Trading212 Cash ISA transfer out

Detail_Merchant

Detail_Merchant said:

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.

Finally got a message from Principality BS today that my transfer out cash from T212 had arrived, and in the online PBS account it shows as credited on 12 Dec.

Of course I can't say if this was T212's fault, or PBS's fault, or a bit of both, but disappointingly slow whichever.

friolento

iwant2asave said:

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...

They are not exactly fast with transfers in, either. So I think there’s nothing sinister going on. Their transfer team are just not very efficient.

You also earn a decent rate whilst your money sits with them, so you aren’t likely to lose much, if any, money whilst waiting for a transfer out

moneysavinggirl40

I opened a Nat west fixed 2 year cash isa, on Sat 21.3.26

I waited 2 working days for it to appear on my online banking- Tues 24.3.26, (I am already a customer) I then accessed view account details, followed instructions to transfer in a cash isa, selected "other" in their online transfer form and wrote trading 212 uk ltd. Put my trading 212 isa account number, It was all straight forward. I got an auto email which said we have received your request.

After reading on Money Saving expert forum here that a wet signature was required and that Trading 212 like paper requests I also completed a Nat West paper transfer in request and handed it into my local Natwest branch, addressed to Everyday Banking. I took screen shots of the form, so I had an electronic copy. The lady in branch looked blank, as she didn't seem to know what to do with it. I said it says I can hand it into branch on the form.

I got a text confirmation whilst on the way to branch, I decided I'd continue, just in case Trading 212 didn't like electronic request and it got rejected. Text said that we're please to confirm we've received your isa transfer request, we've sent it to Trading 212.

Next day, Wed 25.3.26 Trading 212 sent email saying follow trading 212 app instructions, check everything is ok, then approve transfer. I was delighted at how efficient it all was! However when I checked the account number Trading 212 were going to transfer monies into it wasn't my account number! I couldn't have completed the Nat West online transfer form incorrectly because the Nat West account number was already filled in with my own account number

Name of account said "Nat West"

Account number was not my account number.

Has anyone had experience where trading 212 uses a different number for Nat West? Is it a generic account that the money goes into?

I took a screen shot. The number begins with 170 and is 10 digits long. I then immediately cancelled the transfer.

I went online, found the trading 212 contact us online form and completed it, did 2 request for good measure, to say these are my details.

I tried to raise a query with trading 212 by raising it contact us on trading 212 app. I am now waiting for a meaningful response. They tell me they have received my query.

I have also re submitted an electronic form with Nat West for which I have the automatic reply, as I had cancelled the other request.

moneysavinggirl40

https://forums.moneysavingexpert.com/discussion/comment/81937625#Comment_81937625

Thurs 26.3.26 I had a text to call Nat West quoting a reference no. that they texted to me. They asked if I had cancelled my transfer. I explained. They confirmed monies go into a holding account then to my own Nat West account. They asked would you like to reinstate? I said, as I had resubmitted a NatWest transfer form I would like them to process the new form. He said he could see new form had been submitted, so I now await Trading 212 to prompt me to approve in the app.

I think if I wait till 3rd of the month then this months interest will have gone in, so I am best to wait.

Trading 212 also emailed asking if I had instructed with a new form. I confirmed I had. Trading 212 emailed back saying once you receive form we will process it as soon as we can and reassured me that they double check every detail before they proceed any further.

moneysavinggirl40

https://forums.moneysavingexpert.com/discussion/comment/81938915#Comment_81938915

FRI 27.3.26

Cos I hadn't received a text from Nat West to let me know they were sending application to trading212, within the same timeframe as when I set it up first time round I decided I would give Nat West isa team a call, so as to check how the application was going.

She said we are waiting for your approve. I asked how long, will it be done today? She said probably Monday. She said she'll make a note and put it on the queue for it to now be dealt with, then said she could see her isa team are on it

Angelica123

My experience with Trading212 is that they are not very organised/efficient with transfers and usually need some chasing to get things done.

moneysavinggirl40

https://forums.moneysavingexpert.com/discussion/comment/81940224#Comment_81940224

Monies left trading 212 on 4th April as I waited for interest to be in account first, before signing document on trading 212 app on 4th April. the monies went into Nat West holding account and landed in my Nat west isa on 9.4.26. 11.4.26 backdated interest accrued from when monies were temporarily in Nat West holding account were paid into my Nat West Isa account. However I have now seen better rate with Santander who I bank with so would be ideal to transfer out. But Nat West ISA is fixed. I wonder if there is cooling off period where I wouldn't incur any charges for leaving.

Johntea

Oddly I have just opened a Moneybox Cash ISA and funded it using a transfer from Trading212, after some of the horror stories on here I was slightly worried however…

Ran through the transfer in steps on Moneybox, just provided my T212 account number and left sort code blank

Literally minutes later I receive an email from T212 asking to confirm my transfer request in their app which I did and now the funds are somewhere in thin air just waiting to hit Moneybox :) (I joke, Moneybox has a status update of ‘Processing payment’)

So no problems whatsoever moving T212 to Moneybox these days it seems

moneysavinggirl40

https://forums.moneysavingexpert.com/discussion/comment/81958344#Comment_81958344

When I contacted Nat West they said that my fixed rate hadn't started so I did have freedom for a while. I could upgrade to 4.4% isa without incurring any penalties. So I applied on Nat West App for another Nat West isa at better interest rate. I waited a few days for it to appear on my banking app, then followed instructions for an internal isa transfer. Applied on Sunday, monies are in new account Wed evening.

Santander isa has current years and previous year transferred from external providers but they seem to have given me only x1 evoucher worth £50, when both amounts transferred were over 20K. Cumulative balance 40K+.

I think its an error but not sure.