Trading 212 Cash ISA

booneruk

Your Cash ISA is one pot - there's no distinction between interest and original capital. When you withdraw, you withdraw flexibly, since it's a flexible ISA. You are able to replace the withdrawn funds within the same tax year without using your allowance.

Add 20k at the start of the financial year, earn £100 interest and withdraw it, your used allowance is now 19.9k (you'll still have 20k in the ISA). You're able to replace that £100 and if you do your used allowance is now back to 20k. This is great, I only open flexible ISAs now.

Read this post on the first page, I think it explains it better: https://forums.moneysavingexpert.com/discussion/comment/81210396/#Comment_81210396

slinger2

I think part of the issue here is that there seem to be a lot of investors who still think there's some limit to how much money you can have in an ISA. Obviously there's an annual allowance of new money but there's no limit to the balance. You put in £20k and get £100 interest. Now you've got £20,100 in the Cash ISA. It's not a problem.

Some of the comments just don't make sense: "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." You put in £20k and get £100 interest. Now you've got £20,100 in the Cash ISA. You take out £100 and now you've got £20,000 in the Cash ISA. Why is this mystifying?

"I have £39k so want to use the interest to top up the allowance to £40k."? So you want to take the interest out so that you can pay it back in again? I'm mystified now.

averageguy11

I see the bonus interest runs for 12 months….does this only apply to initial deposits or cover  deposits made through out the 12 months (obviously expiring on all deposits 12 months after opening the account)

Aidanmc

averageguy11 said:

I see the bonus interest runs for 12 months….does this only apply to initial deposits or cover  deposits made through out the 12 months (obviously expiring on all deposits 12 months after opening the account)

I imagine it applies to all cash in the account during the initial 12 months

gt94sss2

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. 

From what I can see, the iPhone 5 can support WiFi calling.

Can you confirm which mobile phone network you use?

Having said that the iPhone 5 and its immediate successors the 5s and 5c stopped being supported many years ago so well worth considering getting an updated device to use - even if it's just a very cheap one.

Tractorman123

I have £10,000 used in my T212 cash ISA so far this year, does anyone know that if I put in the other £10,000 can I withdraw £4000 of that nearer the end of the year and put it in my LISA?? Or is it just a case of once it's in that's the allocation used up for the year??
I'm not wanting to tie that money (£4000) up just yet in the LISA in case I need it over the next few months (I'd have enough later to go into the LISA anyway) but would be handy to earn interest in T212 just now until I'm ready and in a better position.
Thanks

Aidanmc

Tractorman123 said:

I have £10,000 used in my T212 cash ISA so far this year, does anyone know that if I put in the other £10,000 can I withdraw £4000 of that nearer the end of the year and put it in my LISA?? Or is it just a case of once it's in that's the allocation used up for the year??
I'm not wanting to tie that money (£4000) up just yet in the LISA in case I need it over the next few months (I'd have enough later to go into the LISA anyway) but would be handy to earn interest in T212 just now until I'm ready and in a better position.
Thanks

You can't just withdraw the £4000 and put it in a LISA, as you would have already used the ISA allowance for the year.

You may be able to TRANSFER £4000 from the T212 Cash ISA to the LISA.

I don't know if T212 support partial transfers of current years subscriptions or if your LISA provide accept them.

You could ask them though.