Cash ISA Trading 212 (corrected)

Pinkstoke

Hi I opened a cash isa with Trader 212 last week via the Martin Lewis Email link (I don't have any other ISAs). I've not heard of them before but its a good rate and on MSE.  I'm not very tech savvy so was proud of myself when I sat it up and scanned in a photo of my passport. However when I tried to transfer money over there were only 2 options; instant bank transfers and bank transfers which take 2-3 days. However when I tried to do an instant bank transfer it seemed that i needed to give control of my bank to Trader 212 and then when i tried to do a bank transfer I had to give my bank details. I'm not very tech savvy and I am worried about being scammed, the last time i had an ISA there was a real bank on the high street and I used a cheque book lol !!!! Can anyone advise please?. It doesn't help that I have read a bit about Trader 212 being cloned. I have emailed Trader 212 and they have sent me an email with info links on but have told me to read it in a "calm manner" !!!! I was calm before this message. I  can set up a cash isa with my bank Natwest on my mobile app however the interest rate is a little less do I need to cancel the Trader 212 one there's no money in it. Thank you

Ayr_Rage

It's TRADING 212 !

Hopefully your typo and you haven't been to a scam site.

The methods of funding are completely normal, they need to verify your account for regulatory reasons.

Linking back to your account via Open Banking is a bit disconcerting at first but works fine and is safe.

wmb194

Pinkstoke said:

Hi I opened a cash isa with Trader 212 last week via the Martin Lewis Email link (I don't have any other ISAs). I've not heard of them before but its a good rate and on MSE.  I'm not very tech savvy so was proud of myself when I sat it up and scanned in a photo of my passport. 

However when I tried to transfer money over there were only 2 options; instant bank transfers and bank transfers which take 2-3 days. 

However when I tried to do an instant bank transfer it seemed that i needed to give control of my bank to Trader 212 and then when i tried to do a bank transfer I had to give my bank details. 

I'm not very tech savvy and I am worried about being scammed, the last time i had an ISA there was a real bank on the high street and I used a cheque book lol !!!! Can anyone advise please?. 

It doesn't help that I have read a bit about Trader 212 being cloned. I have emailed Trader 212 and they have sent me an email with info links on but have told me to read it in a "calm manner" !!!! I was calm before this message. 

I  can set up a cash isa with my bank Natwest on my mobile app however the interest rate is a little less do I need to cancel the Trader 212 one there's no money in it. Thank you

*Trading 212. The 'instant bank transfer' option is the easiest and the transfer will be instant. It uses opening banking and is nothing to worry about. It'll take you over to your bank app or web browser, you login, it sets up the payment and then it's transferred. In the past few years it's become a common way to transfer money.

If you decide not to go ahead you don't have to worry about closing this account before opening another account with another institution. 

From this tax year you're allowed to deposit money in multiple Isas of each type so you could have a cash Isa with NatWest and Trading 212 this tax year if you liked. You just have to make sure you stay within the £20k annual allowance across all accounts.

Pinkstoke

Thank you Ayr_Rage 

Yes sorry my typo error my original post it should be Trading 212 ( I accidently typed Trader 212), I will try and edit my original post. I did follow it off the Martin Lewis email link. 

sausage_time

I fixed the title since it was causing concern and confusion.

sausage_time

As noted in the other comments, the first method listed uses Open Banking to make it fast and convenient to send funds. I have used with Trading 212 and elsewhere.

Pinkstoke

Thank you sausage_time. I couldn't figure out how to correct it (I still cant) I thought it was because there may be a time delay but I don't think its that as I still cant find the edit button or how to reply directly to your post. I'm new on here so need to have a play about. Thanks you

Beddie

Perhaps stick to Natwest for your own peace of mind and a bit less interest. Trading212 are likely to cut theirs shortly anyway due to BoE rate cut.

sausage_time

Pinkstoke said:

Thank you sausage_time. I couldn't figure out how to correct it (I still cant) I thought it was because there may be a time delay but I don't think its that as I still cant find the edit button or how to reply directly to your post. I'm new on here so need to have a play about. Thanks you

No problem!   For future, click the three dots in the circle at the top right of the (first) message, then choose Edit.

But see this link - sometime Edit not available.

https://forums.moneysavingexpert.com/discussion/6228921/unable-to-edit-posts

BestBearEver

Just a heads up regarding the  Trading 212 Transfer-in process:
I correctly completed their transfer form in July, which was accepted and I was told I need do nothing more but wait for the process to complete.
Six weeks later I get a notification of cancellation because my current provider has not responded.
If course I got straight on to my current provider demanding to know why they had ignored the transfer request and discovered that they had received NOTHING from T212.
I emailed T212 to inform them and was told the transfer had not taken place due to my current provider not responding. Grrrr!
I was fobbed off through five more emails with different agents on the Transfer Team, until finally getting someone with the courtesy of actually reading what the ticket was about and addressing the issue.
Summary:
Their customer service is appalling.  They don't read the previous messages and very few bother to make any effort to help.
Needless to say I have not made a second application.

Ayr_Rage

Completely different to my experience.

I transferred two cash ISAs to T212 and both were completed within 5 working days.