Trading 212 and its 2 different interest rates (newbie bonus & transfer in)

MissJane007

Hi everyone

Trading 212 have a newbie bonus interest rate of 4.82%, but that rate is not available for transfers in, which is 4.1%.

So if you add in, say, £20k of new money at the 4.82% rate, what happens if you then transfer in an ISA balance at the 4.1%?

Do you lose the bonus rate on the £20k, or does T212 deal with the 2 different rates?

Thanks in advance

MissJane007

Update: this is for ISA's. I didn't make that clear and can't see a way to edit post.

Ch1ll1Phlakes

Hi. I think this section of the Cash ISA Bonus Rate Promotion Terms from the Trading 212 website for the cash ISA is what you're asking. Based on part (a) my understanding is that a transfer in from another Cash ISA means you are not eligible for the promotional interest rate of 4.82% (i.e. you won't get the bonus of 0.72%) and will only get the Core Interest Rate (as T212 describes it) of 4.1%. Someone else can maybe confirm this but I haven't transferred into a T212 Cash ISA.

PS: You probably can't edit your post as you only have posted a few times before (The forum describes your account as Newbie). You will be able to after more posts on the forum

MissJane007

Thanks for the reply

If you are a newbie and put money in at the promo rate, would you lose that promo rate if you then transfer an isa in from elsewhere? Or do you have to have 2 ISAs?

Ch1ll1Phlakes

MissJane007 said:

Thanks for the reply

If you are a newbie and put money in at the promo rate, would you lose that promo rate if you then transfer an isa in from elsewhere? Or do you have to have 2 ISAs?

I believe, based on the T&Cs above, that the promo rate would probably apply until you initiate a transfer into the ISA. Furthermore, you are disqualified from the promotion if you have more than one Cash ISA see the following screenshot from the T&Cs. 

As suggested by MSE, I think Trading 212 are trying to attract new customers to their stocks & shares ISA through these Cash ISA promotions, therefore these promotions only apply to new ISA deposits and not transfers (I imagine as ISAs built up across previous tax-years can be much larger than the 20k allowance) - see quote