ISA Question

masonic

himonster said:

With T212, that's only an option to completely close your account from what I can see.

It won't be something you can do yourself. You will need to ask customer services.

himonster

wmb194 said:

himonster said:

Alistair31 said:

Just curious, what do you now not like about T212?

I'm uneasy about it. No evidence of the account/funds if T212 ever got shut down. Not an actual bank. Can't see which banks the funds are being held with

Why would it get shutdown? It's a stockbroker. Click on the menu (the three lines) and then "interest on cash" and you'll see the split between institutions. E.g.,:

I can't see that option as of yet ☹️

wmb194

himonster said:

wmb194 said:

himonster said:

Alistair31 said:

Just curious, what do you now not like about T212?

I'm uneasy about it. No evidence of the account/funds if T212 ever got shut down. Not an actual bank. Can't see which banks the funds are being held with

Why would it get shutdown? It's a stockbroker. Click on the menu (the three lines) and then "interest on cash" and you'll see the split between institutions. E.g.,:

I can't see that option as of yet ☹️

When did you deposit the money? Today?* You'll see it on Monday or Tuesday.

*In the thread you started yesterday you said you hadn't deposited anything.

https://forums.moneysavingexpert.com/discussion/6603428/trading-212-cash-isa-help/p1

himonster

wmb194 said:

himonster said:

wmb194 said:

himonster said:

Alistair31 said:

Just curious, what do you now not like about T212?

I'm uneasy about it. No evidence of the account/funds if T212 ever got shut down. Not an actual bank. Can't see which banks the funds are being held with

Why would it get shutdown? It's a stockbroker. Click on the menu (the three lines) and then "interest on cash" and you'll see the split between institutions. E.g.,:

I can't see that option as of yet ☹️

When did you deposit the money? Today?* You'll see it on Monday or Tuesday.

*In the thread you started yesterday you said you hadn't deposited anything.

https://forums.moneysavingexpert.com/discussion/6603428/trading-212-cash-isa-help/p1

I have done today 

Ayr_Rage

@himonster I can assure you all the info you need is there, it just takes a while to find it and you can also use a laptop/desktop to log in which makes navigation a bit easier.

I have a cash ISA and also hold cash in the Invest side, I've no qualms about QMMFs!

They also produced the annual interest summary very quickly, unlike some of my other banks.

@wmb194 if the ISA is anything like the Invest cash deposits, using the linked Open Banking method deposits are virtually instant and withdrawals within an hour at most, even at weekends.

Sending from Nationwide, Santander and Chase, Faster Payments have been credited within 3 hours at worst.

wmb194

Ayr_Rage said:

@himonster I can assure you all the info you need is there, it just takes a while to find it and you can also use a laptop/desktop to log in which makes navigation a bit easier.

I have a cash ISA and also hold cash in the Invest side, I've no qualms about QMMFs!

They also produced the annual interest summary very quickly, unlike some of my other banks.

@wmb194 if the ISA is anything like the Invest cash deposits, using the linked Open Banking method deposits are virtually instant and withdrawals within an hour at most, even at weekends.

Sending from Nationwide, Santander and Chase, Faster Payments have been credited within 3 hours at worst.

I've made deposits to T212 at the weekend and they weren't reflected fully until Monday. The OP doesn't need to panic.

himonster

wmb194 said:

Ayr_Rage said:

@himonster I can assure you all the info you need is there, it just takes a while to find it and you can also use a laptop/desktop to log in which makes navigation a bit easier.

I have a cash ISA and also hold cash in the Invest side, I've no qualms about QMMFs!

They also produced the annual interest summary very quickly, unlike some of my other banks.

@wmb194 if the ISA is anything like the Invest cash deposits, using the linked Open Banking method deposits are virtually instant and withdrawals within an hour at most, even at weekends.

Sending from Nationwide, Santander and Chase, Faster Payments have been credited within 3 hours at worst.

I've made deposits to T212 at the weekend and they weren't reflected fully until Monday. The OP doesn't need to panic.

The funds credited today straight away after transferring so that's not an issue. 

himonster

If I'm saving £20k, and withdraw the interest earned each month but still keep £20k in the ISA, does this affect anything negatively?

Qyburn

himonster said:

If I'm saving £20k, and withdraw the interest earned each month but still keep £20k in the ISA, does this affect anything negatively?

No. But just to be clear it's perfectly OK for the balance to exceed £20k, you don't need to withdraw the interest unless you need it for something.

himonster

Qyburn said:

himonster said:

If I'm saving £20k, and withdraw the interest earned each month but still keep £20k in the ISA, does this affect anything negatively?

No. But just to be clear it's perfectly OK for the balance to exceed £20k, you don't need to withdraw the interest unless you need it for something.

Thanks. Am I right in saying: 

My new ISA that I've just paid into for 2025/2026... At the end of the tax year on April 6th 2026, will I still not pay tax on interest in this account, even if it's sitting at £21k and still earning interest? 

In 2026, I can open another ISA and transfer this one and it still be exempt from tax as well as a new 2nd ISA account I open after 6th April 2026 with funds in?