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

dlevene

 bobeschism said:

I've put the full 2024 20k allowance into my flexible Zopa ISA (4.8%). I want to transfer 15k of this into my new Chip ISA (5.12%), but Chip only allows full transfer. 

Am I able to move 5k out of the Zopa ISA into the associated Zopa Smart Saver, transfer the remaining 15k to Chip, then once completed return the 5k from Zopa Smart Saver to the Zopa ISA?

Presumably once the transfer goes through the Zopa ISA will be automatically closed. You'd have to open a new Zopa ISA and I'm guessing you'd lose the remaining allowance.

typeanonspare

boco803 said:

typeanonspare said:

boco803 said:

@typeanonspare

I could be wrong, but I get the impression that T212 also uses open banking?

Not to the same extent as Chip though. T212 requires to just see the account name that you are instant transferring from/to. But from what I read, Chip requires access to all of your transaction history within that bank. Which seems unnecessary.

I see.  I wasn't aware there are different levels to Open Banking - thought it was all in; them being able to view transactions etc if they wanted to.

How do you know what you're consenting to?

I don't think I'd mind if it's sole purpose was to validate account details such as name, number and sort code.  Everything else seems more intrusive.

Certainly with T212, when I signed up and it went through to my main bank account via the T212 interfance, my main bank (Lloyds) states what T212 are requesting access to. And in this case it was just account name and account number or something like that. It clearly also stated what they would not have access to from memory and transactions were part of this list.

wiseonesomeofthetime said:
I'm currently with Zopa but, after two months of not being able to use the app because every time after I login I get the "something's gone wrong" screen, even after uninstall and reinstall, and poor subsequent customer service, I have decided to transfer it all to Trading 212.

Will their customer service be any better, don't know, but no access to an app based provider is a no no for me. Weirdly, I can login via the emergency web portal, so nowt wrong with my actual account.

Only time will tell if my decision is correct, but I cannot abide incompetent customer service. Trouble is, until you need it, you don't truly know the quality of it 🤷‍♂️

Yeah you're right re the customer service. Zopa seemed great at first in that I was able to get through on the phone within minutes. But the chap they put me through to was utterly incompetant. I asked something like whether I could set the account up on the app and he said "No one has ever asked me that question before I need to ask my manager" lol... really.

I was hesitant about T212's app only chat model but so far so good. The few queries I've had were answered within minutes and accurately too. My upload of £20k went straight in, and is instantly earning the 5.1%. I've requested a previous year transfer from Tesco bank so we will see how that goes. Currently 2 days into the 14 day target so I'll report back on how smoothly it goes.

bobeschism said:

I've put the full 2024 20k allowance into my flexible Zopa ISA (4.8%). I want to transfer 15k of this into my new Chip ISA (5.12%), but Chip only allows full transfer. 

Am I able to move 5k out of the Zopa ISA into the associated Zopa Smart Saver, transfer the remaining 15k to Chip, then once completed return the 5k from Zopa Smart Saver to the Zopa ISA?

I don't think so because Zopa themselves don't allow partial transfers, regardless of Chip. Zopa consider the ISA/saver as one, regardless of whether it is in your ISA or Smart Saver iirc. Correct me if I'm wrong

bobeschism

typeanonspare said:

boco803 said:

typeanonspare said:

boco803 said:

@typeanonspare

I could be wrong, but I get the impression that T212 also uses open banking?

Not to the same extent as Chip though. T212 requires to just see the account name that you are instant transferring from/to. But from what I read, Chip requires access to all of your transaction history within that bank. Which seems unnecessary.

I see.  I wasn't aware there are different levels to Open Banking - thought it was all in; them being able to view transactions etc if they wanted to.

How do you know what you're consenting to?

I don't think I'd mind if it's sole purpose was to validate account details such as name, number and sort code.  Everything else seems more intrusive.

Certainly with T212, when I signed up and it went through to my main bank account via the T212 interfance, my main bank (Lloyds) states what T212 are requesting access to. And in this case it was just account name and account number or something like that. It clearly also stated what they would not have access to from memory and transactions were part of this list.

wiseonesomeofthetime said:
I'm currently with Zopa but, after two months of not being able to use the app because every time after I login I get the "something's gone wrong" screen, even after uninstall and reinstall, and poor subsequent customer service, I have decided to transfer it all to Trading 212.

Will their customer service be any better, don't know, but no access to an app based provider is a no no for me. Weirdly, I can login via the emergency web portal, so nowt wrong with my actual account.

Only time will tell if my decision is correct, but I cannot abide incompetent customer service. Trouble is, until you need it, you don't truly know the quality of it 🤷‍♂️

Yeah you're right re the customer service. Zopa seemed great at first in that I was able to get through on the phone within minutes. But the chap they put me through to was utterly incompetant. I asked something like whether I could set the account up on the app and he said "No one has ever asked me that question before I need to ask my manager" lol... really.

