Trading212 Cash ISA transfer out

iwant2asave

I have a trading212 cash ISA which I have requested to be transferred out (via the new provider).

According to the trading212 help they would notify me and ask for approval, neither of which has happened yet after a week.  I tried asking their online help on chat but they are not answering which is another issue.

Has anyone had experience of transferring out from trading212 and has any information on when they send out notifications for asking for approval and also how long the transfer out will take?  (I am fully aware that it can take up to 30 days or more sometimes, I am just asking for anyone with experience of transferring out from them how it worked out for them).  Thanks,

eskbanker

iwant2asave said:

According to the trading212 help they would notify me and ask for approval, neither of which has happened yet after a week.

I can't speak from experience with a T212 transfer but in general, once you've instructed the receiving provider to make an ISA transfer, there is no need for the ceding provider to either seek approval from, or even notify, the account holder, as you've already given your authority for the transfer.

Aidanmc

iwant2asave said:

I have a trading212 cash ISA which I have requested to be transferred out (via the new provider).

According to the trading212 help they would notify me and ask for approval, neither of which has happened yet after a week.  I tried asking their online help on chat but they are not answering which is another issue.

Has anyone had experience of transferring out from trading212 and has any information on when they send out notifications for asking for approval and also how long the transfer out will take?  (I am fully aware that it can take up to 30 days or more sometimes, I am just asking for anyone with experience of transferring out from them how it worked out for them).  Thanks,

Trading 212 are know for seeking 'approval' when it comes to ISA transfers.

Not sure if its every case though.

Best way to contact them is email info@trading212.com

Usually get reply by following day, prob not weekends though!

Detail_Merchant

iwant2asave said:

Has anyone had experience of transferring out from trading212 and has any information on when they send out notifications for asking for approval and also how long the transfer out will take?

I requested a transfer out from Trading 212 to the Principality Building Society.
I had to send a paper form to PBS, which I did on the 5th November.
Logging in to my (empty) PBS ISA, I could see a message saying that they had received the paper ISA transfer request, by the end of that week (8 Nov), but that it could take up to 15 working days (i.e. 3 weeks).
So I was very patient, but nothing happened at the Trading 212 end.

So after 3 weeks was up (actually this Monday, 2 Dec), I called PBS, and they said that their first transfer request had been rejected by T212, so they had sent a second one around the 27 Nov (from memory).
I asked PBS how they had sent the request, as I was suspicious that they might not have sent it to the correct T212 email address, but they said they had sent it via the SUN system, which seems to be a contact database managed by The Investing and Saving Alliance (aka TISA).

So also on Monday 2 Dec I sent a message to T212 in the app. Got past the 'bot, and a human sent a message asking for a 'reference' to the transfer request, and also saying 'please allow some time for a check on this'.
Of course 'some time' could mean a few minutes, or hours, or days.
I gave the PBS account number and asked if that was the kind if 'reference' they wanted.

No reply until today! (3 days later) and then suddenly they tell me to check my email, and I have an email from T212 saying to approve the transfer in the app.
I've now approved the transfer, and it says 'Processing transfer' and that it could take up to 2 weeks, depending on the other provider!

Overall, very slow, compared to the transfers in to T212, which went very quickly.

iwant2asave

eskbanker said:

iwant2asave said:

According to the trading212 help they would notify me and ask for approval, neither of which has happened yet after a week.

I can't speak from experience with a T212 transfer but in general, once you've instructed the receiving provider to make an ISA transfer, there is no need for the ceding provider to either seek approval from, or even notify, the account holder, as you've already given your authority for the transfer.

Agree they don't have to, but as their help file says they would then that's what I am expecting.

iwant2asave

Update, after escalating and raising a complaint via email Trading212 claimed that they hadn't received any transfer request.

I then sent them the reference that the new provider gave me, they then found the original transfer request which is now in process...had I not complained they were assuming that no transfer had been requested...hope that helps anyone else in the same situation!

brynhils

Thanks for the information. Both my wife and I moved our Cash ISA to T212 based on the listings here at MSE. I rather wish we hadn’t because their Transfer Out process appears rather convoluted in comparison to other providers. I’ve since learned to take MSE listings with ‘a pinch of salt’ as they just go on ‘numbers’ and pay no attention to customer feedback or other criteria like ease of use.

As for our T212 ISA, it seems there is absolutely no way to transfer out electronically (unlike their transfer in process). They’ve also dropped savings rates and now only pay interest monthly rather than daily. It’s as if their ISA was just a bit of clickbait to increase consumer base.

friolento

brynhils said:

 . I’ve since learned to take MSE listings with ‘a pinch of salt’ as they just go on ‘numbers’ and pay no attention to customer feedback or other criteria like ease of use

That‘s right, and MSE have always been open about it

Rich1976

brynhils said:

Thanks for the information. Both my wife and I moved our Cash ISA to T212 based on the listings here at MSE. I rather wish we hadn’t because their Transfer Out process appears rather convoluted in comparison to other providers. I’ve since learned to take MSE listings with ‘a pinch of salt’ as they just go on ‘numbers’ and pay no attention to customer feedback or other criteria like ease of use.

As for our T212 ISA, it seems there is absolutely no way to transfer out electronically (unlike their transfer in process). They’ve also dropped savings rates and now only pay interest monthly rather than daily. It’s as if their ISA was just a bit of clickbait to increase consumer base.

That is the same for all websites and newspapers that produce savings comparison tables. They just focus on the organisations paying the highest rate.

as with anything you need to check out other factors that are importantly to you such as customer service, efficient website/app etc.

Unfortunately as you’ve found the highest rate isn’t necessarily ‘best’ for you as you’ve sacrificed good customer service as a result potentially.

brynhils

Rich1976 said:

you’ve sacrificed good customer service as a result potentially.

Indeed, but at least the rate is still good. At 4.9% I think it leads all the other Cash ISA rates? I’m gonna have to open a separate one with another organisation next year anyway as I’m at the FSCS compensation limit with T212. Maybe I’ll draw it down by £20k next April, open a new ISA elsewhere and then start the convoluted Transfer Out process with T212; time won’t matter so much then at least. Happy Saving everyone!

iwant2asave

Update, eventually after much harassing t212 have completed the transfer.  My impression of this process is that they are intentionally delaying transfers out and relying people to assume that things are in process when they aren't...