Trading 212 Cash ISA Transfer In

gravel_2

palemist said:

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? 

You will continue to accrue interest in Zopa until the money leaves that account. You will begin accruing interest on T212 once the money arrives there. In my experience, and similar expressed from other users, the transfer does not happen on the same day. For me it was 1 working day so I believe I lost 1 day of interest.

There is no guarantee the rate will not drop. It's a variable rate easy access.

Beddie

palemist said:

 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? 

It's likely that T212 will cut their rate very soon. I'm not bothering to move any ISAs until all the rate changes have occured, usually by the end of the month. Of course, I may be wrong 

Johnny-Cage

Beddie said:

palemist said:

 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? 

It's likely that T212 will cut their rate very soon. I'm not bothering to move any ISAs until all the rate changes have occured, usually by the end of the month. Of course, I may be wrong 

Depends if your on a tracker ISA currently which will drop almost instantly at further rates cuts
Everyday at a higher rate is more daily interest 

slinger2

Johnny-Cage said:

Beddie said:

palemist said:

 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? 

It's likely that T212 will cut their rate very soon. I'm not bothering to move any ISAs until all the rate changes have occured, usually by the end of the month. Of course, I may be wrong 

Depends if your on a tracker ISA currently which will drop almost instantly at further rates cuts
Everyday at a higher rate is more daily interest 

ZOPA is not a tracker, its a variable rate product. They can set any rate they like, but under their terms they must give you at least 14 days notice of a rate reduction. So if the base rate goes down by 0.25% their interest rate could go down by 0.25% or it could go down 0.2% or 0.4% or anything else. CHIP is a tracker so when the base rate goes down by 0.25% their interest rate goes down 0.25% (in their case pretty much instantly). T212 is also a variable rate product, but under their terms they only promise to give 1 day notice of a rate reduction.

Johnny-Cage

slinger2 said:

Johnny-Cage said:

Beddie said:

palemist said:

 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? 

It's likely that T212 will cut their rate very soon. I'm not bothering to move any ISAs until all the rate changes have occured, usually by the end of the month. Of course, I may be wrong 

Depends if your on a tracker ISA currently which will drop almost instantly at further rates cuts
Everyday at a higher rate is more daily interest 

ZOPA is not a tracker, it’s a variable rate product. They can set any rate they like, but under their terms they must give you at least 14 days notice of a rate reduction. So if the base rate goes down by 0.25% their interest rate could go down by 0.25% or it could go down 0.2% or 0.4% or anything else. CHIP is a tracker so when the base rate goes down by 0.25% their interest rate goes down 0.25% (in their case pretty much instantly). T212 is also a variable rate product, but under their terms they only promise to give 1 day notice of a rate reduction.

I was replying to the poster in the quote there was no mention of ZOPA. I rather be in a variable rate ISA now than a tracker when it’s likely further BOE rates are on the horizon 

palemist

Thanks all! I'll see what happens 

jay1804

Impressed with the speed of my ISA transfer from ZOPA to Trading 212

Transfer submitted, Yesterday 13:25

Money received, Today 16:51

Just waiting my current year ISA allowance to update on Trading212.

Johnny-Cage

jay1804 said:

Impressed with the speed of my ISA transfer from ZOPA to Trading 212

Transfer submitted, Yesterday 13:25

Money received, Today 16:51

Just waiting my current year ISA allowance to update on Trading212.

No progress on my Chip to T212 submitted yesterday 

patpalloon

I also have Zopa Smart Cash ISA - and went to all the trouble of opening a Trading 212 Cash ISA and was all poised to transfer - but then I realised that T212 uses Chase as one of its platforms (along with Barclays). Now given that I have money saved with Chase then this would impact my FSCS protection?

gravel_2

Yes it will take from the same FSCS protection for the firm.

For me Chase is approx 16% of my money. 40% with Barclays and 44% with NatWest in the Cash ISA. In S&S ISA it's 10% Chase, 24% Barclays, 26% Natwest and 40% in QMMFs.