I was hesitant about T212's app only chat model but so far so good. The few queries I've had were answered within minutes and accurately too. My upload of £20k went straight in, and is instantly earning the 5.1%. I've requested a previous year transfer from Tesco bank so we will see how that goes. Currently 2 days into the 14 day target so I'll report back on how smoothly it goes.

bobeschism said:

I've put the full 2024 20k allowance into my flexible Zopa ISA (4.8%). I want to transfer 15k of this into my new Chip ISA (5.12%), but Chip only allows full transfer. 

Am I able to move 5k out of the Zopa ISA into the associated Zopa Smart Saver, transfer the remaining 15k to Chip, then once completed return the 5k from Zopa Smart Saver to the Zopa ISA?

I don't think so because Zopa themselves don't allow partial transfers, regardless of Chip. Zopa consider the ISA/saver as one, regardless of whether it is in your ISA or Smart Saver iirc. Correct me if I'm wrong

Zopa allow partial transfers:

https://www.zopa.com/help/article/can-i-transfer-part-of-my-cash-isa-to-you

And I don't understand how they can consider the ISA/Saver as one.

I have 20k (plus interest accrued) in the ISA, and 4k in the Smart Saver at the moment. If  I request a transfer of the ISA via Chip, Chip can only take what is in the ISA - anything else would over my annual allowance, no?

Probably best to call the customer service tomorrow and ask them directly.

TheBanker

bobeschism said:

typeanonspare said:

boco803 said:

typeanonspare said:

boco803 said:

@typeanonspare

I could be wrong, but I get the impression that T212 also uses open banking?

Not to the same extent as Chip though. T212 requires to just see the account name that you are instant transferring from/to. But from what I read, Chip requires access to all of your transaction history within that bank. Which seems unnecessary.

I see.  I wasn't aware there are different levels to Open Banking - thought it was all in; them being able to view transactions etc if they wanted to.

How do you know what you're consenting to?

I don't think I'd mind if it's sole purpose was to validate account details such as name, number and sort code.  Everything else seems more intrusive.

Certainly with T212, when I signed up and it went through to my main bank account via the T212 interfance, my main bank (Lloyds) states what T212 are requesting access to. And in this case it was just account name and account number or something like that. It clearly also stated what they would not have access to from memory and transactions were part of this list.

wiseonesomeofthetime said:
I'm currently with Zopa but, after two months of not being able to use the app because every time after I login I get the "something's gone wrong" screen, even after uninstall and reinstall, and poor subsequent customer service, I have decided to transfer it all to Trading 212.

Will their customer service be any better, don't know, but no access to an app based provider is a no no for me. Weirdly, I can login via the emergency web portal, so nowt wrong with my actual account.

Only time will tell if my decision is correct, but I cannot abide incompetent customer service. Trouble is, until you need it, you don't truly know the quality of it 🤷‍♂️

Yeah you're right re the customer service. Zopa seemed great at first in that I was able to get through on the phone within minutes. But the chap they put me through to was utterly incompetant. I asked something like whether I could set the account up on the app and he said "No one has ever asked me that question before I need to ask my manager" lol... really.

I was hesitant about T212's app only chat model but so far so good. The few queries I've had were answered within minutes and accurately too. My upload of £20k went straight in, and is instantly earning the 5.1%. I've requested a previous year transfer from Tesco bank so we will see how that goes. Currently 2 days into the 14 day target so I'll report back on how smoothly it goes.

bobeschism said:

I've put the full 2024 20k allowance into my flexible Zopa ISA (4.8%). I want to transfer 15k of this into my new Chip ISA (5.12%), but Chip only allows full transfer. 

Am I able to move 5k out of the Zopa ISA into the associated Zopa Smart Saver, transfer the remaining 15k to Chip, then once completed return the 5k from Zopa Smart Saver to the Zopa ISA?

I don't think so because Zopa themselves don't allow partial transfers, regardless of Chip. Zopa consider the ISA/saver as one, regardless of whether it is in your ISA or Smart Saver iirc. Correct me if I'm wrong

Zopa allow partial transfers:

https://www.zopa.com/help/article/can-i-transfer-part-of-my-cash-isa-to-you

And I don't understand how they can consider the ISA/Saver as one.

I have 20k (plus interest accrued) in the ISA, and 4k in the Smart Saver at the moment. If  I request a transfer of the ISA via Chip, Chip can only take what is in the ISA - anything else would over my annual allowance, no?

Probably best to call the customer service tomorrow and ask them directly.

Zopa allow partial transfers in. They don't allow partial transfers out. 

bobeschism

TheBanker said:

bobeschism said:

typeanonspare said:

boco803 said:

typeanonspare said:

boco803 said:

@typeanonspare

I could be wrong, but I get the impression that T212 also uses open banking?

Not to the same extent as Chip though. T212 requires to just see the account name that you are instant transferring from/to. But from what I read, Chip requires access to all of your transaction history within that bank. Which seems unnecessary.

