Easy Access Cash ISA, Trading 212 vs Zopa - Experiences, Customer Support, Recommendations

typeanonspare

Anyone using either of these Instant Access Cash ISAs and can share their overall experiences?

For example:
- Transferring in from current ISA
- App usability / experience
- Customer service / response time
- Transferring out, either partial or full

Rates as of today are 5.1% T212 and 4.8% Zopa. I don't care for the 0.3% if the overall experience of Zopa is much better. I know Zopa actually have a phone number with a real human at the end of the line, whereas T212 seem to be app based with lots of bots, and T212 can also take 3 days apparently for funds to withdraw whereas Zopa is instant.

I did read however that Zopa do not allow for partial transfers out, only in full. Is this correct and is T212 the same?

Narrowed down to these two, so if anyone can advise/recommend either way, that would be great - thanks.

ToastLady

Can only comment on my experience with Zopa, don't use T212 so far. I've used Zopa for several years for easy access and fixed accounts, and find the app very easy to use. Have never had any trouble at all, and thus have never had to access customer service from memory.
I opened an EA ISA with them in April this year putting in new money, no transfer involved. Been great this far and although I hadn't intended to take money out, I had the need in August, took max of 20 mins to reach my nominated account. Replaced a couple of weeks later. Quite liking the flexibility aspect of this account. 
I only partially funded the EA ISA, due to the stipulation of Zopa that transfer out includes all your ISA funds whether EA or fixed, and opened a fixed with another provider for the rest of this years' allowance.

Remember that Zopa includes a 0.50% bonus for a year. They may or may not extend this, I have in back of my head they did this with EA accounts at some point. However, something to bear in mind, and I'll be keeping an eye on things come next April.

dingling68

I have an easy access ISA with Zopa. I transferred in 2 old accounts and have put in new money. I have kept these as separate pots.

transfers in and out are quick, with email confirmation. I too have had no need to contact Customer Service so can’t comment on that. 

I haven’t used Trading 212 though so can’t compare them personally 

typeanonspare

Thanks Both. I am leaning towards Zopa but the not accepting partial transfers out concerns me and could be a massive deal breaker. Trading 212 confirm that they do accept partial transfers out.

If I have £30k stored but want to take £10k out, how would this work with Zopa? I imagine it would be a bit of a disaster, I would have to withdraw all £30k, then find a new provider to pay the £20k in to, thus using up that year's allowance.

Is this not an issue for you guys - or am I missing an easy workaround?

dingling68

If you keep all your money in easy access ISAs you can move money in and out at will. It is only if you put some of the money in a fixed term ISA that the issue with partial withdrawals occurs I think 

slinger2

typeanonspare said:

Thanks Both. I am leaning towards Zopa but the not accepting partial transfers out concerns me and could be a massive deal breaker. Trading 212 confirm that they do accept partial transfers out.

If I have £30k stored but want to take £10k out, how would this work with Zopa? I imagine it would be a bit of a disaster, I would have to withdraw all £30k, then find a new provider to pay the £20k in to, thus using up that year's allowance.

Is this not an issue for you guys - or am I missing an easy workaround?

It's a flexible ISA so you can take out £10k and put it back in the same tax year.

If you want to transfer it to another provider you'd have to move it all to that provider (or a different one perhaps) that allowed partial transfers out and then transfer some of the money from there (assuming that that provider allows transfer in). All very complicated.

typeanonspare

dingling68 said:

If you keep all your money in easy access ISAs you can move money in and out at will. It is only if you put some of the money in a fixed term ISA that the issue with partial withdrawals occurs I think 

Yeah you're right but that's not the issue, sorry my explanation was not very clear as I muddled terms up.

Zopa won't let you transfer say half of your Cash ISA out to another provider. It's all or nothing, which unless I am missing some scenarios, seems to be a bit of a flaw/disadvantage. Trading 212 for example will let you transfer out as much or as little as you like. So if I had £30k but wanted to move £15k to a different provider, T212 will let me do this but Zopa will not. It would have to be the full £30k. Workaround with Zopa I assume would be withdraw £15k as cash to nominated bank account, then fund different company ISA with this £15k - but of course this is not ideal as this would be £15k towards your new allowance.

slinger2 said:

typeanonspare said:

Thanks Both. I am leaning towards Zopa but the not accepting partial transfers out concerns me and could be a massive deal breaker. Trading 212 confirm that they do accept partial transfers out.

If I have £30k stored but want to take £10k out, how would this work with Zopa? I imagine it would be a bit of a disaster, I would have to withdraw all £30k, then find a new provider to pay the £20k in to, thus using up that year's allowance.

Is this not an issue for you guys - or am I missing an easy workaround?

It's a flexible ISA so you can take out £10k and put it back in the same tax year.

If you want to transfer it to another provider you'd have to move it all to that provider (or a different one perhaps) that allowed partial transfers out and then transfer some of the money from there (assuming that that provider allows transfer in). All very complicated.

Yeah understood. See my response above. This seems to be a disadvantage of Zopa over T212 for instance, who allow for partial transfers to other providers.

They each seem to have pros and cons, so I'm no closer to making a decision really.

Aidanmc

typeanonspare said:

dingling68 said:

If you keep all your money in easy access ISAs you can move money in and out at will. It is only if you put some of the money in a fixed term ISA that the issue with partial withdrawals occurs I think 

Yeah you're right but that's not the issue, sorry my explanation was not very clear as I muddled terms up.

