Trading 212 Cash ISA Issues

NatB1702

Hi,

Has anybody had issues with the interest on their Trading 212 cash ISA?

I signed up and transferred my existing ISA's to Trading 212 at the end of June. The 'Pending Interest' never showed, but I assumed I'd just missed the deadline for the interest being paid for June. However, interest for July was not received by the 3rd August. So, this morning, I raised the issue. I was told that the interest feature had been turned off when I'd tried to close the account?! I told them I hadn't tried to close the account and had just opened it! So, I was then told they had turned it off in error. I asked them them when I would receive the interest I was owed, I was told I would receive it going forward instead?! It's a complete con.. what's the point in having an account when it's not accruing interest! Is anybody else aware of this?

Aidanmc

NatB1702 said:

Hi,

Has anybody had issues with the interest on their Trading 212 cash ISA?

I signed up and transferred my existing ISA's to Trading 212 at the end of June. The 'Pending Interest' never showed, but I assumed I'd just missed the deadline for the interest being paid for June. However, interest for July was not received by the 3rd August. So, this morning, I raised the issue. I was told that the interest feature had been turned off when I'd tried to close the account?! I told them I hadn't tried to close the account and had just opened it! So, I was then told they had turned it off in error. I asked them them when I would receive the interest I was owed, I was told I would receive it going forward instead?! It's a complete con.. what's the point in having an account when it's not accruing interest! Is anybody else aware of this?

Thats strange!

Are you sure you're talking about the Cash ISA 

I would be requesting the interest be backdated. 

If not done, make a formal complaint.

They seem to have admitted making an error by " turning off the interest"

They cant turn on and off interest in the Cash ISA. 

Now interest on cash in S&S ISA is different, it can be turned on or off, (qmmf risks accepted)

Ayr_Rage

In the Cash ISA there is no option to turn off interest.

You can turn it on and off in the STOCKS ISA (where uninvested cash get 4.35%) and the INVEST account.

@NatB1702 I think you need to go back and check what you have actually opened as you're the first person I have ever heard of having this issue.

NatB1702

Hi, thanks both.

They have since told me that I tried to close my account on 25/06 - yet my existing ISAs did not complete transfer until the 26/06. I am now told that the person who said it was their error earlier this morning, had made a typo by mistake and it was in fact, me, that turned it off!

It has since been escalated to their complaints dept. It makes no sense to me at all. Needless to say, I will be transferring my ISAs to another provider. 

Ayr_Rage

NatB1702 said:

Hi, thanks both.

They have since told me that I tried to close my account on 25/06 - yet my existing ISAs did not complete transfer until the 26/06. I am now told that the person who said it was their error earlier this morning, had made a typo by mistake and it was in fact, me, that turned it off!

It has since been escalated to their complaints dept. It makes no sense to me at all. Needless to say, I will be transferring my ISAs to another provider. 

You CANNOT turn off interest on the Cash ISA.

slinger2

We still don't know what sort of iSA you're taking about. Makes the whole story largely unintelligible

Ayr_Rage

slinger2 said:

We still don't know what sort of iSA you're taking about. Makes the whole story largely unintelligible

Read the OP please, line 1 after "Hi"

"Has anybody had issues with the interest on their Trading 212 cash ISA?"

QrizB

Ayr_Rage said:

slinger2 said:

We still don't know what sort of iSA you're taking about. Makes the whole story largely unintelligible

Read the OP please, line 1 after "Hi"
"Has anybody had issues with the interest on their Trading 212 cash ISA?"

We know that's what the OP thinks they've got, but it's been stated repeatedly that:

Ayr_Rage said:

You CANNOT turn off interest on the Cash ISA.

Hence the request for more info.

NatB1702

Hi All,

The Trading 212 is the Cash ISA. There is no other name for it in my app. Since I spoke to them yesterday, and they said they'd turn the interest 'on',  the daily interest for yesterday has 'miraculously' appeared this morning. 

I'm not new to cash ISA's and have followed MSE closely for cash ISA recommendations. This is one I transferred to at the end of June. 

I'm hopeful the complaint will shed some light. It doesn't help that during my online chat yesterday, I spoke to 4 different people, who contradicted each other. 

Thanks. 

slinger2

Very very odd. The Cash ISA is a savings account. There's no concept of turning interest on and off.

NatB1702

It's beyond me. Makes no sense at all. I sent them screen shots of my account to prove there was no option for turning interest off. I now have to wait for up to 8 weeks for them to investigate my complaint.