I see.  I wasn't aware there are different levels to Open Banking - thought it was all in; them being able to view transactions etc if they wanted to.

How do you know what you're consenting to?

I don't think I'd mind if it's sole purpose was to validate account details such as name, number and sort code.  Everything else seems more intrusive.

Certainly with T212, when I signed up and it went through to my main bank account via the T212 interfance, my main bank (Lloyds) states what T212 are requesting access to. And in this case it was just account name and account number or something like that. It clearly also stated what they would not have access to from memory and transactions were part of this list.

wiseonesomeofthetime said:
I'm currently with Zopa but, after two months of not being able to use the app because every time after I login I get the "something's gone wrong" screen, even after uninstall and reinstall, and poor subsequent customer service, I have decided to transfer it all to Trading 212.

Will their customer service be any better, don't know, but no access to an app based provider is a no no for me. Weirdly, I can login via the emergency web portal, so nowt wrong with my actual account.

Only time will tell if my decision is correct, but I cannot abide incompetent customer service. Trouble is, until you need it, you don't truly know the quality of it 🤷‍♂️

Yeah you're right re the customer service. Zopa seemed great at first in that I was able to get through on the phone within minutes. But the chap they put me through to was utterly incompetant. I asked something like whether I could set the account up on the app and he said "No one has ever asked me that question before I need to ask my manager" lol... really.

I was hesitant about T212's app only chat model but so far so good. The few queries I've had were answered within minutes and accurately too. My upload of £20k went straight in, and is instantly earning the 5.1%. I've requested a previous year transfer from Tesco bank so we will see how that goes. Currently 2 days into the 14 day target so I'll report back on how smoothly it goes.

bobeschism said:

I've put the full 2024 20k allowance into my flexible Zopa ISA (4.8%). I want to transfer 15k of this into my new Chip ISA (5.12%), but Chip only allows full transfer. 

Am I able to move 5k out of the Zopa ISA into the associated Zopa Smart Saver, transfer the remaining 15k to Chip, then once completed return the 5k from Zopa Smart Saver to the Zopa ISA?

I don't think so because Zopa themselves don't allow partial transfers, regardless of Chip. Zopa consider the ISA/saver as one, regardless of whether it is in your ISA or Smart Saver iirc. Correct me if I'm wrong

Zopa allow partial transfers:

https://www.zopa.com/help/article/can-i-transfer-part-of-my-cash-isa-to-you

And I don't understand how they can consider the ISA/Saver as one.

I have 20k (plus interest accrued) in the ISA, and 4k in the Smart Saver at the moment. If  I request a transfer of the ISA via Chip, Chip can only take what is in the ISA - anything else would over my annual allowance, no?

Probably best to call the customer service tomorrow and ask them directly.

Zopa allow partial transfers in. They don't allow partial transfers out. 

That's why I'm suggesting I move 5k from the Zopa ISA to the Zopza saver, initiate the transfer through Chip, then return the 5k to the Zopa ISA once the transfer has gone through. Unless, as suggested before, Zopa automatically closes the ISA. I'll find out later today if this is possible.

boco803

typeanonspare said:

boco803 said:

typeanonspare said:

boco803 said:

@typeanonspare

I could be wrong, but I get the impression that T212 also uses open banking?

Not to the same extent as Chip though. T212 requires to just see the account name that you are instant transferring from/to. But from what I read, Chip requires access to all of your transaction history within that bank. Which seems unnecessary.

I see.  I wasn't aware there are different levels to Open Banking - thought it was all in; them being able to view transactions etc if they wanted to.

How do you know what you're consenting to?

I don't think I'd mind if it's sole purpose was to validate account details such as name, number and sort code.  Everything else seems more intrusive.

Certainly with T212, when I signed up and it went through to my main bank account via the T212 interfance, my main bank (Lloyds) states what T212 are requesting access to. And in this case it was just account name and account number or something like that. It clearly also stated what they would not have access to from memory and transactions were part of this list.

Thanks - that's good to know.

typeanonspare

Just to update the thread, the transfer of last year's ISA from Tesco Bank into T212 completed today. Just 5 days after I requested it - and considering there was a weekend during those 5 days, I'm very impressed. So far so good with the Trading 212 experience.

PixelPound

boco803 said:

typeanonspare said:

boco803 said:

@typeanonspare

I could be wrong, but I get the impression that T212 also uses open banking?

Not to the same extent as Chip though. T212 requires to just see the account name that you are instant transferring from/to. But from what I read, Chip requires access to all of your transaction history within that bank. Which seems unnecessary.

I see.  I wasn't aware there are different levels to Open Banking - thought it was all in; them being able to view transactions etc if they wanted to.

How do you know what you're consenting to?

I don't think I'd mind if it's sole purpose was to validate account details such as name, number and sort code.  Everything else seems more intrusive.

The truelayer intermediary tells you what you are agreeing to share before you connect to your existing bank