Trading 212 Cash ISA - Impossible to transfer ISA out!

typeanonspare

10_66 said:

typeanonspare said:

daveoc22 said:

typeanonspare said:

This also puts me off as I had shortlisted Zopa and Trading 212 and was leaning towards the latter due to them allowing partial transfers. In fairness I spoke to T212 live chat earlier and was through to a 'human' in around 5 minutes, they proceeded to send me a link to all of the banks they accept transfers in from and transfers out to and loads of banks (including all of the major ones and those with top rates) are listed. Are they still not able to solve your issue?

I am a little put off by their chat/e-mail only support model - but how good are the people at the end of the phone at Zopa for instance anyway? I got through to a chap at Zopa the other day and he couldn't even answer a basic ISA question.

Has anyone here actually had a good experience with T212 and their Cash ISA?

Typeanonspare-------any chance you could post a list of the Banks they told you would accept transfers out---that would be really helpful to me and others.

Ah it says I need to be around for longer before I can post links because I am a noobie! It is on T212's help articles and it is called "What are the supported brokers for portfolio transfers". If you google that or search for it on T212's site, it will come up. They linked it direct to me when I was in a live chat with them on the app.

I found the list you mention, and I may be reading it incorrectly, but it looks (to me) as though the list relates to transfers in, rather than out?

https://helpcentre.trading212.com/hc/en-us/articles/16049242628381-What-are-the-supported-brokers-for-portfolio-transfers

I think you're right. Perhaps it was that list that I found and I assumed it was for both transfers in and out.

Does it seem that T212 are drastically limiting who they allow transfers out to? Or is it just a few people have had bad experiences? I'm genuinely curious as I don't understand why they would purposely restrict or limit banks to transfer to.

Can anyone clarify whether T212 can provide a list of banks they allow transfers out to? Or whether anyone has proof that they restrict transfers as there seems to be a lot of speculation on here but I'm not seeing any factual info. May be worth asking T212 if they can provide an exact list like the ones in the link, but for transfers out?

booneruk

We seem to be returning to the first couple of pages of this thread now. If your new ISA provider refuses to transfer in from Trading 212, then that's a problem with your new ISA provider.

NudeJude

I actually think it's time that Martin Lewis himself came on here and told us why he recommended Trading 212 so heavily?  Did he not check them out?  

I too, have had numerous problems with them, right from the point of recommending them to my husband after opening my own account.  He went online and started the process, but when he got to the point of adding his signature to the account, there was no facility to continue, ie, no 'Continue' or 'Send' button to click on.  He emailed Trading 212, and asked for assistance.  We've had a couple of emails from them since, neither of which were of any help whatsoever, so at that point, he gave up and left his money where it was.  I only wish I'd done the same, and when I tried to get into my account a few days ago, I kept getting the message 'Invalid Credentials'.  I emailed them for help, as I've never actually seen the online chat facility, and waited, and waited, and waited.  Bearing in mind that my whole life savings are now in this account, I was beginning to get extremely anxious, as at this point I discovered that they have no telephone contact facility!!  After more than 20 hours of waiting, I finally got an email suggesting that I change my password.  This was actually the first thing I tried when I discovered there was a problem, and had I not after 17 hours, finally received help from someone in their online forum, would still have been back to square one, having already waited 20 hours, for a simple suggestion.  In case anyone else has this problem, it was caused by me using an auto-fill facility.  

I was really cross that I'd received such a pathetic response, and having already experience the lack of help received when trying to open the account for my husband, and also my own 20 hour wait period, wrote them another email, explaining why I was unhappy, and asking how I should go about making an official complaint.  Suddenly only SIX minutes later, I got a response, asking me if I would be happy to allow their management team to look into my problem, so responded by telling them that I was happy for them to do this, but also wanted to know how I could transfer my Cash ISA from them, to another bank.  I also confirmed that I still wanted to know how to make an official complaint.  This happened THIRTY SEVEN hours ago!!  Needless to say, I've received NO RESPONSE!!

Hence, I would be most hesitant to follow a recommendation from Martin Lewis again in the future, as it would seem that while he recommended Trading 212 for the high interest rate, he didn't look into what sort of customer service they offer.  

Now normally, if opening an account with a company that I've not heard of previously, I would have done my due diligence, and checked them out as thoroughly as possible, before investing, but stupidly, I blindly followed Martin's recommendation, which I now sincerely wish I hadn't.

If anyone reading this, knows how to transfer a Cash ISA OUT of Trading 212, do please tell us who they used, and how they did it, as personally, I'm at the point of kissing my tax free status goodbye, and just withdrawing the cash, as even though the company has all good credentials, being backed by J.P. Morgan and Barclays, and regulated by the FSC, I really don't have faith in them.

masonic

NudeJude said:

I actually think it's time that Martin Lewis himself came on here and told us why he recommended Trading 212 so heavily?  Did he not check them out? 

He doesn't usually make personal recommendations, let alone "heavily". Where did you see this?

