Trading 212 cash ISA (5.32% variable for 3 months, then 4.5%)

What_time_is_it

Im thinking of opening up a cash ISA with Trading 212 to take advantage of their 3 month bonus rate. I have a cash ISA with Virgin that matures on Monday and I’d like to transfer that in. I’ll also be paying in £20k as soon as we enter the new tax year on April 6th.

Does anyone know how long you have to put funds in the account once you’ve opened it? e.g. If I open it today but don’t put funds in until April 6th would that be ok?

How are they on transfers in? Does it take long?

How are they on transfers out? I’d likely be moving it to another cash ISA or maybe a stocks and shares ISA by the time that the bonus rate expires in 3 months.

Any other good/bad experience of Trading 212?

Thanks!

What_time_is_it

How do I move this to the ISA section?

allegro120

What_time_is_it said:

Im thinking of opening up a cash ISA with Trading 212 to take advantage of their 3 month bonus rate. I have a cash ISA with Virgin that matures on Monday and I’d like to transfer that in. I’ll also be paying in £20k as soon as we enter the new tax year on April 6th.

Does anyone know how long you have to put funds in the account once you’ve opened it? e.g. If I open it today but don’t put funds in until April 6th would that be ok?

How are they on transfers in? Does it take long?

How are they on transfers out? I’d likely be moving it to another cash ISA or maybe a stocks and shares ISA by the time that the bonus rate expires in 3 months.

Any other good/bad experience of Trading 212?

Thanks!

I'm in the same situation. Virgin is maturing on Monday and also £20k is waiting for 6th April.  I'm not entitled to any other top offers so T212 for 3 months seems to be the best option so far. I'm planning to open it on 31st to take full advantage of 3 months.  I have no experience with T212, but 2 month ago I transferred from Virgin to Moneybox and that took only a couple of days. 

T212 website says that the funding window is 10 days from opening. You have to either make a deposit or initiate transfer process within 10 days.

thegentleway

I’ve recently transferred my cash ISA to T212. They said it would take a long time as they have a lot of transfers at the moment. I was ~70 in a queue but it only took about a week.

I’ve only used it a for a couple of weeks but it’s really good. App/website is great, lots of functionality for investments. I’ve taken money out a few times and it was instant (despite it saying it could take 3 days). 

MisterMotivated

For anyone considering taking this up, it looks like the promotion is set to expire on 1st April (whether at 00:01 or 23:59, I couldn't say).

allegro120

I've opened this account via MSE link.  It shows 4.5%. Will it change to 5.36% when I deposit funds?
I will be transferring from Virgin. Promotional rate offer will end in 2 days, I wonder if by the time the transfer is complete it will be too late to get an extra 0.86% for 3 months?

MisterMotivated

allegro120 said:

I've opened this account via MSE link.  It shows 4.5%. Will it change to 5.36% when I deposit funds?
I will be transferring from Virgin. Promotional rate offer will end in 2 days, I wonder if by the time the transfer is complete it will be too late to get an extra 0.86% for 3 months?

When I log in it shows 5.38%.  Before you applied, did you click any other links on the site that may have directed you back to the normal account application page rather than the promotional link?

I'm in the same boat re Virgin, hopefully I'll be able to initiate at least a partial transfer tomorrow as I've already used this year's allowance.

allegro120

MisterMotivated said:

allegro120 said:

I've opened this account via MSE link.  It shows 4.5%. Will it change to 5.36% when I deposit funds?
I will be transferring from Virgin. Promotional rate offer will end in 2 days, I wonder if by the time the transfer is complete it will be too late to get an extra 0.86% for 3 months?

When I log in it shows 5.38%.  Before you applied, did you click any other links on the site that may have directed you back to the normal account application page rather than the promotional link?

I'm in the same boat re Virgin, hopefully I'll be able to initiate at least a partial transfer tomorrow as I've already used this year's allowance.

I can see the same picture on my profile, but my account page displays 4.50%.  It is a bit confusing. 

I clicked on the link on MSE website which brought me to T212.  Cash ISA 5.38% was already pre-selected. I clicked on it and followed the procedure.

Transfer a small amount first is a good idea, I'll probably do that, Thanks!  I've too already used my allowance, I normally do it on 6th April to get a full benefit of tax-free savings.

sammy_zammy

allegro120 said:

 I've too already used my allowance, I normally do it on 6th April to get a full benefit of tax-free savings.

Now that you can open multiple ISAs per year, it’s probably wise to keep £1.5k or so back to the end of the tax year for situations like these!

MisterMotivated

Mine shows 4.50% on the Overview screen as well, presumably because I haven't fully met the terms to qualify for the bonus rate yet.

So far no movement on the VM ISA. I suspect it'll be like the other accounts I've had with them which supposedly pay out on the last day of the month but I don't see it until the next day (though hopefully it actually comes in late in the evening so there's still an outside chance of qualifying).  My T212 account now says "expires in 24 hours", but I doubt that'll be an accurate countdown.

My plan is definitely to leave something back with 2025-26 ISA funding, but probably only a token amount around £10-100.  It never used to be an issue due to the ISA rules and shouldn't even have been an issue now, but the rest of my ISA money is with Zopa.  Most of it is easy access but some is fixed and they don't allow partial transfers out so the entire amount is effectively held hostage with them.

allegro120

MisterMotivated said:

Mine shows 4.50% on the Overview screen as well, presumably because I haven't fully met the terms to qualify for the bonus rate yet.

So far no movement on the VM ISA. I suspect it'll be like the other accounts I've had with them which supposedly pay out on the last day of the month but I don't see it until the next day (though hopefully it actually comes in late in the evening so there's still an outside chance of qualifying).  My T212 account now says "expires in 24 hours", but I doubt that'll be an accurate countdown.

My plan is definitely to leave something back with 2025-26 ISA funding, but probably only a token amount around £10-100.  It never used to be an issue due to the ISA rules and shouldn't even have been an issue now, but the rest of my ISA money is with Zopa.  Most of it is easy access but some is fixed and they don't allow partial transfers out so the entire amount is effectively held hostage with them.

Based on what happened last time (issue 10) I expect VM issue 11 to morph tomorrow.
I've requested £10 transfer to T212, it's in a queue - transfer will be initiated in 7 days. I don't want to commit any more funds until I see the interest displaying 5.36%.  Meanwhile I'm going to open Tembo cash ISA and see how that goes.  VM will pay 4.51% until 19th May, which is still a decent rate.