Trading 212 Cash ISA

savvysavings2024

Aidanmc said:

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

Thank you (apologies for my delay responding, I didn't get a notification of your reply and have only come back on here today).  You've explained things much clearer than the customer service employee at Virgin Money. 

The key factors I wasn't aware of are that Trading 212 don't give the wait until maturity option when requesting a transfer in (as I haven't had any need to attempt to transfer in yet) and that upon maturity, the fixed term Virgin ISA will give the opinion of transferring to an easy access ISA from which I can then select the transfer option with T212.

The ISA I have with Virgin Money is called at Exc Fixed ISA10. The maturity date is 31/01/25.

I'm pretty sure that when I took it out and was reading up about it, that I read there would be penalties if I withdrew or transferred it before maturity.

Yet the customer service woman at Virgin Money said I wouldn't be penalised if I transferred it before 31/01/25 (which seems to make it pointless being a fixed term ISA). Do you know anything about that?

Aidanmc

savvysavings2024 said:

Aidanmc said:

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

Thank you (apologies for my delay responding, I didn't get a notification of your reply and have only come back on here today).  You've explained things much clearer than the customer service employee at Virgin Money. 

The key factors I wasn't aware of are that Trading 212 don't give the wait until maturity option when requesting a transfer in (as I haven't had any need to attempt to transfer in yet) and that upon maturity, the fixed term Virgin ISA will give the opinion of transferring to an easy access ISA from which I can then select the transfer option with T212.

The ISA I have with Virgin Money is called at Exc Fixed ISA10. The maturity date is 31/01/25.

I'm pretty sure that when I took it out and was reading up about it, that I read there would be penalties if I withdrew or transferred it before maturity.

Yet the customer service woman at Virgin Money said I wouldn't be penalised if I transferred it before 31/01/25 (which seems to make it pointless being a fixed term ISA). Do you know anything about that?

The customer service lady must not have understood the terms properly.

Below is a screen shot of the terms stating you would be charged 60 days interest if you withdraw or transfer during the fixed term.

savvysavings2024

Aidanmc said:

savvysavings2024 said:

Aidanmc said:

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

Thank you (apologies for my delay responding, I didn't get a notification of your reply and have only come back on here today).  You've explained things much clearer than the customer service employee at Virgin Money. 

The key factors I wasn't aware of are that Trading 212 don't give the wait until maturity option when requesting a transfer in (as I haven't had any need to attempt to transfer in yet) and that upon maturity, the fixed term Virgin ISA will give the opinion of transferring to an easy access ISA from which I can then select the transfer option with T212.

The ISA I have with Virgin Money is called at Exc Fixed ISA10. The maturity date is 31/01/25.

I'm pretty sure that when I took it out and was reading up about it, that I read there would be penalties if I withdrew or transferred it before maturity.

Yet the customer service woman at Virgin Money said I wouldn't be penalised if I transferred it before 31/01/25 (which seems to make it pointless being a fixed term ISA). Do you know anything about that?

The customer service lady must not have understood the terms properly.

Below is a screen shot of the terms stating you would be charged 60 days interest if you withdraw or transfer during the fixed term.

Yes that's the exact same penalty T&C's I found - just as well I didn't listen to her!

Bobbie320

Trading 212, we are informed, are online-based for their cash ISA. What you are not told is that you still need to use a mobile 'phone to set up the account. Through a continuing e-mail thread, several members of their staff have been in touch with me, some helpful, most not helpful. One staff member said he would help me though an e-mail set-up but then another staff member stopped me at the "selfie photo" stage and said it must be done through their app. The point is that mobile 'phones do not work in this part of our village and so I am unable to use any app. We are not alone. Why must I be penalised in my choice of a savings account because of a lack of mobile 'phone service? I've sent pictures of my passport (identification), driving licence (address) and "selfie photo" (details show it was clearly taken today). They still won't accept my application. In these circumstances, should it not be made plain that a mobile 'phone app is required for registration rather than just informing us that it is online-based?

wmb194

Bobbie320 said:

Trading 212, we are informed, are online-based for their cash ISA. What you are not told is that you still need to use a mobile 'phone to set up the account. Through a continuing e-mail thread, several members of their staff have been in touch with me, some helpful, most not helpful. One staff member said he would help me though an e-mail set-up but then another staff member stopped me at the "selfie photo" stage and said it must be done through their app. The point is that mobile 'phones do not work in this part of our village and so I am unable to use any app. We are not alone. Why must I be penalised in my choice of a savings account because of a lack of mobile 'phone service? I've sent pictures of my passport (identification), driving licence (address) and "selfie photo" (details show it was clearly taken today). They still won't accept my application. In these circumstances, should it not be made plain that a mobile 'phone app is required for registration rather than just informing us that it is online-based?

Your phone or tablet doesn’t work on WiFi?

booneruk

wmb194 said:

Your phone or tablet doesn’t work on WiFi?

This is what I was thinking. If you don't have a mobile/tablet hooked up to cellular or WIFI at home you really are cutting yourself off from a lot of modern services.

If this was the case, you could also trip down to your local pub with your device, join the WIFI there and then sign up. 2FA authenticator apps can then be set up, which don't need connectivity to work afterwards - so fine then back at home.

