Bank

• M&S Bank

• Market Harborough Building Society

• Metro Bank

• NatWest

• Nationwide Building Society

• Newcastle Building Society

• Nottingham Building Society

• OakNorth

• OneFamily (including Post Office ISAs and AA online ISAs)

• Paragon Bank

• Progressive Building Society

• Royal Bank of Scotland

• Smile

• Sainsbury's Bank

• Santander

• Scottish Widows

• Secure Trust BankShawbrook Bank

• Skipton Building Society

• SBI

• Swansea Building Society

• Tesco Bank

• TSB

• Ulster Bank

• United Trust Bank

• Virgin Money - 08 Sort Codes or 12 digit references

• Virgin Money - Sort Codes Start with 05

• Virgin Money - Sort Codes Start with 82

• WeBSave

• West Bromwich Building Society

• Yorkshire Building Society

booneruk

I've had a brief read of this - it seems all ISAs must be transferrable, but a provider does not have to accept a transfer in. However, it's hard to think why a provider would refuse unless it's down to a (almost unacceptable, in my opinion) limitation in their systems. I'd try to make contact with a human and ask directly.

https://www.gov.uk/guidance/transfer-an-isa-if-youre-an-isa-manager#transferring-an-isa

gravel_2

I believe Chip allows transfers from T212. I've just looked on Skipton and it's not listed, but they have a phone number to call if the provider is not listed. I assume they would be able to do it, it just may take a more manual process.

Hundall

thanks booneruk.  I'll contact the banks and see what they say....

masonic

booneruk said:

I've had a brief read of this - it seems all ISAs must be transferrable, but a provider does not have to accept a transfer in. However, it's hard to think why a provider would refuse unless it's down to a (almost unacceptable, in my opinion) limitation in their systems. I'd try to make contact with a human and ask directly.

https://www.gov.uk/guidance/transfer-an-isa-if-youre-an-isa-manager#transferring-an-isa

Some providers only accept transfers in via certain mechanisms. This is quite rare and associated with niche providers. For example, some will not accept paper-based transfers or electronic transfers from schemes to which they are not a member. This can make it impossible to transfer from a provider using a different electronic system.

You can always transfer to a full service provider and then again to your niche provider.

Northern_Wanderer

Did you manage to do a transfer out?