Trading 212 Cash ISA - Promo Code?

allegro120

winkowinko said:

allegro120 said:

bioboybill said:

Calidad said:

Does anyone know lose the bonus rate if your Cash ISA transfer in takes longer to complete than 10 days (which I expect it will)? Or does initiating the process within 10 day period lock in the rate? 

I was going to ask the same thing, but couldn't you just put a few quid in if you haven't maxed out your ISA, then initiate a transfer?

I was going to ask the same thing too because I maxed my ISA in April so "a few quid" is not an option. 

I messaged them about this, and their response was that your balance must be at least £1 within 10 days of opening the account.

This confirms the uncertainty of bonus rate, at least in my circumstances.  Transferring my VM issue10 to 5% Moneybox is probably a better option for me.    

jd84

dcs34 said:

winkowinko said:

I think the base rate has gone up, and the bonus is still at 0.15%

Bonus is now 0.2%, as confirmed here:

https://www.trading212.com/isa?cash-isa=&promo-code=MSE

and here:

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

Wednesday's email was a 0.15% bonus but the article has been updated since to say 0.2%

https://www.moneysavingexpert.com/savings/best-cash-isa/#options

That first link is now saying: 5.12%* AER (variable)

*Promo rate for new clients including bonus of 0.22% for the first 12 months.

Rheumatoid

allegro120 said:

winkowinko said:

allegro120 said:

bioboybill said:

Calidad said:

Does anyone know lose the bonus rate if your Cash ISA transfer in takes longer to complete than 10 days (which I expect it will)? Or does initiating the process within 10 day period lock in the rate? 

I was going to ask the same thing, but couldn't you just put a few quid in if you haven't maxed out your ISA, then initiate a transfer?

I was going to ask the same thing too because I maxed my ISA in April so "a few quid" is not an option. 

I messaged them about this, and their response was that your balance must be at least £1 within 10 days of opening the account.

This confirms the uncertainty of bonus rate, at least in my circumstances.  Transferring my VM issue10 to 5% Moneybox is probably a better option for me.    

Yes, getting a transfer out of VG in less than 10 days is wishful thinking!

JohnB47

allegro120 said:

bioboybill said:

Calidad said:

Does anyone know lose the bonus rate if your Cash ISA transfer in takes longer to complete than 10 days (which I expect it will)? Or does initiating the process within 10 day period lock in the rate? 

I was going to ask the same thing, but couldn't you just put a few quid in if you haven't maxed out your ISA, then initiate a transfer?

I was going to ask the same thing too because I maxed my ISA in April so "a few quid" is not an option. 

If your current ISA is a flexible one, you could withdraw, say, £10 and then immediately deposit £10 (from your Bank, not waiting for the money to arrive from the ISA) in the Trading 212 ISA.

I believe that this is OK because flexible ISA's allow you to withdraw funds and maintain your ISA allowance of £20,000. So, if you have the max invested and you withdraw £10, you have the ability to invest £10 in another ISA. That's within the same tax year.

wiseonesomeofthetime

JohnB47 said:

allegro120 said:

bioboybill said:

Calidad said:

Does anyone know lose the bonus rate if your Cash ISA transfer in takes longer to complete than 10 days (which I expect it will)? Or does initiating the process within 10 day period lock in the rate? 

I was going to ask the same thing, but couldn't you just put a few quid in if you haven't maxed out your ISA, then initiate a transfer?

I was going to ask the same thing too because I maxed my ISA in April so "a few quid" is not an option. 

If your current ISA is a flexible one, you could withdraw, say, £10 and then immediately deposit £10 (from your Bank, not waiting for the money to arrive from the ISA) in the Trading 212 ISA.

I believe that this is OK because flexible ISA's allow you to withdraw funds and maintain your ISA allowance of £20,000. So, if you have the max invested and you withdraw £10, you have the ability to invest £10 in another ISA. That's within the same tax year.

I don't think this is correct as the withdrawn money has to be returned to the same flexible ISA from which it came, not a different one.

JohnB47

wiseonesomeofthetime said:

JohnB47 said:

allegro120 said:

bioboybill said:

Calidad said:

Does anyone know lose the bonus rate if your Cash ISA transfer in takes longer to complete than 10 days (which I expect it will)? Or does initiating the process within 10 day period lock in the rate? 

I was going to ask the same thing, but couldn't you just put a few quid in if you haven't maxed out your ISA, then initiate a transfer?

I was going to ask the same thing too because I maxed my ISA in April so "a few quid" is not an option. 

If your current ISA is a flexible one, you could withdraw, say, £10 and then immediately deposit £10 (from your Bank, not waiting for the money to arrive from the ISA) in the Trading 212 ISA.

