eToro Cash ISA 'transfers in'

efunc

This ISA currently looks pretty good, but I'm having a nightmare opening it or transferring in. Has anyone succeded? The terms are below, but when I chat to their AI bot I'm either told the product doesn't exit or that it exists but doesn't allow transfers, or that I don't exist, or that nothing exists anymore…

● Open an eToro Cash ISA through your eToro account.
● Within the Offer Period, deposit at least £500 or initiate a transfer of at least £15,000 to
your eToro Cash ISA. Transfers must arrive no later than one calendar month after the
Offer Period end date of the relevant Cohort.
● Keep a balance of at least £500 for 12 months from the date of the First Deposit.

wmb194

https://forums.moneysavingexpert.com/discussion/6662008/etoro-cash-isa-039-transfers-in-039

Sounds like you need to first open a GIA. When I login to my GIA there’s a clickable banner promoting this Isa.

From the app:

efunc

Yes, I do see that on my home page, but when I click it I only have the option to first pay funds in to eToro from a bank account before presumably selecting a destination account.

I've just tried that link again and now I only see the option to open a S&S ISA or Managed ISA. Not a Cash ISA. I have no means to open the cash ISA at all.

Having 'spoken' to the AI Chatbot again they are saying that because I have a different Moneybox ISA funded for 25/26 I'm being prevented from seeing the eToro one because of UK restrictions. I explained that it shouldn't matter because I'm transferring funds in, which their T&Cs allow, not paying in new money, but the chatbot exploded at that point.

wmb194

https://forums.moneysavingexpert.com/discussion/comment/81944421#Comment_81944421

So you already have a Moneybox Isa? That's probably the issue: perhaps Moneybox only allows one per person.

This is what I see when I follow the link:

efunc

Thanks. Yes, the top one is what I'm not seeing. Frustrating as there is no mention that you can't hold a Moneybox ISA anywhere in the T&Cs. I've messaged them so will see what happens. It looks like a nice platform otherwise.

kyorin

https://forums.moneysavingexpert.com/discussion/comment/81944499#Comment_81944499

I asked this question further up but I'm wondering why this Etoro offering isn't in MSE's list of top paying ISA's. I'm hesitating opening this as it doesn't seem to be even mentioned, let alone recommended.

Also, I have a MoneyFarm ISA currently, but I am seeing the link for Etoro's ISA in the app.

efunc

It is in their list, that's how I learned about it and decided to open it. It's in their 'Non-standard flixible ISA's' category.

oddcueball52

https://forums.moneysavingexpert.com/discussion/comment/81946072#Comment_81946072

eToro is shown under Non-standard cash ISAs section on their site.

Best cash ISAs: up to 4.58% easy access, up to 4.5% fixed - MSE

Non-standard cash ISAs

We've not added the accounts below to our best buys table due to how they hold deposited funds. With these cash ISAs, your deposit will be held in something called a 'qualifying money market fund' (QMMF) – these tend to be low-risk investments, such as Government bonds.

While this type of holding can be covered by FSCS, the FSCS couldn’t confirm this to us 100%. It told us that it depends on a number of factors and that it determines whether FSCS applies on a case-by-case basis. So while the risk of not getting your money back is likely quite low, we’ve erred on the side of caution. Your view may vary

efunc

The FSCS protection (or lack of) is a big factor, specially looking at the possibility of major banking collaps in the next 12 months. I'm going to look elsewhere, possibly Trading 212.