We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Trading 212 - what do we think?
Options
Comments
-
Withdrew 5k and was in my santander account immediately0
-
I would certainly not recommend Trading 212 for a cash ISA. They are happy to take your money and they do keep you alerted to the interest that’s paid but they don’t pay the full interest – I expected a bonus rate as advertised but they failed to provide it and subsequently failed to respond to my email asking why I was not getting the bonus rate.Now that I’m trying to transfer it out to an ISA with a better company they seem to be deliberately delaying the transfer and, when I queried the delay, saying that it can take up to 30 days.So they happily take your money, don’t pay the full rate and then delay as much as they possibly can the transfer to another provider. Poor management, poor service and, frankly, not a company I could ever recommend.1
-
proving difficult to transfer cash isa from Trading212 to another provider. They cannot agree method between them leaving me in impasse!0
-
Also having difficult with ISA transfer from T212 to VidaVida say they sent the transfer request, T212 say they have no record of a transfer request.0
-
The interest rate looks tempting, but I'm worried about the protection:
Trading 212 is NOT fscs protected
the accounts they use are, but these are not customer accounts, so you CANNOT make a claim to fscs, or am I missing something?0 -
tkc1983 said:The interest rate looks tempting, but I'm worried about the protection:
Trading 212 is NOT fscs protected
the accounts they use are, but these are not customer accounts, so you CANNOT make a claim to fscs, or am I missing something?Cash ISA is protected up to 85KCash in S&S ISA protected up to 85KCash in Invest account protected up to 85K (not if invested in QMMF though)Be aware of the bank groups used though as the 85k would be all deposits within the particular banking group.
1 -
Thanks for replying.
The problem is that with Trading 212 you are NOT paying money into your account, instead you are transferring money into theirs bank account (Chase, and so on) and Trading 212 is ONLY accounting that amount to your virtual account with them. I don't really see how FSCS can be protecting any of this.
In other words, check who is 'beneficiary' of the account you are paying in. As far as I understand, only the beneficiary could (in theory) claim from FSCS.1 -
By the way, i don't think Cash ISA is protected by default. It only is protected when the provider is covered by FSCS. Again, note that having FRN is not sufficient.0
-
tkc1983 said:By the way, i don't think Cash ISA is protected by default. It only is protected when the provider is covered by FSCS. Again, note that having FRN is not sufficient.
Your cash is kept separate from our own
When you use our Cash ISA product, 100% of your money is held at some of the world's largest banks. We appoint and review the banks, monitoring them continuously to ensure they remain appropriate to hold client money. Client money is segregated and held separately from our money in client money bank accounts. Your money is ring-fenced, meaning legally binding agreements ensure that your money belongs to you and cannot be accessed or used by us, the bank or anyone else, even in the event of firm failure.FSCS protection
Your money is also protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per partner bank. This means that, in the unlikely event that one of our appointed partner banks fails, your money held with that bank is protected up to this limit.
It's important to note that the £85,000 limit applies to the total amount of money you hold at each specific bank, whether it's deposited by Trading 212, other providers, or by you directly. For transparency, the percentage of your cash held at each bank is available in the app under the "Interest on Cash" tab.Many banks and building societies and investment firms you deposit to their accounts and then its allocated to your own account using a reference number or similar.0 -
Aidanmc said:
FSCS protection
Your money is also protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per partner bank. This means that, in the unlikely event that one of our appointed partner banks fails, your money held with that bank is protected up to this limit.0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.7K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards