Trading 212 Cash ISA Transfer In

DSFT

The rate offered is great (a loss leader). Be aware that there are a very limited number on banks they will accept transfers from and you only find this out after going through the whole acceptance process AND having to contact an adviser through their BOT. 

Alderbank

DSFT said:

The rate offered is great (a loss leader). Be aware that there are a very limited number on banks they will accept transfers from and you only find this out after going through the whole acceptance process AND having to contact an adviser through their BOT. 

If so, it would be much more helpful for others if you actually listed the banks they will and won't accept transfers from.

I did two transfers in with no problem at all - from Santander which was done within hours and from Lloyds bank which was done as soon as Lloyds did some ID checks, two days.

I didn't have to contact any adviser, with or without a BOT.

Aidanmc

DSFT said:

The rate offered is great (a loss leader). Be aware that there are a very limited number on banks they will accept transfers from and you only find this out after going through the whole acceptance process AND having to contact an adviser through their BOT. 

First step of transfer in process is to select the provider you are transferring from, was your provider on the list?

I was going to transfer an ISA from West Brom BS a while back, they weren't on the list at the time, sent an email to Trading 212 and some days after West Brom was added.

Decided not to to transfer after all as only 0.1% difference in rate

NorwichMan

I want to transfer in to trading 212 from my existing cash ISA with Charter Savings Bank. 

The bank is on the list mentioned by Aidanmc, but trading212 then asks for an account number and sort code.

Charter Savings Bank says "You’ll need to provide your account number(s) as a roll/reference and can leave the account number/sort code field blank."

But trading 212 will not proceed unless something is entered into the sort code field. 

Maybe I can just put 00-00-00?

gravel_2

NorwichMan said:

I want to transfer in to trading 212 from my existing cash ISA with Charter Savings Bank. 

The bank is on the list mentioned by Aidanmc, but trading212 then asks for an account number and sort code.

Charter Savings Bank says "You’ll need to provide your account number(s) as a roll/reference and can leave the account number/sort code field blank."

But trading 212 will not proceed unless something is entered into the sort code field. 

Maybe I can just put 00-00-00?

If you try to pay in to your Charter account does it give you a sort code? I would use that.

EDIT: after a 5 second Google...

Can I transfer my Charter Savings Bank Cash ISA to another provider?

We hope you choose to stay with Charter Savings Bank, however it is possible to transfer your Cash ISA to another provider should you wish to.

You must not withdraw any funds from the account and pay them to your new ISA as those funds will lose their ISA status. You must request the transfer through your new ISA provider, making a separate request for each Cash ISA product you have with us.

You will need to provide them with:

• our name: Charter Court Financial Services (Charter Savings Bank)
• our Account Number: 83495248
• our Sort Code: 20-19-90 (we partner with Barclays Bank to provide this service)
• the account number of each Charter Savings Bank Cash ISA product you want to transfer

If you wish to transfer subscriptions you have made to your Cash ISA with us for the current tax year, you will need to transfer all of those subscriptions in full. For example, if you have a 1 year Fixed Rate ISA and an Easy Access ISA within our Mix & Match ISA platform, you will need to transfer all deposits made in that tax year for both Cash ISA products. In these circumstances you will need to give your new provider the account numbers for the products you wish to transfer.

For Fixed Rate Cash ISAs, you can transfer your Cash ISA to another provider within the fixed rate period, however you will incur a charge by way of loss of interest on each amount you transfer as detailed in the Key Features & Summary Box document.

For Notice Cash ISAs, you can transfer your Cash ISA to another provider within the notice period, however you will incur a charge by way of loss of interest on each amount you transfer as detailed in the Key Features & Summary Box document.

We will continue to pay interest on your savings up to the day your money is sent to your new provider, which will be within 5 working days of us receiving the fully completed ISA Transfer Instruction Form from your new provider.

NorwichMan

Thank you very much, I'm not sure how I missed that, they give different instructions elsewhere!

NorwichMan

I have never transferred an ISA before. Trading 212 does not appear to allow me to specify an earliest transfer date. But I don't want the transfer to occur before the existing ISA maturity date (when all interest will be credited).

I think I just have to wait until that date to submit the transfer request, to be sure. After that date, Charter Savings Bank move it to a new cash ISA (worse interest) which can also be transferred out. At worst I lose a little bit of interest.

Aidanmc

NorwichMan said:

I have never transferred an ISA before. Trading 212 does not appear to allow me to specify an earliest transfer date. But I don't want the transfer to occur before the existing ISA maturity date (when all interest will be credited).

I think I just have to wait until that date to submit the transfer request, to be sure. After that date, Charter Savings Bank move it to a new cash ISA (worse interest) which can also be transferred out. At worst I lose a little bit of interest.

Yeah, Trading 212 dont give option of 'wait until maturity' unfortunately.

I cant see Trading 212 holding the 5.2% rate much longer....

Brumcitycentre

Hi, I am having problems and have been unable to transfer into my new T212 cash ISA account from Barclays. A quick google search discovered that many of the big high st banks are rejecting submitted requests without a "wet" signature. T212 are aware and are very slow to react to address. I've printed the letter, signed it and sent back (scanned) to them via a complaint/support email. Looks like it's progressing now. 

Also, I called the FCA to ask for advice - they gave me a phone number - long message then leave a message, no tone and phone just curs off 🤬

FCA also mentioned T212 is a "Deposit Aggregator" and until your funds are deposited into your cash ISA you are not covered by the FSCS - was anyone else aware of this?

gravel_2

It is known, or ought to be, that T212 is not a bank and for the moments where they hold your cash and have not yet deposited it to a bank then the FSCS is not relevant. Unknown how long this period is but, based on what they tell you about where your money is, it should not be longer than 1 working day. Your points of exposure are the short periods of time after you deposit to T212 and when you withdraw. This is true of any investment platform that offers interest on cash holdings (except via QMMFs, although that is similar only FSCS bank deposit protection is never relevant) and does not hold a bank licence.

I had the wet ink issue with both T212 and Chip when transferring from Skipton. On T212 Skipton phoned me, on Chip I had to phone up Skipton - in both cases I was able to validate my request over the phone.

palemist

I'm currently using a Zopa smart cash ISA [5.08% easy access] they've recently written to notify me that the interest rate of 5.08% will be dropping after the 19th of August which is after the month's interest rate is paid. I have 21K in the ISA pot. I wanted to move it to Chip [5.1% at the time] but they dropped their interest rate the day the BOE reduced the interest rate. 
I would like to transfer  from Zopa to Trading 212 as I have a preference for easy access Cash ISAs, am I right in assuming that during the ISA transfer process, I'll be getting no interest added to my 21K until the money is fully transferred to the destination provider? Also, what's the guarantee that Trading 212 will not drop their rate before the 15days that it will take for the money to arrive?