Cash ISA Trading 212 (corrected)

gravel_2

You made an account to post this?

Aidanmc

BestBearEver said:

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.

Were you transferring Cash ISA to Cash ISA or S&S ISA to Cash ISA.

If it was Cash ISA to Cash ISA it should have completed within 2 weeks at most. Why did you wait 6 weeks?

I transferred in recently and was completed in about a week.

But yes, their customer service isn't the best!

eskbanker

Aidanmc said:
If it was Cash ISA to Cash ISA it should have completed within 2 weeks at most.

The mandated maximum timeframe for cash ISA transfers is 15 working days, i.e. three weeks.

NorwichMan

@BestBearEver your experience chimes with me. I submitted a transfer in request to trading 212 on 23rd August, 3.5 weeks ago. My existing provider states in writing and over the phone that they have not received any transfer request from trading 212. Trading 212 are quick to answer my messages but they just say "we did send it on 23 August, we are sending a chaser email now" - then the next day the existing provider again says clearly they have had no contact. I have had a few rounds of back and forth like this and I can't figure out what's actually going on. I put in a complaint today to trading 212 and hope I don't end up like you with the transfer being cancelled.

koalacat12

Has anyone been able to set up a regular deposit into a T212 cash ISA? Their chatbot says this can only be done by debit card. But the deposit options only give me the option to bank transfer or faster bank transfer. 

If I set up a standing order from my current account using the JP Morgan bank details and the account ref number they give me, will this work? Bit nervous as this is not what the help it said to do 🤷🏻‍♀️

gravel_2

koalacat12 said:

Has anyone been able to set up a regular deposit into a T212 cash ISA? Their chatbot says this can only be done by debit card. But the deposit options only give me the option to bank transfer or faster bank transfer. 

If I set up a standing order from my current account using the JP Morgan bank details and the account ref number they give me, will this work? Bit nervous as this is not what the help it said to do 🤷🏻‍♀️

I don't believe it's possible other than perhaps by standing order set up from your bank (and then you will suffer the minor delays associated with that payment method and T212). Debit card is not a valid payment option for the ISA products, there is a lifetime maximum of £2,000 via that method before they start charging fees. It is only available in the general investment account. It can be made recurring but as said, above £2,000 total you pay a 0.7% fee.

In theory you could set up regular payments via debit card into the invest account and then manually rotate that into the ISA but that's likely just as manual as any other option and will suffer the 0.7% fee once you hit the £2,000 limit.

MT09Queen

I have just opened an account with T212 but when I click on the "transfer ISA" option, it brings up a list of banks...so I tap on my bank but nothing happens, it's as if the app doesn't respond. I've tried a few times now.
So I was wondering if I can withdraw my ISA into my debit account then put it into the T212 ISA...or will this create an issue?
Thanks

Ayr_Rage

MT09Queen said:

I have just opened an account with T212 but when I click on the "transfer ISA" option, it brings up a list of banks...so I tap on my bank but nothing happens, it's as if the app doesn't respond. I've tried a few times now.
So I was wondering if I can withdraw my ISA into my debit account then put it into the T212 ISA...or will this create an issue?
Thanks

If you do that it will lose ISA status and your T212 ISA will be new ISA for this tax year with implications if you already have a 24/25 ISA.

When you click your bank you should get a new screen "Account info" where you input the account number and type of ISA you wish to transfer.

Alternatively, log in via computer and do it from there.

MT09Queen

Ayr_Rage said:

MT09Queen said:

I have just opened an account with T212 but when I click on the "transfer ISA" option, it brings up a list of banks...so I tap on my bank but nothing happens, it's as if the app doesn't respond. I've tried a few times now.
So I was wondering if I can withdraw my ISA into my debit account then put it into the T212 ISA...or will this create an issue?
Thanks

If you do that it will lose ISA status and your T212 ISA will be new ISA for this tax year with implications if you already have a 24/25 ISA.

When you click your bank you should get a new screen "Account info" where you input the account number and type of ISA you wish to transfer.

Alternatively, log in via computer and do it from there.

Thank you so much, really appreciate the advice. 

Oddly, it has now responded when I choose my bank and the transfer request form has been done. Fingers crossed for no issues!

Thanks again.

70andConfused

Confused about Trading 212 Cash ISAS - I've opened a cash ISA but the 212 system won't let my wife open one on the same PC or on my phone - does anyone know the T212 rules on this (chat service not very helpful)