Advice on Trading 212

Sammyg

Hi all

I am in need of some advise here, my 1 year fixed Isa matured today and I am told is in a very low interest holding account, I obviously don't want to leave it here, so looking on this website I have seen that Trading 212 currently is the leader of the interest rate market, seems great but is it, suffice to say, I am a bit dubious, one reason being I have never heard of these before, but I understand they are an investment platform offering both Stock and Shares Isa's and an Easy Isa, with multiple banks, I would be more interested in the Easy Isa side, my question is, has anyone used these for just their Easy Isa, are they a reputable company?

eskbanker

Yes, there are many using their cash ISA, as it has been competitive on rates for quite a while.  Suggest reading through some of the many existing threads on here about them....

Ayr_Rage

With all the newer providers make sure you check the rates for ISA transfers-in, they are not always the same as for new money.

I've been invested and saving with them for 12+ months with no problems.

wmb194

Sammyg said:

Hi all

I am in need of some advise here, my 1 year fixed Isa matured today and I am told is in a very low interest holding account, I obviously don't want to leave it here, so looking on this website I have seen that Trading 212 currently is the leader of the interest rate market, seems great but is it, suffice to say, I am a bit dubious, one reason being I have never heard of these before, but I understand they are an investment platform offering both Stock and Shares Isa's and an Easy Isa, with multiple banks, I would be more interested in the Easy Isa side, my question is, has anyone used these for just their Easy Isa, are they a reputable company?

Yup, it's a relatively recent entrant to the cash Isa market but as a stockbroker it's actually been around for quite a while. I opened a GIA with it in 2019 and I really like it. If you look it up on Companies House you can read its company accounts and they show it to be a decently profitable business.
 

slinger2

Something to be aware of with Trading212 Cash ISA promotion:

"Can I get a promo rate when transferring an ISA?

No, the promo rate will not be applied to any money you transfer from another ISA provider."

So you'll only get the 4.42% AER rate for cash that you put in it. Otherwise it's 3.85% AER.

clairec666

As others have said, Trading 212 offer a lower interest rate for transfers in, so there may be other options which are better for you. They are a reputable company, and I've never had any problems accessing my money, although I did find their customer service (no phoneline, online chat only) not great. Their "newbie bonus" thing is annoying, and they like to hook you in with a good looking rate so you have to have your wits about you to decide whether it's a good rate over the long term, or to switch out again when the bonus rate ends.

Ch1ll1Phlakes

At the time of writing this, the MSE website gives the Kent Reliance ISA at 4.38% as the cash ISA with the highest interest for transfers it. As it's an fixed ISA that has matured please use the ISA transfer process to move the funds to a new account. If you're not sure what this is we can explain but put simply you'll ask your new ISA provider to request the funds from your old provider