Trading 212 Cash ISA - Impossible to transfer ISA out!

pecunianonolet

wmb194 said:

Comprendiamo said:

Trading 212's Cash ISA comes with one big, fat, caveat on outward bound transfers.

I have had the biggest nightmare trying to transfer a cash ISA out of Trading 212 to another institution/ a bank. This is under complaint and I will add to the post when the explanation comes from Trading as to why they decline / reject transfers without explanation to the receiving institution/ISA Manager and having done so claim no knowledge of the original mandate form (they have history on this). My point here is the following: How can Trading reject instructions to transfer they claim that they have not had in the first place? Epic screw up after screw up followed on this poor start and ended in the dizzy heights of Trading posting the wrong £ amount in the app to be transferred. I could not approve said transfer in the Trading app as Paragon, correctly, would have rejected it. Where Trading got the random figure in £ from (and an instruction to close the ISA) remains another mystery. Yet another flurry of comms followed before the £ amount was amended by Trading and I could agree it.

I have made three transfers out and all of them have taken 3 to 4 days and that is 3 to 4 days loss of value/ interest and lot of tracking and hassle. Each and every transfer was sent to a fully on-board FPS/Faster Payment receiving institution. The warning notification that funds can take up to 3 days to appear - which pops up at the end of the process  - seems disingenuous at best. I have requested clarity on why Trading appear to have used BACS payments to transfer funds out three different times both in the app and in email. I never receive a response.

Diligent, I checked before downloading the app that Trading made Faster Payments in and out and yet this has not been the case. Trading also appear to be gearing up on the 'blame' game on my ISA Transfer - blaming everybody but their own platform and staff stroke admin. limitations - as the have breached the 15-day HMRC best practice guidance. 

I gave Trading an experimental try on the cash ISA and, thus far, they have failed miserably. It has been a huge time-waster and not worth the extra couple of fractions in terms of the interest offered (now 4.50%) in any shape, form, or fashion.

Has anybody managed to get a straight answer out of Trading on the subject of the use of 3 working day BACS payments instead of standard Faster Payments? Please let me know as my sorry excuse of an ISA Transfer may need to go the whole way in terms of complaint management. 

All of my recent withdrawals from my T212 GIA to my current account have been near instant faster payments.

The above is in relation on how ISA funds are send from T212 to another ISA manager when T212 receives a transfer request.

Isarulesaretoocomplex

Comprendiamo said:

Trading 212's Cash ISA comes with one big, fat, caveat on outward bound transfers.

I have had the biggest nightmare trying to transfer a cash ISA out of Trading 212 to another institution/ a bank. This is under complaint and I will add to the post when the explanation comes from Trading as to why they decline / reject transfers without explanation to the receiving institution/ISA Manager and having done so claim no knowledge of the original mandate form (they have history on this). My point here is the following: How can Trading reject instructions to transfer they claim that they have not had in the first place? Epic screw up after screw up followed on this poor start and ended in the dizzy heights of Trading posting the wrong £ amount in the app to be transferred. I could not approve said transfer in the Trading app as Paragon, correctly, would have rejected it. Where Trading got the random figure in £ from (and an instruction to close the ISA) remains another mystery. Yet another flurry of comms followed before the £ amount was amended by Trading and I could agree it.

I have made three transfers out and all of them have taken 3 to 4 days and that is 3 to 4 days loss of value/ interest and lot of tracking and hassle. Each and every transfer was sent to a fully on-board FPS/Faster Payment receiving institution. The warning notification that funds can take up to 3 days to appear - which pops up at the end of the process  - seems disingenuous at best. I have requested clarity on why Trading appear to have used BACS payments to transfer funds out three different times both in the app and in email. I never receive a response.

Diligent, I checked before downloading the app that Trading made Faster Payments in and out and yet this has not been the case. Trading also appear to be gearing up on the 'blame' game on my ISA Transfer - blaming everybody but their own platform and staff stroke admin. limitations - as the have breached the 15-day HMRC best practice guidance. 

I gave Trading an experimental try on the cash ISA and, thus far, they have failed miserably. It has been a huge time-waster and not worth the extra couple of fractions in terms of the interest offered (now 4.50%) in any shape, form, or fashion.

Has anybody managed to get a straight answer out of Trading on the subject of the use of 3 working day BACS payments instead of standard Faster Payments? Please let me know as my sorry excuse of an ISA Transfer may need to go the whole way in terms of complaint management. 

I've had similar issues. I've emailed oak north to see if they can accept a transfer from 212 trading and they stated that they can't as thry don't accept as 212 don't use the electronic transfer isa service. Looks like I may have to lose last years isa and withdraw and put it elsewhere where it's less of an issue 

beefturnmail

Comprendiamo said:

Trading 212's Cash ISA comes with one big, fat, caveat on outward bound transfers.

