Cash ISA Trading 212 (corrected)

ukdragon

Hello, I too have just opened an ISA with trading 212 and it has been a nightmare, can anyone tell me how to close this account please.

ukdragon

Furthe to my last post, I have now managed to close my account, the next question is how do I get back the money I deposited in there from my account as I could not transfer the funds as they requested

mattojgb

Cash ISA transfer from Chip to T212 took 48 hours - although that was a second attempt as I initially put that I only wanted to transfer this years money - because that was all that in Chip. This was interpreted by Chip as a partial transfer and they only do full transfers, so it was rejected. T212 have subsequently changed the form so that for transfers from Chip both boxes are automatically checked. Even accounting for that aborted attempt it only took a week to complete the transfer.

Jmc85

Just wanted to add my experience - I transferred a  £22k Barclays cash ISA (a fixed ISA which matured the day before) to T212 last month. I made the request via the T212 app at 6:40am, on the same day at 11:32am the funds had been transferred from Barclays to T212!! I had been nervous about the whole thing, but couldn't believe how quickly it completed.

The only delay (but still only a couple of days) was settling up the amount of my annual allowance as the transferred balance was a mix of old and new ISAs. 

I've been really happy - although don't see the point of daily interest payments - I just use the monthly total they present for updating my records

ChrisM78

ukdragon said:

Hello, I too have just opened an ISA with trading 212 and it has been a nightmare, can anyone tell me how to close this account please.

Could I ask how it's been a nightmare? I've just been contacted by Charter Savings Bank re the interest rate going down to 4.42% so have been thinking of transferring the £50000 I have with them to Trading 212, although have been a bit wary of having such a large amount with Trading 212 (which led me to go with Charter instead).

subjecttocontract

Reading these threads gives me the impression that dealing with Trading 212 is a bit of a lottery. It reminds me of all the problems people had at the beginning of the year with Virgin. It's put me off and I'll forgo their very attractive interest rate for something that appears less of a headache.

ChrisM78

Yep, that's how it seems to me - don't think I can take the risk with the amount that I have in an ISA.

booneruk

No one has lost any money.

Smooth transfers require two providers to do things in a timely manner. Everyone assumes it's T212 causing the problems. Interesting.

subjecttocontract

booneruk said:

No one has lost any money.

Smooth transfers require two providers to do things in a timely manner. Everyone assumes it's T212 causing the problems. Interesting.

For new customers it's all about confidence. The way I see it is....if stories about delayed transfers damage that confidence it impacts reputation and they walk away. I have no problem if others want to try their luck, who knows, they might be one of the lucky ones who's transfer goes smoothly. There are a few threads showing transfer issues on this forum.

HHUK

Back in September I transferred a small sum from a Trading 212 Cash ISA to a Virgin Fixed Rate Cash ISA. Today I noticed that on 6 November Virgin randomly transferred a roughly similar sum from the Fixed Rate Cash ISA to my Virgin M Plus current account, with the description 'Dup ISA'.

I received no warning or explanation about this, and it means that amount is currently outside the ISA wrapper. It's not clear whether this is an error on Virgin's part, or whether they received some notification from Trading 212 that prompted their action.

I have spoken with Virgin agents today. They could offer no immediate explanation but are looking into it and should call me back on Monday 11 November with their conclusions.

** UPDATE ** Received a letter dated 6/11/2024 from Virgin Money yesterday, which crossed with this post and my conversation with them. In it they  explain they paid the money into my current account because I 'have subscribed into two Cash ISA's in the same tax year'. The sum received from Trading 212 was from current tax year subscriptions, and I have indeed subscribed to another Virgin Fixed Rate Cash ISA this tax year.

Current legislation permits subscriptions to multiple ISA's in a single tax year, and I have found nothing in Virgin Money's own terms to say they don't allow it. The issue is therefore of Virgin Money's making and not the fault of Trading 212.

Official complaint lodged accordingly with Virgin Money.