Trading 212 Cash ISA

Skyjump

Yes, T212 will do all the work for you when you request to transfer in your ISA. Just remember that it could take up to 2 weeks do the transfer to be completed.

Albermarle

patpalloon said:

I'm thinking about switching my cash ISA from Zopa to T212. I've used up my allowance for this year. Are transfers straightforward? 

A family member has just transferred to T212 from Nationwide and it took about 4 days.
However they were already registered with T212.
When registering with any financial institution as a new customer there will probably be some delay as they have to confirm your identity, give you a customer number etc 

HoppieMaky

Thank you to everyone who replied to my post. I was indeed confused but now much more enlightened and far less confused.
I will definately look at the links that #eskbanker has provided and read a lot more before I decide what my best course of action should be. Thank you all again

savvysavings2024

Skyjump said:

Yes, T212 will do all the work for you when you request to transfer in your ISA. Just remember that it could take up to 2 weeks do the transfer to be completed.

Hi, skyjump - please could you help as I tried getting advice from Virgin Money about this recently but I'm worried about the timeframes.  Currently I have £20k ISA allowance from the 2023-2024 allowance in a 1 year fixed term ISA with Virgin Money. It matures at the end of this month (31/02/25).

The interest rate on the existing account is good. But the new interest rate if I re-invested/stayed with Virgin Money not so good.  My 2024-2025 allowance is in the T212 cash ISA account. I want to transfer the 2023-2024 allowance from Virgin Money into the T212 account upon maturity. I can see the transfer link on my T212 account and I'm fine with that part of the process (ie I know that I need to do the transfer from within the account I'm transferring into and need to ensure I didn't let the money in the Virgin Money ISA go into a normal account then try moving it from there).

My question is, when should I start the transfer. Someone has said that because I already have an account with T212 it will be quicker, but I'm happy for the funds to stay with Virgin Money until 31/01/25 as the interest rate until then is better. But if I wait until 31/01/25 to start the transfer and it took 5/6 days to go through to T212, what would Virgin Money do with the 20k during those 5/6 days? I'm not worried about interest over those days, I'm worried about Virgin Money transferring the £20k into a normal account if they haven't received my instruction to re-,invest with them into another 1 year fixed term ISA.

The Virgin Money customer service advisor said Virgin Money will email me 
a form at some point asking me what I want to do with the money upon maturity - but she didn't say what date the form will come. I know there's still 22 days but just don't want to leave it too late and risk it not being recognised as a previous years allowance (in case you can't tell, 2023-2024 was the first year I've ever had an ISA)!

Hope that makes sense - sorry for the long explanation just wanted to make it clear what I'm asking! 

Aidanmc

savvysavings2024 said:

Skyjump said:

Yes, T212 will do all the work for you when you request to transfer in your ISA. Just remember that it could take up to 2 weeks do the transfer to be completed.

Hi, skyjump - please could you help as I tried getting advice from Virgin Money about this recently but I'm worried about the timeframes.  Currently I have £20k ISA allowance from the 2023-2024 allowance in a 1 year fixed term ISA with Virgin Money. It matures at the end of this month (31/02/25).

The interest rate on the existing account is good. But the new interest rate if I re-invested/stayed with Virgin Money not so good.  My 2024-2025 allowance is in the T212 cash ISA account. I want to transfer the 2023-2024 allowance from Virgin Money into the T212 account upon maturity. I can see the transfer link on my T212 account and I'm fine with that part of the process (ie I know that I need to do the transfer from within the account I'm transferring into and need to ensure I didn't let the money in the Virgin Money ISA go into a normal account then try moving it from there).

My question is, when should I start the transfer. Someone has said that because I already have an account with T212 it will be quicker, but I'm happy for the funds to stay with Virgin Money until 31/01/25 as the interest rate until then is better. But if I wait until 31/01/25 to start the transfer and it took 5/6 days to go through to T212, what would Virgin Money do with the 20k during those 5/6 days? I'm not worried about interest over those days, I'm worried about Virgin Money transferring the £20k into a normal account if they haven't received my instruction to re-,invest with them into another 1 year fixed term ISA.

The Virgin Money customer service advisor said Virgin Money will email me 
a form at some point asking me what I want to do with the money upon maturity - but she didn't say what date the form will come. I know there's still 22 days but just don't want to leave it too late and risk it not being recognised as a previous years allowance (in case you can't tell, 2023-2024 was the first year I've ever had an ISA)!

Hope that makes sense - sorry for the long explanation just wanted to make it clear what I'm asking! 