Zopa won't let you transfer say half of your Cash ISA out to another provider. It's all or nothing, which unless I am missing some scenarios, seems to be a bit of a flaw/disadvantage. Trading 212 for example will let you transfer out as much or as little as you like. So if I had £30k but wanted to move £15k to a different provider, T212 will let me do this but Zopa will not. It would have to be the full £30k. Workaround with Zopa I assume would be withdraw £15k as cash to nominated bank account, then fund different company ISA with this £15k - but of course this is not ideal as this would be £15k towards your new allowance.

slinger2 said:

typeanonspare said:

Thanks Both. I am leaning towards Zopa but the not accepting partial transfers out concerns me and could be a massive deal breaker. Trading 212 confirm that they do accept partial transfers out.

If I have £30k stored but want to take £10k out, how would this work with Zopa? I imagine it would be a bit of a disaster, I would have to withdraw all £30k, then find a new provider to pay the £20k in to, thus using up that year's allowance.

Is this not an issue for you guys - or am I missing an easy workaround?

It's a flexible ISA so you can take out £10k and put it back in the same tax year.

If you want to transfer it to another provider you'd have to move it all to that provider (or a different one perhaps) that allowed partial transfers out and then transfer some of the money from there (assuming that that provider allows transfer in). All very complicated.

Yeah understood. See my response above. This seems to be a disadvantage of Zopa over T212 for instance, who allow for partial transfers to other providers.

They each seem to have pros and cons, so I'm no closer to making a decision really.

Why limit your choice to T212 or Zopa?

Coventry, Cynergy, Chip and Plum have ISA rate of 4.8% or more

ToastLady

typeanonspare said:

Thanks Both. I am leaning towards Zopa but the not accepting partial transfers out concerns me and could be a massive deal breaker. Trading 212 confirm that they do accept partial transfers out.

If I have £30k stored but want to take £10k out, how would this work with Zopa? I imagine it would be a bit of a disaster, I would have to withdraw all £30k, then find a new provider to pay the £20k in to, thus using up that year's allowance.

Is this not an issue for you guys - or am I missing an easy workaround?

It's not an issue for me, as I only funded it with £5000 in easy access ISA as it was a good rate compared to plain easy access accounts at the time. I funded a fixed ISA with £15000 with another provider. I've already withdrawn and replaced money in Zopa account. I wouldn't be mixing fixed with EA with them due to the no partial transfer. You'd either have to wait for the fixed to mature, or take a hit.
If you had your £30K in the easy access ISA and took out £10K, you'd have to replace the 10K in Zopa or you'd lose the tax free status.
Nothing to stop you dividing your money between two or more providers, assuming they allow partial transfers in...if it's previous years money you are talking about.

typeanonspare

Aidanmc said:

typeanonspare said:

dingling68 said:

If you keep all your money in easy access ISAs you can move money in and out at will. It is only if you put some of the money in a fixed term ISA that the issue with partial withdrawals occurs I think 

Yeah you're right but that's not the issue, sorry my explanation was not very clear as I muddled terms up.

Zopa won't let you transfer say half of your Cash ISA out to another provider. It's all or nothing, which unless I am missing some scenarios, seems to be a bit of a flaw/disadvantage. Trading 212 for example will let you transfer out as much or as little as you like. So if I had £30k but wanted to move £15k to a different provider, T212 will let me do this but Zopa will not. It would have to be the full £30k. Workaround with Zopa I assume would be withdraw £15k as cash to nominated bank account, then fund different company ISA with this £15k - but of course this is not ideal as this would be £15k towards your new allowance.

slinger2 said:

typeanonspare said:

Thanks Both. I am leaning towards Zopa but the not accepting partial transfers out concerns me and could be a massive deal breaker. Trading 212 confirm that they do accept partial transfers out.

If I have £30k stored but want to take £10k out, how would this work with Zopa? I imagine it would be a bit of a disaster, I would have to withdraw all £30k, then find a new provider to pay the £20k in to, thus using up that year's allowance.

Is this not an issue for you guys - or am I missing an easy workaround?

It's a flexible ISA so you can take out £10k and put it back in the same tax year.

If you want to transfer it to another provider you'd have to move it all to that provider (or a different one perhaps) that allowed partial transfers out and then transfer some of the money from there (assuming that that provider allows transfer in). All very complicated.

Yeah understood. See my response above. This seems to be a disadvantage of Zopa over T212 for instance, who allow for partial transfers to other providers.

They each seem to have pros and cons, so I'm no closer to making a decision really.

Why limit your choice to T212 or Zopa?

Coventry, Cynergy, Chip and Plum have ISA rate of 4.8% or more

Cynergy isn't flexible I don't believe. Plum - there is an open FSCS query on MSE main ISA page. Chip's rate has reduced it was 5.1% I believe but has since come down, plus, from memory, they require full access to your bank account which the others do not. Coventry is restricted to 4 withdrawals per year.

Hence reaching Zopa vs Trading 212. Really I should go with Trading 212 for the rate alone, plus the fact they allow for partial transfers and Zopa do not. But the cons are that withdrawals take 3 days vs Zopa's instant, and I am a little concerned by the app only chat support model. So many good reviews though, I'm tempted to take the leap and go with them.

slinger2

Although Trading212 say up to 3 days for a withdrawal, my experience (from their non-ISA Invest account) is that it's the next day first thing (when request is first thing too) - assuming both days are work days. Not guaranteed though.