Trading 212 Cash ISA issues - transfer out or cancel under 14 day cooling off period?

AspiringPensioner

Hi forumites,

My partner has quickly lost confidence in Trading 212 and we're wondering if it is more sensible to transfer out or cancel under 14-day cooling off period?

My other half and I each opened Cash ISA accounts with Trading 212 one week ago, at the start of 2026-27 tax year. My account opening went smoothly but my spouse had multiple issues - first with them stating there was a mismatch with his nominated bank account (he is second named on joint account) and then that there was a mismatch with his email (he used his Gmail acc to apply, and when replying to their request for a bank statement, it shows as Googlemail from our end for whatever reason - we thought these were interchangeable and it has never been a problem with any other bank or organisation). So the £100 I sent through as an initial deposit did not arrive for a few days - we did eventually resolve things via online chat within the T212 website and a customer service agent investigated and the deposit was found and credited to his account.

However, the whole experience has resulted in him not wanting to pay significant sums into this T212 ISA, in case more problems arise and due to the fact that you can't actually speak to someone on the phone. While he could just leave the £100 in there, we're encountering the issue that some ISA providers don't allow you to open ISAs with other providers in the same year (eg Vanquis which I had recommended he open a Triple Access ISA with). Would forumites say that it's more sensible to try and transfer out of Trading 212 or use the 14-day cancellation approach?

PS I'm going to retain my Cash ISA with Trading 212 as I had already put a substantial amount in (and wasn't affected by either of the above issues) but I can understand why he prefers not to deal with them any more.

gravel_2

The account is a flexible ISA - you can withdraw some or all of the funds and deposit into another ISA in this tax year without any issue. No need to cancel, no 14 day time limit, and no need to formally transfer the ISA.

friolento

Just for clarity: no ISA provider can stop you from opening an ISA with another provider. It is not their responsibility or right to check how many ISAs of the same type you have at any point in time, and the rules are clear: in the same tax year, you can open and deposit into as many ISAs of the same type as you like. It is your own responsibility to make sure you do not exceed your annual ISA allowance.

Where a provider tries to stop you from opening an ISA with them just because you already funded one elsewhere, you need to do what is normally a very bad idea: give them incorrect information, say you have not opened / funded an ISA elsewhere. It’s none of their business to even ask the question.

AspiringPensioner

https://forums.moneysavingexpert.com/discussion/comment/81964890#Comment_81964890

Thanks for that

AspiringPensioner

https://forums.moneysavingexpert.com/discussion/comment/81964928#Comment_81964928

Thanks @friolento - I know that others have commented along these lines before and you may be right, but I def don't feel comfortable giving incorrect info on a bank acc application form, and I know my OH would be even more so.