Trading 212 Cash ISA - Impossible to transfer ISA out!

JohnB47

Missey_Hissey said:

Hi
I wanted to reassure people checking out Trading 212 or Moneybox ISA transfers. I read a lot of the posts about issues with ISA transfers with some concern, however I have just transferred a cash ISA from Trading 212 to an existing cash ISA with Moneybox. I started the process on Friday and had confirmation this morning that the transfer is complete. Both companies great at keeping in touch, 3 days! Including the weekend! Big up Trading 212 and Moneybox.

Excellent, thank you. I'm wondering about doing this same transfer.

Can you take a few moments to explain the process? I've read a lot about Trading 212 not allowing electronic transfers, only paper etc. (I'm guessing that your transfer was all electronic if it took only three days).

So, any advice on process, sort codes account numbers etc?

epm-84

JohnB47 said:

Missey_Hissey said:

Hi
I wanted to reassure people checking out Trading 212 or Moneybox ISA transfers. I read a lot of the posts about issues with ISA transfers with some concern, however I have just transferred a cash ISA from Trading 212 to an existing cash ISA with Moneybox. I started the process on Friday and had confirmation this morning that the transfer is complete. Both companies great at keeping in touch, 3 days! Including the weekend! Big up Trading 212 and Moneybox.

So, any advice on process, sort codes account numbers etc?

If the form allows you leave both the sort code and account number blank, and add your T212 customer number in the roll number box. You can get it by downloading a statement from the T212 app.

You'll apply through your new provider to do a transfer, so it'll be their transfer process you'll follow, not T212s. Once T212 receive your request they'll ask you to sign (in the app) to confirm, and will zero your balance and initiate a transfer to your new provider almost immediately.

JohnB47

One slight problem is that I don't use Trading's app. Presumably they'll have an equivalent via a PC login.

Anyway, thanks for the advice.

ortolickus

I was very apprehensive having read some of the posts here. My experience was very positive: i applied to transfer my cash ISA from T212 to Moneybox yesterday and it was completed this afternoon. About 27 hours. I just used my customer ID (no sort code) in my application and did not have to use an app. Just as well as i don't own a smartphone :-)

Czure

To begin & for clarification as several others have said in these posts, T212 are not the issue with transferring your ISA out, it is new providers who are the problem by refusing to use a very simple transfer form.
Ok so occasionally T212 may not act quickly enough or a form may even go astray for one reason or another which may lead to a failed transfer but they're the rare hiccups & can happen with any provider & are easily resolved.

I just discovered Chip are one of those problem providers because they just can't be bothered providing a Transfer Authorisation Document to customers wishing to move an ISA from T212. I had read on the web that Chip did accept T212 transfers but that info was found to be incorrect, my fault mainly for not doing a little more due diligence but Chip have no excuse for their refusal.

After opening a Chip ISA on attempting to transfer I found T212 weren't in the transfer list so I contacted them to request the transfer document for me to fill out & send to T212 to get the transfer rolling CHIP REFUSED!!!

I was simply told they don't use the form but are looking into adding other providers including T212 but they've been saying this for a couple of years or so now so basically Chip can't be bothered providing a very simple form to new ISA customers to fill out themselves & send to T212, nothing could be simpler or easier for Chip (or any provider), & if the customer makes a mistake there's no come back for Chip etc but it's still a big fat no from Chip.

I did feel like ditching Chip the same day I'd opened the account due to this but at the moment they've got the Flexible ISA offer I want, so for now & after confirming they accept T212 transfers I've applied for a Coventry B/Society ISA, once the ISA's with them I'll then transfer it to Chip as Coventry are on their accepted list.

It's all a B-Ache but it's purely down to Chip (& providers like them) being unhelpful & ignorant, It has absolutely nothing to do with T212 being a problem.

If of course before the Coventry to Chip transfer happens a better flexible Cash ISA comes up then the Chip accounts will sit empty in case I ever need them & they'll have missed out on a new customer with a large amount of money to transfer.

Czure

Lottie17 said:

bagand96 said:

Thought I'd leave a data point for Trading212 -> Chip ISA transfer:

Thursday 5th June: Opened Chip ISA and started Transfer Request (17:15)
Friday 6th June: Trading212 notification to complete Transfer Request form in app (11:00).  Completed and funds left T212 ISA immediately
Monday 9th June: Email from Chip stating transfer complete, funds showing in Chip ISA (18:00)

Essentially 2 working days.  Pretty impressed, especially reading the experiences of others with both providers.  Maybe I've just been lucky!

No problem transferring my cash isa from 212 to chip
Took 3 days 
I was told to use sort code 12-34-56 and the account number 
I did have to get the information from 212 regarding the sort code, but their response was almost instantly 

Glad to spot this after being left in the cold by Chip.
I'll be contacting T212 to confirm the Sort Code & also check what to use for the Account Number (I'm assuming it'll be my Customer Reference Number but you say "the account number" so need that confirming).

Only things I need to ask you is- How did you even begin the transfer? Did you do it by getting the form from T212 themselves?
I only ask this because Chip refuse to provide me with a Transfer Authorisation Document to fill out & send to T212, plus whenever I try via the Chip App there's no option for T212 in the providers list & when I click the 'Provider not showing' button it simply asks me to input the provider name & submit my interest to have them added & that's it.

TIA for any info on this.

Czure

 Kindly received a reply from bagand96 to a message sent regards my not being able to transfer T212 ISA to Chip. This is now purely due to Chip removing T212 from providers list & refusing to be in any way helpful by offering a Transfer Authorisation Document, it's absolutely no fault on T212's part.

 Turns out that Chip had T212 in the Providers list earlier in the year but for some unknown reason they've now removed T212 & point blank refuse to provide a 'Transfer Authorisation Document' to allow new customers to trigger the transfer themselves.

 Doesn't exactly instil loyalty towards Chip but unfortunately for now they've got the best Flexible Cash ISA for me so I'm now having to faff around transferring to Coventry first before moving it to Chip, but I'll have no qualms in dropping Chip like a hot rock if a solid quality provider comes out with even just a matching ISA after this, & that includes T212 if I could get the new customer bonus for returning.

 What's more frustrating is that in the 3 messages regarding T212 not being an option & requesting a transfer document to do the legwork myself Chip didn't once make mention of T212 being previously available but instead simply said they may look to adding them in the future, almost seems as if Chip have got a sulk on with T212 that's making them refuse investors, but that seems just weird!