Simple (hopefully!) ISA query!

JoeSmith1981 · 12 March at 2:12PM

Hi,

Hoping for some advice from you lovely people about an ISA.
I came into some money around Christmas time and would like to save £20k of it in an ISA.

When I received the money I immediately dumped £20k into an old Halifax ISA that I have only used sporadically over the years. I currently have £1500 ISA allowance left for this current tax year.

I would like to open a new ISA as the Halifax one is only paying 0.75%! I’m looking at the Trading 212 cash ISA with the bonus currently advertised.

The simplest way seems to be to remove the money from the Halifax ISA into my current account and then transfer it to the new T212 ISA. I presume I will only be able to do this from 6th April onwards?

I realise that would use up my allowance for 26/27 however I’m unlikely to be saving anything else this coming year.

Any advice on the best way to do this?

thanks in advance

JS

DRS1 · 12 March at 2:22PM

If you paid £20k into the ISA at Christmas how can you have £1500 of this year's ISA allowance left to fill?

As for moving the money to a new ISA why wouldn't you do an ISA transfer? Does the T212 bonus not apply to transfers?

DRS1 · 12 March at 2:33PM

Maybe it is a different thing but the FAQs on this page suggest a transfer may qualify (at least for this year's contribution to the existing ISA as long as they spell out in the transfer history form what you contributed this tax year)

Cash ISA with zero account fees | Trading 212

eskbanker · 12 March at 2:35PM

https://forums.moneysavingexpert.com/discussion/comment/81920168#Comment_81920168

The currently-offered T212 new customer bonus (1.08% for 12 months) doesn't apply to transfers.

Edit: cross-posted - yes, it does look like it applies to transfers of current year money.

DRS1 · 12 March at 2:37PM

https://forums.moneysavingexpert.com/discussion/comment/81920196#Comment_81920196

I just posted a link to a T212 Cash ISA thing (which may be a different thing) but seems to apply to this years money transferred in to T212 from elsewhere according to the FAQs.

flaneurs_lobster · 12 March at 2:52PM

The amount of confusion that is evident from the previous posts suggests just how hard it is to pin down exactly what the terms & conditions (let alone the actual rate that is being offered) are for the T212 promotions.

And whatever the rate/promotion code is today will probably be different tomorrow as the neo-fincoms leapfrog each others' rates in order to stay top of the listings/tables.

JoeSmith1981 · 12 March at 3:09PM

https://forums.moneysavingexpert.com/discussion/comment/81920168#Comment_81920168

sorry, could have explained it better. I already had £1500 in the ISA from a previous year so only actually put £18.5k in.

Albermarle · 12 March at 3:32PM

https://forums.moneysavingexpert.com/discussion/comment/81920226#Comment_81920226

Just to add to the moving targets - On the Moneyfacts comparison site ( normally very reliable) it has T212 easy access cash ISA at 4.68% including a 1.08% 12 month bonus. Then it says

Key Information:

Bonus rate only for new customers via moneyfactscompare.co.uk

Also in the details it says cash ISA transfers are not allowed at all. Plus of course as we know.

This provider is not a bank and does not offer its own savings accounts. It offers accounts that are provided by other regulated banks and your savings are protected by the Financial Services Compensation Scheme, up to the £120,000 limit, in the name of the bank providing the account. Any money you save via this account will be added to any money you already hold with the account provider for the purposes of FSCS protection and any money over the £120,000 limit will not be protected.

JoeSmith1981 · 12 March at 3:38PM

thanks all, I’ve opened the T212 account and initiated a transfer from my Halifax ISA. There is a box on the app to add a promo code. I entered “MSE” and got confirmation that I will get 4.68% bonus rate

DRS1 · 12 March at 4:36PM

I found this page with the promotional terms which seem to apply until Monday. I don't know what exactly will change on Monday but I attach it in case it helps at all.

Promotional-Terms_EN.pdf