Cash ISA Transfer (T212 to Chip)

Psyduck1980

I initiated an ISA transfer from T212 yesterday and the balance immediately disappeared from my T212 account. It hasn’t yet been credited to my Chip account, which is understand is normal. However, do I still earn interest whilst the transfer is in process? If so, is it paid at the T212 rate of interest or the Chip rate?

booneruk

Forgive me if I am wrong, but since ISA transfers are initiated at the receiving end (Chip) I'm a bit confused how the T212 balance immediately disappeared. 

Did you definitely initiate a transfer?

Archerychick

I agree that sounds strange, you would usually first get an approval request from T212 to approve the transfer before it went ahead. You may need to check with them directly what’s happened here 

bagand96

This is how it worked for me recently:

1) Initiate transfer with Chip
2) Trading212 receive transfer request and ask you to digitally sign transfer approval in their app.  Funds then immediately disappear from T212 ISA account
3)  Funds transfer to Chip and are shown in Chip account.  For me this took one working day (completed T212 form on a Friday, funds showed in Chip late Monday)

I assume the OP is at stage 2 as the funds have disappeared from T212.  On interest T212 will pay any accrued interest up to the day the completed their form and they move the funds.  Unsure if Chip start paying from when they credit the funds or backdate to the transfer date.

Psyduck1980

bagand96 said:

This is how it worked for me recently:

1) Initiate transfer with Chip
2) Trading212 receive transfer request and ask you to digitally sign transfer approval in their app.  Funds then immediately disappear from T212 ISA account
3)  Funds transfer to Chip and are shown in Chip account.  For me this took one working day (completed T212 form on a Friday, funds showed in Chip late Monday)

I assume the OP is at stage 2 as the funds have disappeared from T212.  On interest T212 will pay any accrued interest up to the day the completed their form and they move the funds.  Unsure if Chip start paying from when they credit the funds or backdate to the transfer date.

Spot on @bagand96. My balance has appeared in Chip since my post so it’s all moot. I was very impressed with how quick the transfer process was (< 24 hours). 

Archerychick

Awesome! It was the way you had explained that your balance had immediately disappeared after you made the request that confused us, it does once you’ve confirmed the transfer request as you’ve found. Nice quick one that!

booneruk

Archerychick said:

Awesome! It was the way you had explained that your balance had immediately disappeared after you made the request that confused us, it does once you’ve confirmed the transfer request as you’ve found. Nice quick one that!

Indeed. If only the 'Impossible to transfer out of T212!' thread had more samples of this experience. Anyone reading that would think it's a living hell.

Gambler

It's just a shame Chip don't accept partial transfers.

danny13579

Chip have just dropped their rate for new customers from 4.82% AER to 4.33% AER.  

Anyone who opened their Chip cash ISA before 4pm on Friday 13th June will still get the old boosted rate.

danny13579

Chip now offering 5% AER (variable tracker) for 3 months to new customers (drops to 4.06% AER (variable tracker) after 3 months.

Not quite as good as 4.82% AER (variable tracker) from a couple of weeks ago or 4.99% AER (variable tracker) from May - both bonus rates lasting for a year, but could be good if you're ready to ditch and switch after 3 months.