virgin e isa issue 654

Isahelp

Could somebody please clarify some terms of this isa 
Virgin summary isn't very clear
I would like to transfer an isa from another  provider and have interest monthly instead of annually.
 
1.Will the interest show monthly to the account and compound ie show as added to the principal sum.

2. If the interest is paid monthly can it be paid away to another provider to be used as income if required. 

Posting this because I have spoken to virgin previously on other questions and they weren't much help.
Thankyou in advance

Billxx

1. Yes.
2. Yes, but there are stiff penalties for withdrawals, so not really.

Kind Regards,

Bill

Isahelp

Thankyou Bill
That's clarified things for me.
Regarding question 2 didn't realise interest paid away woul be classed as a withdrawal.
The isa I am looking at transferring is a maturing fixed where the interest cam be paid away monthly but isn't penalised as a withdrawal.
I would like to keep the isa where it is but unfortunately 4.2 % not as good as virgin
Regards

Bigwheels1111

Trading 212 is 4.9% and easy access.

I keep the money that funds my regular savers in it.

Down to 12k as of today, but buy the 14th of Feb I will need somewhere else for the overflow.

As 4 reg savers pay out.

I know the rate can go up and down but its 16.6667% more than you are getting now.

Bobblehat

Isahelp said:

Thankyou Bill
That's clarified things for me.
Regarding question 2 didn't realise interest paid away woul be classed as a withdrawal.
The isa I am looking at transferring is a maturing fixed where the interest cam be paid away monthly but isn't penalised as a withdrawal.
I would like to keep the isa where it is but unfortunately 4.2 % not as good as virgin
Regards

Would Trading212's cash ISA fit your needs @ 4.9% AER

https://www.trading212.com/isa?cash-isa=

The only thing I can't figure out is if you would have to withdraw the monthly interest manually rather than automatically.

See advice here: 

https://www.moneysavingexpert.com/content/mse/msecom/en-gb/content/overlay/trading-212-cash-isa/

Isahelp

Thankyou I'll take a look at
212
Maybe split the maturing isas between the 2 and hedge my bets
Haven't looked yet but are you saying interest can be paid away to fund your regular savers

Bobblehat

Isahelp said:

Thankyou I'll take a look at
212
Maybe split the maturing isas between the 2 and hedge my bets
Haven't looked yet but are you saying interest can be paid away to fund your regular savers

Yes (maybe, see below!) ... in fact, there seems to be no limit to when you can withdraw, doesn't have to be a regular monthly if you wish to vary your withdrawals .... and no penalties either.

"Maybe" .... I have not yet applied myself ... just eyeing it up for a maturing ISA later this month. I haven't seen whether you have to nominate a linked account or not for withdrawals, so that could restrict you to using a current account (or other?) to use as the "funding" account for your SO's to RS's.

Maybe someone else who has this account could chip in.

Isahelp

I have now opened an account with trading 212 in readiness for transfer in.
Downloaded the app
Was straight forward and quick
Nominated bank for adding and withdrawing funds
Not ready to transfer isa in yet waiting for maturity.
Seems a good isa as its flexible.
I need to confirm that they are accepting  transfers in because it shows as an option but I have seen articles where sometimes it isn't available 

Gemstars2024

I have a trading 212 cash ISA. 

I haven't tried to transfer it to another provider yet but just a word of warning that there's several posts on this forum advising that transfering out is difficult so that might be something you want to consider for the future

Isahelp

Anybody have experience of transferring a cash isa out 
Good or bad
Thankyou

Bobblehat

Isahelp said:

Anybody have experience of transferring a cash isa out 
Good or bad
Thankyou

https://forums.moneysavingexpert.com/discussion/6573000/trading212-cash-isa-transfer-out#latest