Trading 212 cash isa

jusser1

Hello all

I opened the above in November and funded it with this years £20000 limit.

I have just see that new customers are to get a bonus rate of 0.2% effectively raising their rate from my rate of 4.9 to 5.1
After a fairly unproductive chat with their Bot, my question is this.

I have a virgin cash isa that matures tomorrow. Can I open another cash isa with trading 212 and fund it with this money (gained from past tax years)?
I know you can open more than one cash isa per year now, but can you open two with the same provider as long as you are transferring in and not going over your limit?
… or will trading 212 see through this if indeed it us technically allowed?

Thanks in anticipation.

Aidanmc

jusser1 said:

Hello all

I opened the above in November and funded it with this years £20000 limit.

I have just see that new customers are to get a bonus rate of 0.2% effectively raising their rate from my rate of 4.9 to 5.1
After a fairly unproductive chat with their Bot, my question is this.

I have a virgin cash isa that matures tomorrow. Can I open another cash isa with trading 212 and fund it with this money (gained from past tax years)?
I know you can open more than one cash isa per year now, but can you open two with the same provider as long as you are transferring in and not going over your limit?
… or will trading 212 see through this if indeed it us technically allowed?

Thanks in anticipation.

I don't think there is an option with T212 to open a second cash isa with them.

But you can transfer your maturing Virgin ISA to your existing T212 Cash ISA

You wont get the bonus rate unfortunately.

eskbanker

jusser1 said:

I opened the above in November and funded it with this years £20000 limit.

I have just see that new customers are to get a bonus rate of 0.2% effectively raising their rate from my rate of 4.9 to 5.1

You wouldn't be a new customer so aren't eligible for the offer:

4.2. You will not be eligible to participate in the Promotion if you are (1) a current or previous customer of Trading 212 [...]

https://www.trading212.com/legal-documentation/uk/cash-isa/Promotional-Terms_EN.pdf

jusser1

Thanks Aidanmc

The galling thing is that if I’d have waited and got the higher rate - then with 20k funded plus 40k transfer that’s an extra £120 after a year.

jusser1

4.2. You will not be eligible to participate in the Promotion if you are (1) a current or previous customer of Trading 212 [...]

Well spotted - thanks eskbanker.

PRAISETHESUN

My understanding is that the new ISA rules say you can deposit into multiple ISAS within a given tax year, but it doesn't actually force providers to allow you to do this if they are not set up for it. If T212 don't allow you to open more than one ISA with them then you can't really do anything. And as above, I don't believe you would be eligible for the bonus rate as an existing customer anyway. There shouldn't be anything stopping you from transferring in your previous years subscriptions into your existing T212 ISA though, just without the bonus interest.