212 cash isa

Beerbelly71

Good afternoon, my first contribution to the forum.

Just went on 212, via MSE link, to open a 4.61% cash isa. Completed the initial details to open a/c but then the linked bank account details hit the alarm button.

212 sent me to a third party site, this site then requested my username and password! The big warning is always' never give bank account log in details out'.

Would like to hear user views on this practise. I just cancelled my application as not happy with this system.

Thank You

flaneurs_lobster

Just to make sure, are you using the Trading 212 app?

Is the "third party site" TrueLayer? Does it ask you to select the bank you wish to fund your account from?

There should be no signing-in to this site, its function is to send you to your bank, either the bank's app if it's on the same device or the bank's web interface.

That's where you need to enter your login credentials for your bank.

friolento

This sounds like Open Banking, which I consider perfectly safe to use, and is actually my preferred deposit method. It's increasingly being used by many financial companies - e.g. Tesco savings have just started using it, and HMRC prefer it for self assessment bill payments - and in a few years from now will probably / hopefully be the pervasive deposit, and payment, method.

If you feel uneasy about using it after reading the MSE blog I linked, I believe Trading 212 also offer standard bank transfers, debit cards, or digital wallets like Apple Pay and Google Pay. Although it looks like they will charge you above a certain amount if you don't use Open Banking.