I believe that this is OK because flexible ISA's allow you to withdraw funds and maintain your ISA allowance of £20,000. So, if you have the max invested and you withdraw £10, you have the ability to invest £10 in another ISA. That's within the same tax year.

I don't think this is correct as the withdrawn money has to be returned to the same flexible ISA from which it came, not a different one.

Well, maybe you are correct but the HMRC guidance doesn't make this absolutely clear. It's a bit open to interpretation:

"If your ISA is ‘flexible’, you can take out cash then put it back in during the same tax year without reducing your current year’s allowance. Your provider can tell you if your ISA is flexible.

Example

Your allowance is £20,000 and you put £10,000 into an ISA during the 2024 to 2025 tax year. You then take out £3,000.

The amount you can now put in during the same tax year is:

£13,000 if your ISA is flexible (the remaining allowance of £10,000 plus the £3,000 you took out)

£10,000 if your ISA is not flexible (just the remaining allowance)"

eskbanker

JohnB47 said:

wiseonesomeofthetime said:

I don't think this is correct as the withdrawn money has to be returned to the same flexible ISA from which it came, not a different one.

Well, maybe you are correct but the HMRC guidance doesn't make this absolutely clear. It's a bit open to interpretation:

"If your ISA is ‘flexible’, you can take out cash then put it back in during the same tax year without reducing your current year’s allowance. Your provider can tell you if your ISA is flexible.

Example

Your allowance is £20,000 and you put £10,000 into an ISA during the 2024 to 2025 tax year. You then take out £3,000.

The amount you can now put in during the same tax year is:

£13,000 if your ISA is flexible (the remaining allowance of £10,000 plus the £3,000 you took out)

£10,000 if your ISA is not flexible (just the remaining allowance)"

Where have you sourced that text from?

It's quite clear and unambiguous in the normal place one would go for guidance:

Replacement of flexible ISA funds from the previous year, current year or both must be made:

• to the account from which the withdrawal was made
• in the same tax year

https://www.gov.uk/guidance/manage-isa-subscriptions-for-your-investors#flexible-isas

JohnB47

eskbanker said:

JohnB47 said:

wiseonesomeofthetime said:

I don't think this is correct as the withdrawn money has to be returned to the same flexible ISA from which it came, not a different one.

Well, maybe you are correct but the HMRC guidance doesn't make this absolutely clear. It's a bit open to interpretation:

"If your ISA is ‘flexible’, you can take out cash then put it back in during the same tax year without reducing your current year’s allowance. Your provider can tell you if your ISA is flexible.

Example

Your allowance is £20,000 and you put £10,000 into an ISA during the 2024 to 2025 tax year. You then take out £3,000.

The amount you can now put in during the same tax year is:

£13,000 if your ISA is flexible (the remaining allowance of £10,000 plus the £3,000 you took out)

£10,000 if your ISA is not flexible (just the remaining allowance)"

Where have you sourced that text from?

It's quite clear and unambiguous in the normal place one would go for guidance:

Replacement of flexible ISA funds from the previous year, current year or both must be made:

• to the account from which the withdrawal was made
• in the same tax year

https://www.gov.uk/guidance/manage-isa-subscriptions-for-your-investors#flexible-isas

I found it here:

https://www.gov.uk/individual-savings-accounts/withdrawing-your-money

eskbanker

JohnB47 said:

eskbanker said:

JohnB47 said:

wiseonesomeofthetime said:

I don't think this is correct as the withdrawn money has to be returned to the same flexible ISA from which it came, not a different one.

Well, maybe you are correct but the HMRC guidance doesn't make this absolutely clear. It's a bit open to interpretation:

"If your ISA is ‘flexible’, you can take out cash then put it back in during the same tax year without reducing your current year’s allowance. Your provider can tell you if your ISA is flexible.

Example

Your allowance is £20,000 and you put £10,000 into an ISA during the 2024 to 2025 tax year. You then take out £3,000.

The amount you can now put in during the same tax year is:

£13,000 if your ISA is flexible (the remaining allowance of £10,000 plus the £3,000 you took out)

£10,000 if your ISA is not flexible (just the remaining allowance)"

Where have you sourced that text from?

It's quite clear and unambiguous in the normal place one would go for guidance:

Replacement of flexible ISA funds from the previous year, current year or both must be made:

• to the account from which the withdrawal was made
• in the same tax year

https://www.gov.uk/guidance/manage-isa-subscriptions-for-your-investors#flexible-isas

I found it here:

https://www.gov.uk/individual-savings-accounts/withdrawing-your-money

Ah right, those pages are very high level and don't go into anything like enough detail, so can't be relied on for definitive guidance on every aspect of the ISA rules, especially where there's scope for ambiguity, although there is an argument that the HMRC guidance nominally aimed at ISA managers ought not to be the 'go to' place for consumers....

JohnB47

Fair enough.