I'll try and clarify some things for you.

Virgin won't move your maturing ISA to a non-ISA account (unless you tell them of course)

As long as its in an ISA it will be classed as 'previous years contributions' ie. not current year

Trading 212 don't give option (unless its changed recently) of 'Wait until maturity' when requesting a ISA transfer in.

Probably best waiting until maturity before making this transfer request.

Virgin will notify you about 2 weeks before maturity and i think you can give instructions through Virgin online banking.

The maturing Virgin fixed ISA will have the option of converting to a easy access ISA upon maturity, then you could proceed with the transfer in request on T212.

Pity T212 dont have the 'wait until Maturity' option

I also have maturing Virgin ISA at end of the month and also considering transferring it to T212

fossman

patpalloon said:

I'm thinking about switching my cash ISA from Zopa to T212. I've used up my allowance for this year. Are transfers straightforward? 

I transferred my cash ISA from Moneybox to T212 and it was all completed in about 3 days.

I did open the account a couple of weeks earlier so it was ready when my Moneybox ISA reached it's 12 month maturity.

dcs34

Opened and transferred (also from Moneybox) and was all completed in about 3-4 days over the Christmas period.

LynseyLoo13

savvysavings2024 said:

Skyjump said:

Yes, T212 will do all the work for you when you request to transfer in your ISA. Just remember that it could take up to 2 weeks do the transfer to be completed.

Hi, skyjump - please could you help as I tried getting advice from Virgin Money about this recently but I'm worried about the timeframes.  Currently I have £20k ISA allowance from the 2023-2024 allowance in a 1 year fixed term ISA with Virgin Money. It matures at the end of this month (31/02/25).

The interest rate on the existing account is good. But the new interest rate if I re-invested/stayed with Virgin Money not so good.  My 2024-2025 allowance is in the T212 cash ISA account. I want to transfer the 2023-2024 allowance from Virgin Money into the T212 account upon maturity. I can see the transfer link on my T212 account and I'm fine with that part of the process (ie I know that I need to do the transfer from within the account I'm transferring into and need to ensure I didn't let the money in the Virgin Money ISA go into a normal account then try moving it from there).

My question is, when should I start the transfer. Someone has said that because I already have an account with T212 it will be quicker, but I'm happy for the funds to stay with Virgin Money until 31/01/25 as the interest rate until then is better. But if I wait until 31/01/25 to start the transfer and it took 5/6 days to go through to T212, what would Virgin Money do with the 20k during those 5/6 days? I'm not worried about interest over those days, I'm worried about Virgin Money transferring the £20k into a normal account if they haven't received my instruction to re-,invest with them into another 1 year fixed term ISA.

The Virgin Money customer service advisor said Virgin Money will email me 
a form at some point asking me what I want to do with the money upon maturity - but she didn't say what date the form will come. I know there's still 22 days but just don't want to leave it too late and risk it not being recognised as a previous years allowance (in case you can't tell, 2023-2024 was the first year I've ever had an ISA)!

Hope that makes sense - sorry for the long explanation just wanted to make it clear what I'm asking! 

I was in the same position. My Coventry ISA was due to mature and the new rate was pitiful. The email they sent me said if I hadn't moved it withing 2 weeks of maturing then they would lock it back in at the lower rate for another 12 months. I was worried about moving it too early but panicked that it might get locked in again. I opened a T212 account before the Coventry ISA matured so it was ready to go, then I phoned Coventry and explained the situation. They said if I started the transfer before the isa matured there was a risk that the transfer might go through quickly and I'd be charged a penalty for taking money out of the isa before maturity. They suggested leaving it until it had definitely matured. I told them I wanted a note put on my account to say that I didn't want it locked in to their new ISA and I would be removing it. I started the transfer the day it matured and, luckily, it was all done in 5 days. 😉

Skyjump

I agree with the others in that wait until you either get the letter from Virgin asking what you want to do or until your Virgin ISA matures. Once you complete the transfer request with T212 they will contact Virgin to say that you wish to transfer to T212. Both Virgin and T212 have a responsibility to ensure that your ISA continues uninterrupted and that all interest is received and also transferred during the move to T212. If it is a cash ISA it shouldn't take too long. Stocks and Shares ISAs take a little longer.

Good luck. 

Daz2009

I started a Moneybox to T212 transfer today.
I spent ages looking for an account number but apparently Moneybox don't issue customers with one,they use you NI number.
They said it would take 2 weeks but I see from a couple of posters above it only took a few days so that's good.