I have had the biggest nightmare trying to transfer a cash ISA out of Trading 212 to another institution/ a bank. This is under complaint and I will add to the post when the explanation comes from Trading as to why they decline / reject transfers without explanation to the receiving institution/ISA Manager and having done so claim no knowledge of the original mandate form (they have history on this). My point here is the following: How can Trading reject instructions to transfer they claim that they have not had in the first place? Epic screw up after screw up followed on this poor start and ended in the dizzy heights of Trading posting the wrong £ amount in the app to be transferred. I could not approve said transfer in the Trading app as Paragon, correctly, would have rejected it. Where Trading got the random figure in £ from (and an instruction to close the ISA) remains another mystery. Yet another flurry of comms followed before the £ amount was amended by Trading and I could agree it.

I have made three transfers out and all of them have taken 3 to 4 days and that is 3 to 4 days loss of value/ interest and lot of tracking and hassle. Each and every transfer was sent to a fully on-board FPS/Faster Payment receiving institution. The warning notification that funds can take up to 3 days to appear - which pops up at the end of the process  - seems disingenuous at best. I have requested clarity on why Trading appear to have used BACS payments to transfer funds out three different times both in the app and in email. I never receive a response.

Diligent, I checked before downloading the app that Trading made Faster Payments in and out and yet this has not been the case. Trading also appear to be gearing up on the 'blame' game on my ISA Transfer - blaming everybody but their own platform and staff stroke admin. limitations - as the have breached the 15-day HMRC best practice guidance. 

I gave Trading an experimental try on the cash ISA and, thus far, they have failed miserably. It has been a huge time-waster and not worth the extra couple of fractions in terms of the interest offered (now 4.50%) in any shape, form, or fashion.

Has anybody managed to get a straight answer out of Trading on the subject of the use of 3 working day BACS payments instead of standard Faster Payments? Please let me know as my sorry excuse of an ISA Transfer may need to go the whole way in terms of complaint management. 

No problems for me - I transferred out of Trading 212 to Chip - statement from Trading 212 shows outgoing transfer of 11/3, with interest paid up to and including 11/3 and statement of Chip shows incoming transfer on 12/3

Daz2009

I opened a Shawbrook fixed rate isa on 20/03.
They sent me a transfer form to sign but Trading 212s details were wrong,after informing them they sent me a form to fill in myself.I did that and returned it.I used the sort code 00-00-00.
The transfer completed on 02/04 with no further input from me and the money is in my Shawbrook account today 03/04.
So that's 10 working days all told

Isarulesaretoocomplex

Daz2009 said:

I opened a Shawbrook fixed rate isa on 20/03.
They sent me a transfer form to sign but Trading 212s details were wrong,after informing them they sent me a form to fill in myself.I did that and returned it.I used the sort code 00-00-00.
The transfer completed on 02/04 with no further input from me and the money is in my Shawbrook account today 03/04.
So that's 10 working days all told

Did you have to use both the 8 figure customer id and cash isa account id. Was it by email or post. Thanks 

Daz2009

Isarulesaretoocomplex said:

Daz2009 said:

I opened a Shawbrook fixed rate isa on 20/03.
They sent me a transfer form to sign but Trading 212s details were wrong,after informing them they sent me a form to fill in myself.I did that and returned it.I used the sort code 00-00-00.
The transfer completed on 02/04 with no further input from me and the money is in my Shawbrook account today 03/04.
So that's 10 working days all told

Did you have to use both the 8 figure customer id and cash isa account id. Was it by email or post. Thanks 

By email, I put the cash isa account no in the corresponding box and just for good measure put my customer id in the roll number box

Isarulesaretoocomplex

Daz2009 said:

Isarulesaretoocomplex said:

Daz2009 said:

I opened a Shawbrook fixed rate isa on 20/03.
They sent me a transfer form to sign but Trading 212s details were wrong,after informing them they sent me a form to fill in myself.I did that and returned it.I used the sort code 00-00-00.
The transfer completed on 02/04 with no further input from me and the money is in my Shawbrook account today 03/04.
So that's 10 working days all told

Did you have to use both the 8 figure customer id and cash isa account id. Was it by email or post. Thanks 

By email, I put the cash isa account no in the corresponding box and just for good measure put my customer id in the roll number box

I thank you. I'm looking at opening a shawbrook isa for 25/26 fixed and transfering from 212 ..hopefully as smooth as yours..

ro1892

Does anyone know if Trading212 allow partial transfers out of the cash ISA?

Is there a list of providers that accept a cash ISA transfer from Trading212? From what I've read Shawbrook, Principality and Chip do.

ro1892

creo said:

All these complaints and I'm about to transfer into t212... from what I can see there doesn't really seem to be an issue with t212, just people are impatient or haven't followed the correct procedure?

The complaints here are about the difficulty of transferring out. I had no problem transferring my existing ISA into T212 but not all providers accept transfers in from T212 so just something to think about if you might ever want to move away from T212 later

keiran

When I transferred cash ISAs INTO Trading212 from Virgin, it happened the next day (or day after).
When I attempted to transfer FROM Trading212 to Moneybox, it started on 26 March and still hasn't completed. 
Apparently Trading 212 have now sent the money but say it could take up to 3 days...

Apparently they have 15 days to transfer but surely they're taking the mikey here.
The 3 month bonus on the Moneybox account now becomes a 2.5(or less)  month bonus 

And surely when/if I query it, each provider will blame the other one......