212 isa

Mrbamboozle

I have open a 212 everyday isa. I have been using it just like my bank saving account just allowing 3 days for money to be transferred. At present I'm really pleased with the way it's working. My question is I have a Lloyd's isa that will mature on 7th December. 
Is it a wise idea to switch this isa to my 212 isa account?
It's going to be a substantial amount am not a money expert.
I'm trying to build as much as possible for my retirement in 2028.

Voyager2002

Firstly, most people saving for their retirement would use something like a SIPP.

Secondly, most people saving for retirement would use investments that involve some level of risk, such as stocks and shares or bonds, rather than just cash savings.

If you are really sure that you want to keep this substantial sum in cash for the next four years, then what is important is that you transfer it to another ISA rather than simply withdrawing it. Choose the highest interest rate available to you, and Trading212 does seem to be among the highest on the market at the moment.

Do be aware that interest rates seem likely to fall, so consider whether you are willing to accept some level of risk. And look very carefully for fixed-rate ISAs that would protect you from a falling interest rate.

lohr500

If the substantial value plus whatever you have already in your Trading 212 ISA take you over the £85k FSCS protection level then you may wish to consider spreading your maturing Lloyds ISA across different institutions.

I'm not suggesting for one moment that Trading212 could fail, but it is something you should factor into your decision.

gtr_jonathan

The Trading 212 cash ISA seems decent, especially with the daily interest that gets paid. Note that they utilise 3 different banks to hold your funds (Barclays, JP Morgan and Nat West). The FSCS protection can award up to £85,000 in compensation per bank but it applies to the total amount of money you hold at any specific bank, whether it is deposited by Trading 212, other providers, or yourself. It would definitely make sense to spread the risk around different banks, taking account your own funds that you may already have with the banks that Trading 212 uses.

Albermarle

I'm trying to build as much as possible for my retirement in 2028.

Remember that your retirement could last a long time, so you should be planning much farther ahead than 2028.
As already mentioned normally a pension is the best way to save for retirement long term. HAving some cash is good but it should only be part of the strategy.