Cash ISA with instant withdrawal

jimjames

Tandem also do instant bank transfers to nominated account

winkowinko

Surely Chip will come back with something better than their smart ISA.

confederated

I just deposited funds into a new Trading 212 account, then later withdrew £5 into my linked current account. It was instant - as long as you have an account compatible with TrueLayer.

danco

I've checked further. What do other ISAs say? I do suspect that the Chip Smart Cash ISA actually withdraws instantly and they are just covering themselves in saying "within one working day". Do any others actually say withdrawal is instant? If so, one would have ground for complaint if withdrawal took as much as fifteen minutes. As I mentioned above, I did find that the old Chip Cash ISA let me make withdrawal instantly, but I can't remember what they actually stated in their terms or their blurb.

confederated

No it doesn't. I made a withdrawal from my Chip Smart Cash ISA early Weds evening and it wasn't in my current account until around midday Thursday.

roked

https://forums.moneysavingexpert.com/discussion/comment/82031125#Comment_82031125

I would assume its permanent, clearbank is the sole bank holding the normal isa funds, hence can direct deposit and withdraw. With the smart isa, its held across multiple banks, so I guess chip have to manually process it from which ever bank or banks its held at

danco

Ah, that makes sense. As you can see from my comments, I was unsure.

What is Plum like? It seems the best available flexible ISA (I had already had the Trading212 bonus previously).

Though I reckon for my needs, next day credit is fine most of the time

epm-84

https://forums.moneysavingexpert.com/discussion/comment/82032338#Comment_82032338

I've not held a Plum account, but make sure you've noted the lower interest rate on ISA transfers. The headline rate is for this year's subscriptions only.

Albermarle

https://forums.moneysavingexpert.com/discussion/comment/82032338#Comment_82032338

I would search for threads on Plum, using the search box at the top of the forum. Their name crops up regularly.

In general with these newer players with the best rates, you really have to read the T’s and C’s quite carefully. More so than if you used more established/ conventional banks and building societies .

Money_Stitch

The only ISA I have withdrawn as cash was with Trading 212. The confirmation said within 2 days but it completed instantly. The second withdrawal was the same, and I did this on Good Friday in error not realising the date. Despite the bank holiday, again instant completion to receiving bank. Third withdrawal was final interest and again, instant. The recipient is an electronic provider as opposed to building society.

I was initially quite nervous with T212 but in my year with them I only encountered everything working seamlessly. I also ended up liking the platform and the 2FA via a password manager and not SMS/email felt more secure and modern than some other ISAs I've had. Only moved due to loss of 12 month bonus.