Trading 212 Withdrawals.

booneruk

Am I confusing things? Can you have money sitting in T212 without it earning interest? I'm pretty sure I'm earning interest on my interest. 

slinger2

You do earn interest on the £100 interest. It's called compound interest. So it makes no difference whether you withdraw interest or capital.

sausage_time

You are definitely overthinking this.

• Balance £100
• Interest paid £4.90
• You withdraw £4.90
• Balance £100

To all intents and purposes you have withdrawn the interest.  As a bonus, you have freed up £4.90 of your annual ISA allowance - isn't that nice?

slinger2

sausage_time said:

You are definitely overthinking this.

• Balance £100
• Interest paid £4.90
• You withdraw £4.90
• Balance £100

To all intents and purposes you have withdrawn the interest.  As a bonus, you have freed up £4.90 of your annual ISA allowance - isn't that nice?

Assuming that the balance was 24/25 money you have used £100 of your allowance. Even if you withdraw £4.90 from this flexible ISA you have still used £100 of your allowance. The only advantage of it being a flexible ISA is that you can replace the £4.90 into the ISA, in the same tax year that you withdrew it, to get it back in the ISA system. You haven't freed up £4.90 of you 24/25 allowance.

snurbi

Slightly related topic - I used the recent promotion on MSE and put a small amount in T212 and got the £40 'bonus'. I intended to start a stocks ISA fund but to be honest using the T212 platform is a nightmare and I want to withdraw my small amount of funds and go to Moneybox where I hold my cash ISA. I managed to withdraw my initial deposit and sold the shares (that had dived in value anyway), and have about £30 left of the 'bonus' sitting as 'cash' in the stocks ISA.
My question is HOW to withdraw it and close this account? It is not obvious and T212 do not make it easy.

slinger2

snurbi said:

Slightly related topic - I used the recent promotion on MSE and put a small amount in T212 and got the £40 'bonus'. I intended to start a stocks ISA fund but to be honest using the T212 platform is a nightmare and I want to withdraw my small amount of funds and go to Moneybox where I hold my cash ISA. I managed to withdraw my initial deposit and sold the shares (that had dived in value anyway), and have about £30 left of the 'bonus' sitting as 'cash' in the stocks ISA.
My question is HOW to withdraw it and close this account? It is not obvious and T212 do not make it easy.

Don't know about your bonus, but I had a cashback from them a year ago and it's only in the last week that I've been able to withdraw it. Tied up for 12 months.

wmb194

snurbi said:

Slightly related topic - I used the recent promotion on MSE and put a small amount in T212 and got the £40 'bonus'. I intended to start a stocks ISA fund but to be honest using the T212 platform is a nightmare and I want to withdraw my small amount of funds and go to Moneybox where I hold my cash ISA. I managed to withdraw my initial deposit and sold the shares (that had dived in value anyway), and have about £30 left of the 'bonus' sitting as 'cash' in the stocks ISA.
My question is HOW to withdraw it and close this account? It is not obvious and T212 do not make it easy.

What do the T&Cs of the bonus say? Isn't it one month? To begin with I found T212 a bit weird but now I've become used to it I think it's really good.