Bobbie320

wmb194 said:

Bobbie320 said:

Trading 212, we are informed, are online-based for their cash ISA. What you are not told is that you still need to use a mobile 'phone to set up the account. Through a continuing e-mail thread, several members of their staff have been in touch with me, some helpful, most not helpful. One staff member said he would help me though an e-mail set-up but then another staff member stopped me at the "selfie photo" stage and said it must be done through their app. The point is that mobile 'phones do not work in this part of our village and so I am unable to use any app. We are not alone. Why must I be penalised in my choice of a savings account because of a lack of mobile 'phone service? I've sent pictures of my passport (identification), driving licence (address) and "selfie photo" (details show it was clearly taken today). They still won't accept my application. In these circumstances, should it not be made plain that a mobile 'phone app is required for registration rather than just informing us that it is online-based?

Your phone or tablet doesn’t work on WiFi?

booneruk said:

wmb194 said:

Your phone or tablet doesn’t work on WiFi?

This is what I was thinking. If you don't have a mobile/tablet hooked up to cellular or WIFI at home you really are cutting yourself off from a lot of modern services.

If this was the case, you could also trip down to your local pub with your device, join the WIFI there and then sign up. 2FA authenticator apps can then be set up, which don't need connectivity to work afterwards - so fine then back at home.

No, my mobile phone is too old (iPhone 5) but is fine as an emergency back-up when out-and-about. However, I'm nearly 80 and disabled, so not too happy about having to go elsewhere without knowing what I would need with me and don't want to find the money for either a new phone or a booster. I'm just annoyed about the whole move to a mobile, with banks telling me it is safer than a land-line. Safer? My land-line can't be hacked and it is impossible to steal or even lose it. 

wmb194

Bobbie320 said:

wmb194 said:

Bobbie320 said:

Trading 212, we are informed, are online-based for their cash ISA. What you are not told is that you still need to use a mobile 'phone to set up the account. Through a continuing e-mail thread, several members of their staff have been in touch with me, some helpful, most not helpful. One staff member said he would help me though an e-mail set-up but then another staff member stopped me at the "selfie photo" stage and said it must be done through their app. The point is that mobile 'phones do not work in this part of our village and so I am unable to use any app. We are not alone. Why must I be penalised in my choice of a savings account because of a lack of mobile 'phone service? I've sent pictures of my passport (identification), driving licence (address) and "selfie photo" (details show it was clearly taken today). They still won't accept my application. In these circumstances, should it not be made plain that a mobile 'phone app is required for registration rather than just informing us that it is online-based?

Your phone or tablet doesn’t work on WiFi?

booneruk said:

wmb194 said:

Your phone or tablet doesn’t work on WiFi?

This is what I was thinking. If you don't have a mobile/tablet hooked up to cellular or WIFI at home you really are cutting yourself off from a lot of modern services.

If this was the case, you could also trip down to your local pub with your device, join the WIFI there and then sign up. 2FA authenticator apps can then be set up, which don't need connectivity to work afterwards - so fine then back at home.

No, my mobile phone is too old (iPhone 5) but is fine as an emergency back-up when out-and-about. However, I'm nearly 80 and disabled, so not too happy about having to go elsewhere without knowing what I would need with me and don't want to find the money for either a new phone or a booster. I'm just annoyed about the whole move to a mobile, with banks telling me it is safer than a land-line. Safer? My land-line can't be hacked and it is impossible to steal or even lose it. 

Your landline phone cannot run apps and take photos, though. It's up to the companies to decide how to comply with the KYC regulations and many now require a photo via their app on a phone or tablet. You take it or leave it.

If you have wifi I'd recommend getting an iPad, they're awesome and they run phone apps, but a mobile and mobile network that supports WiFi calling sounds to be what you need.

patpalloon

The transfer from Zopa to Trading 212 was seamless and only took a few days. Closing down my Zopa account was a nightmare though, but that's a different story.
How safe is money in T212? I know it's all FSCS backed and easy access but the money is invested in 3rd parties I believe - mostly Chase and Barclays. I used to have money in Chase but not much any more.

Ozalid

HoppieMaky said:

Hello. I recently found myself in danger of paying income TAX on my savings. I looked into my options and decided to place my £20,000.00, the maximum allowed, into a Trading 212 Cash ISA.  This decision was entirely based on the advice on MSE but I may have missed the gist of it completely in which case I apologise for the following. On the ISA pages there exists this paragraph:
  "With easy-access cash ISAs, interest is usually paid into the account either monthly or annually. If you choose an account which pays interest annually, you won't be able to use the interest until the year's up – so there's a long wait. If you'd prefer to use it sooner, for example if you want a monthly income stream from your interest, choose an account which offers a monthly option"

With particular reference to the last sentence regarding a "monthly income" I mistakenly believed that this was what I was doing. I am entirely wrong. After one month of earning interest I withdrew the value of interest but was mistified when although I had no trouble moving the cash interest back to the bank acccount that I had moved it from in the first place, the consequence was that my ISA holding fell by the same amount. I queried this with Trading 212's chat communication tool and was reminded that I could replace the money anytime I wished. It took a while of conversation but eventually I was advised that I could not remove just the interest not even annually. I have yet to find out how I can do so, the indivitdual replying was struggling to explain their process, and I couldn't be more confused. What's the point of an ISA earning interest if when I want it I can't access it?  
My question, finally, is how can I and with which ISA account can I open (as the paragraph above suggests) that offers interest as an income stream? My guess is that due to Trading 212's policies ( their own T&C's suggest this) or simply TAX restrictions, which I could imagine would be difficult to manage, but I genuinely do not understand. Please help        

I think this was perfectly understandable and exactly my own predicament! What is difficult about this question? I did exactly the same and was mystified why my interest withdrawal came from my isa allowance and not the interest.
I have £39k so want to use the interest to top up the allowance to £40k. The only solution I could see was to withdraw everything and the put the £39k allowance back and then invest the interest.