Cash ISA Trading 212 (corrected)

booneruk

subjecttocontract said:

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.

I could search for posts here bemoaning other providers who have seemingly given people transfer problems. I'm sure they all would have given someone transfer trouble more than once, but I'm so sure such posts exist I feel no need to put that effort in.

But yes, of course people can make their own choices!

BigBear68

I recently opened a Trading 212 account for the favourable cash ISA interest rate and encountered problems which I posted about in another thread. For the most part the issues were with me firstly trying to transfer via their website as opposed to the app, and then after getting the app registering accounts to transfer cash. Thankfully my post led to helpful people guiding me along and now I have transferred all the funds I wanted. The issue was either me not being experienced at transferring accounts or the app is not clear enough for first time users.

mcnoodle

mattojgb said:

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.

Thanks for the info.

I hear chip then close your account if you transfer out did that happen? Did they due you any pending interest?

Thanks 

Northern_Wanderer

HHUK said:

** 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.

There's definately a term I've seen that Virgin only allow you to hold one cash ISA with them, so I imagine this is the issue. It's nothing to do with the legislation on ISAs.

Page 6 of the terms say: "You can only pay into one Virgin Money Cash ISA in a tax year." I'm not 100% clear on the exact meaning but I've previously interpreted that VM only allow you to have one cash ISA with them at a time. But I'm happy for anyone to state otherwise.

HHUK

Northern_Wanderer said:

There's definately a term I've seen that Virgin only allow you to hold one cash ISA with them, so I imagine this is the issue. It's nothing to do with the legislation on ISAs.

Page 6 of the terms say: "You can only pay into one Virgin Money Cash ISA in a tax year." I'm not 100% clear on the exact meaning but I've previously interpreted that VM only allow you to have one cash ISA with them at a time. But I'm happy for anyone to state otherwise.

Yes their terms do say that. However, I was able to open two Virgin Money Fixed Rate Cash ISA's in this current tax year. I intended Issue 12 to be for 'new' money and Issue 14 for transfers in from other providers. I have paid a modest sum of 'new' money into Issue 12.

Issue 14 has received two transfers in. One of current tax year subscriptions from Trading 212, the other of previous tax years subscriptions from a different provider. The issue is around the transferred in current tax years subscriptions.  They have not as yet said they can't accept the transferred in previous tax years subscriptions.

They appear to regard the transferring in of the current tax years subscriptions from Trading 212 as contravening the terms you quoted that state 'You can only subscribe to one Virgin Money Cash ISA in any tax year', but I have only paid 'new' money into Issue 12.

I had already phoned them about the issue before receiving their letter, and they are supposed to be calling me back tomorrow. It'll be interesting to hear what they have to say.

mattojgb

mcnoodle said:

mattojgb said:

Cash ISA transfer from Chip to T212 took 48 hours ...

Thanks for the info.

I hear chip then close your account if you transfer out did that happen? Did they due you any pending interest?

Thanks 

Chip ISA has been closed with all interest added to transferred amount. I am apparently now banned from opening another Chip ISA. 

Northern_Wanderer

HHUK said:

Northern_Wanderer said:

There's definately a term I've seen that Virgin only allow you to hold one cash ISA with them, so I imagine this is the issue. It's nothing to do with the legislation on ISAs.

Page 6 of the terms say: "You can only pay into one Virgin Money Cash ISA in a tax year." I'm not 100% clear on the exact meaning but I've previously interpreted that VM only allow you to have one cash ISA with them at a time. But I'm happy for anyone to state otherwise.

Yes their terms do say that. However, I was able to open two Virgin Money Fixed Rate Cash ISA's in this current tax year. I intended Issue 12 to be for 'new' money and Issue 14 for transfers in from other providers. I have paid a modest sum of 'new' money into Issue 12.

Issue 14 has received two transfers in. One of current tax year subscriptions from Trading 212, the other of previous tax years subscriptions from a different provider. The issue is around the transferred in current tax years subscriptions.  They have not as yet said they can't accept the transferred in previous tax years subscriptions.

They appear to regard the transferring in of the current tax years subscriptions from Trading 212 as contravening the terms you quoted that state 'You can only subscribe to one Virgin Money Cash ISA in any tax year', but I have only paid 'new' money into Issue 12.

I had already phoned them about the issue before receiving their letter, and they are supposed to be calling me back tomorrow. It'll be interesting to hear what they have to say.

Perhaps if you had kept Issue 14 for transfers from previous tax years, and Issue 12 for any current year transfers and new investent you might have been fine then. I have to say, the VM terms aren't clear on this. Hopefully they wil manage to sort this out for you if they are happy that you can have two ISA's with them.

HHUK

Northern_Wanderer said:

Perhaps if you had kept Issue 14 for transfers from previous tax years, and Issue 12 for any current year transfers and new investent you might have been fine then. I have to say, the VM terms aren't clear on this. Hopefully they wil manage to sort this out for you if they are happy that you can have two ISA's with them.

Thanks. You could well be right there. Their letter states 'This means that you have subscribed into two Cash ISA's in the same Tax Year', not into two Virgin Money Cash ISA's in the same Tax Year, which doesn't help.

Also I'm pretty sure that when I applied for the transfer from Trading 212 I ticked a box confirming it would involve current tax year subscriptions, so it's not as if they shouldn't have known what I was trying to do.

Since this is a Virgin Money issue, probably more appropriate that any further comments go on the  https://forums.moneysavingexpert.com/discussion/6547698/virgin-1-year-fixed-rate-isa-5-05 thread.

ex2t633w

Made a deposit, via the APP, into Trading 212, from my bank --no problems-- make sure you tick the box for CASH ISA, and not " Investing" . Deposit showed same day .Good interest rate, quite happy with it, and withdrew a chunk too, to try it out , and that happened straight away into my bank .

Czure

ex2t633w said:

Made a deposit, via the APP, into Trading 212, from my bank --no problems-- make sure you tick the box for CASH ISA, and not " Investing" . Deposit showed same day .Good interest rate, quite happy with it, and withdrew a chunk too, to try it out , and that happened straight away into my bank .

Read so many negatives regarding withdrawals that It's reassuring to see a recent positive experience with this.
I also had no issue opening my T212 Cash ISA & transferring in. Did mine via online however but was all there making interest 2 days after opening.

Pity they've just announced the rate cut to 4.90% on 1st Dec' but everyone should've known it was coming soon & it's still the best fully flexible available which for many is a must.
Moneybox may still be offering 5.17% for now but the limit on withdrawals & lack of flexibility can be an issue, plus I'd be very surprised if they don't follow suit soon with a rate drop.