Slow ISA transfer Trading 212

mountaindreams

Make sure you know how much of this year’s allowance you have used. I did a transfer from Lloyds to T212 and after showing as Reserved for about 2 months it is now all against this year’s allowance even though £10,000 was from a previous year.
i have messaged T212 so hopefully
it will get sorted. I suspect that Lloyds have
not provided the information required. I have statements showing when the money was paid in.

booneruk

My transfer to T212 from Moneybox has just completed. I initiated it Weds 20th November 6pm and it's just completed now Monday 25th November 3pm. So, 2 and a bit working days.

No issues whatsoever. Goes to show it takes both providers to play ball for a smooth transfer, and like others around this forum I wouldn't default to blaming one without good evidence if things don't go smoothly. 

palemist

@ordnancesurvey84 Many thanks for your time and response, I started the transfer process on the 22nd which was a Friday and was expecting at least a notification from Zopa [I think this is poor from Zopa] nothing has happened, today is the 30th of December and the T212 app is still showing 'contacting provider' I'm a bit worried but I'll give it till next week before I start to panic. 

palemist

Happy to announce that my Cash ISA transfer from Zopa to Trading 212 just completed, I started it on the 22nd of November and it arrived today 2nd of December, so 8 working days in total. Point to note however is the lack of progress update on Zopa's side during the transfer period, I got ZERO notification that I had put in my ISA Transfer request from Zopa, T212 displayed a 'Contacting provider' on the app, this message didn't change until this morning on the T212 app.

I was able to fund the ISA after I had put in the Transfer request which was nice as I fund the account every month via a regular payment.

At the time of this writing, Zopa has not closed my ISA account, I do still have a savings pot with them.

I'm still waiting for my ISA allowance for this year to be confirmed, I've got some allowance left so hopefully that gets sorted soon.

Hope this information is useful to someone who is trying to do the same. 

friolento

palemist said:

 

I'm still waiting for my ISA allowance for this year to be confirmed, I've got some allowance left so hopefully that gets sorted soon.

Everybody's ISA allowance for the current tax year is £20k.

eskbanker

friolento said:

palemist said:

I'm still waiting for my ISA allowance for this year to be confirmed, I've got some allowance left so hopefully that gets sorted soon.

Everybody's ISA allowance for the current tax year is £20k.

Given the second half of the sentence, it seems clear that they're looking to establish how much of their allowance they have left after prior contributions....

palemist

Update: it's now 3 days since my ISA Transfer completed on the 3rd of December.

4th of December, Zopa have closed my ISA account. 
5th of December, my ISA allowance still had not been sorted out by Trading 212, this is after confirming from them that they have received my contribution history from Zopa. As I type this, it's just after 4pm on Friday 6th of December and my transferred ISA is still showing 'reserved' AND more importantly, I can't contribute to it at the moment as it's essentially 'locked' until the ISA allowance is sorted out.

I wonder if there' a gap in the market for a comprehensive ISA transfer software? something that does the job efficiently as CASS - Current Account Switching Service? perhaps. 

eskbanker

palemist said:

I wonder if there' a gap in the market for a comprehensive ISA transfer software? something that does the job efficiently as CASS - Current Account Switching Service? perhaps. 

Many ISA providers are able to do the job efficiently, but others choose not to, which isn't really down to lack of software - if the FCA or PSR felt the need to impose a more rigorous approach then no doubt it could be done, but I imagine there are bigger fish to fry....

CASS was introduced specifically to encourage competition by allowing simple migration between banks, but there's always been a simple migration process for ISAs, even if it's quite slow sometimes.

palemist

My ISA allowance for the remainder of this FY has just come through from T212 so all good now, only downside is that I had money waiting to fund the account that wasn't earning daily interest, once the lock was taken off, first thing I did was put the money in.