NudeJude said:

Hence, I would be most hesitant to follow a recommendation from Martin Lewis again in the future, as it would seem that while he recommended Trading 212 for the high interest rate, he didn't look into what sort of customer service they offer.

This is how the MSE site works, and they say so "Top paying accounts - In rate order":

NudeJude said:

Now normally, if opening an account with a company that I've not heard of previously, I would have done my due diligence, and checked them out as thoroughly as possible, before investing, but stupidly, I blindly followed Martin's recommendation, which I now sincerely wish I hadn't.

Doing your own due diligence is exactly what the site recommends (and re-emphasises the focus on rates not service):

Though even if you did your due diligence, I don't think you'd have found anything of concern, as most customers are happy, and the issues that there have been are a result of a large influx of customers in part as a result of T212 being put at the top of MSE's rate table - this is a common occurrence.

NudeJude said:

If anyone reading this, knows how to transfer a Cash ISA OUT of Trading 212, do please tell us who they used, and how they did it, as personally, I'm at the point of kissing my tax free status goodbye, and just withdrawing the cash,

I would suggest you start your own thread for specific advice on how you can transfer out, but the process that should always be used is to open a cash ISA with another provider and use that other provider's transfer process. A transfer out of T212 should not involve you approaching T212 at all.

NudeJude said:

as even though the company has all good credentials, being backed by J.P. Morgan and Barclays, and regulated by the FSC, I really don't have faith in them.

The FSC has no jurisdiction over UK financial markets, here we have the FCA. I don't think it is true to say that T212 is backed by JP Morgan or Barclays, but T212 is a business customer of those banking groups.

Northern_Wanderer

NudeJude said:

I too, have had numerous problems with them, right from the point of recommending them to my husband after opening my own account.  He went online and started the process, but when he got to the point of adding his signature to the account, there was no facility to continue, ie, no 'Continue' or 'Send' button to click on. 

If anyone reading this, knows how to transfer a Cash ISA OUT of Trading 212, do please tell us who they used, and how they did it, as personally, I'm at the point of kissing my tax free status goodbye, and just withdrawing the cash, as even though the company has all good credentials, being backed by J.P. Morgan and Barclays, and regulated by the FSC, I really don't have faith in them.

I also had the no buttons visible when trying to add signature etc, I resolved this by switching my browser to full screen mode.

Currently doing a transfer to V M via a form online( due to my dissatisfaction with Trading 212), has so far taken over a week for T212 to do anything, but got a message yesterday from T212 for me to authorise transfer, I did that (although had the lack of button issue for signature), this morning they emailed saying the money had left my account and that it should arrive within 3 business days. Will let you know how long it takes to arrive (not there this evening). Will update when I receive funds. I was unable to use a different ISA provider to do the transfer.

Every time I log in now there is a message saying they need to verify my identity for fraud reasons (this is separate to the authentication that I can't/ won't do). Now they did verify my identity when I opended the account, so if they were happy then, I'm not sure why they have changed their mind now that they have (or had) my money. I don't trust them at all....

pecunianonolet

Moneybox and Chip accept transfer in requests from Trading 212. Word of caution about Chip due to transfer out restrictions / ban here and here

Northern_Wanderer

My ISA funds arrived this morning in Virgin Money account. It took 14 days in total for the transfer. I am just happy that I was able to do the transfer. Good riddance Trading 212 - my worst banking experience ever. Now to email them to ask them to close my Trading 212 account and online account as I can't do it from their website as I would need the ghost code that they send to firefox that I don't ever recieve, and they're customer service can't explain why or even understand what I mean.....

MiserlyMartin

I've had a good experience with T212. I do have only the S&S ISA, not a cash ISA, but I was considering transferring one of my now low rate ISAs to them. But T212 are not the only providers that people can have trouble transferring ISAs to. I tried to transfer my ZOPA ISA to moneybox and it was rejected, they only accept full transfers not partial (moneybox). I also had problems transferring some ISAs to Charter Savings Bank. My biggest hesitancy is the FSCS protection of the ISA if I go over 85k in total between all the ISAs in T212. Though if it is split in there between Barclays/ RBS/ JP Morgan Chase, then it will probably be ok?

Sea_Shell

We need to change our router over today.  Not supplier.

Is this going to effect access to T212?

Will my device (laptop) no longer be "trusted"?

I've had no problems, and been happy so far.

pecunianonolet

Sea_Shell said:

We need to change our router over today.  Not supplier.

Is this going to effect access to T212?

Will my device (laptop) no longer be "trusted"?

I've had no problems, and been happy so far.

Should not be an issue at all. Worst case is that you have to type in a password again, go through 2FA and reconfirm it is a trusted device but as it is the same device it should be fine (they will know because the MAC address hasn't changed). In principle you should be able to access from anywhere in the world, unless access for IP's from certain countries, VPN's, proxies, etc has been blocked by Trading. Details of time, IP, country of origin, etc. are logged like with anything. 

E.g., you can't access the UK webpage from outside the UK for Trading 212