Man of Honour
How does the transfer process work? I was for some reason concerned that opening an isa would then mean difficulty transferring?
Best savings account?
- Thread starter Merlin5
- Start date
When you log into the t212 app , you will see transfer in your ISA's for free you'll see list of providers you can transfer from
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Man of Honour
Limited to 3 withdrawals a year before the rate drops to basically nothing though t212 has no limits if that's important
Soldato
Slowly is how it will work
But seriously you open an ISA then its a pull mechanism. So you sign in to app/web, select your existing provider, select a few options (mainly relevant to S&S transfers), and they sort it for you.
The delay will almost certainly be a go slow from your existing provider.
There is an accepted time they are given to transfer which is slightly longer for S&S than cash, but expect it to take 3-4 weeks.
Yeah but T212 is a trading platform. Pro tip, the T stands for trading, so its hardly surprising they aren't targeted for instant transfers.
Its not a high street bank offering instant access savings accounts
I hope Matsy is a very low frequency example of people using the platform as its the sort of action that costs them money and often ends up with them changing the rules.
Can you kill it early? When rates were going up I did this with Santander. (They didn't automatically increase the rate on old accounts)
Issue if part of the interest is a bonus and watch for "your only allowed one account" type stuff, you may need to kill the old before opening the new.
Its currently 5.17% but its been creeping up due to competition with moneybox. They do give notice to lower it (they have to), but nothing has come through yet since the base rate change.
I fully expect it to drop to something like 4.95-5% or so soon though.
Slowly is how it will work
But seriously you open an ISA then its a pull mechanism. So you sign in to app/web, select your existing provider, select a few options (mainly relevant to S&S transfers), and they sort it for you.
The delay will almost certainly be a go slow from your existing provider.
There is an accepted time they are given to transfer which is slightly longer for S&S than cash, but expect it to take 3-4 weeks.
Yeah but T212 is a trading platform. Pro tip, the T stands for trading, so its hardly surprising they aren't targeted for instant transfers.
Its not a high street bank offering instant access savings accounts
I hope Matsy is a very low frequency example of people using the platform as its the sort of action that costs them money and often ends up with them changing the rules.
Can you kill it early? When rates were going up I did this with Santander. (They didn't automatically increase the rate on old accounts)
Issue if part of the interest is a bonus and watch for "your only allowed one account" type stuff, you may need to kill the old before opening the new.
Its currently 5.17% but its been creeping up due to competition with moneybox. They do give notice to lower it (they have to), but nothing has come through yet since the base rate change.
I fully expect it to drop to something like 4.95-5% or so soon though.
I don't know. I assumed you can't as interest is added at the end of the term.
There still seems to be competition in regular saver space so hoping it's OK to wait a week.
Soldato
Normally if there isn't a bonus interest element then you can close them when you want.
They cannot penalise you for doing so unless the terms say something like "lose 3 months interest on closure"
It would be unusual for a regular saver to have these terms, they are more worried about you trying to pay more in than take it out
(So terms will say stuff like if you take money out in a month you still can only pay in the normal amount)
To fair I'm not going to use them like I did chip as cannot have money delays. I withdrew a month's expenses and put into tandem for regular spending. Left the rest in chip and started the transfer. The difference is too big in interest to pass up.
Once it goes through I'll keep a month's expenses in tandem and transfer the rest (wages) into 212 and for the most part leave it alone unless some big expense comes up
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Got this from chip. Enough reason to abandon them entirely to be honest as its just petty
I get there will be fees or whatever to them but to block future ISA options? Petty. Keep up with the market leaders if you want to keep customers.
I get there will be fees or whatever to them but to block future ISA options? Petty. Keep up with the market leaders if you want to keep customers.
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Soldato
- Joined
- 23 May 2006
- Posts
- 7,615
i have an ISA related question and wondering if anyone has done similar.
over the past 15 years and the next 5-10 years i have been saving as much as i can and putting into ISAs / high interest savings accounts, my long term goal ultimately is to have 5 different cash isas all with similar amounts in (because tax and risk free), each one with 5 year lock in periods to try to maximise my interest. At the moment all the interest is going back into the ISAs My ultimate goal is to have one 5 year isa mature each year, and then lock it down again for another 5 years tho the interest i will skim off & put towards living off - if i take early retirement.
however at the moment i have 3 different pots and they have wildly different amounts in, one i would like to bring down. is it easy to do a partial ISA transfer, so lets say for arguments sake i had £80k in one, take 30k out of it and transfer into another ISA (but not withdrawing and depositing as that would use my allowance)
in the past i have only ever done complete transfers.
thanks.
over the past 15 years and the next 5-10 years i have been saving as much as i can and putting into ISAs / high interest savings accounts, my long term goal ultimately is to have 5 different cash isas all with similar amounts in (because tax and risk free), each one with 5 year lock in periods to try to maximise my interest. At the moment all the interest is going back into the ISAs My ultimate goal is to have one 5 year isa mature each year, and then lock it down again for another 5 years tho the interest i will skim off & put towards living off - if i take early retirement.
however at the moment i have 3 different pots and they have wildly different amounts in, one i would like to bring down. is it easy to do a partial ISA transfer, so lets say for arguments sake i had £80k in one, take 30k out of it and transfer into another ISA (but not withdrawing and depositing as that would use my allowance)
in the past i have only ever done complete transfers.
thanks.
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Got this from chip. Enough reason to abandon them entirely to be honest as its just petty
I get there will be fees or whatever to them but to block future ISA options? Petty. Keep up with the market leaders if you want to keep customers.
Ooft. So every person that transfers can never open another? Seems a bit "spiteful".
Got this from chip. Enough reason to abandon them entirely to be honest as its just petty
I get there will be fees or whatever to them but to block future ISA options? Petty. Keep up with the market leaders if you want to keep customers.
I've just transferred Chip ISA to Trading 212 Isa not the full amount just partial to test but on Chip it says only full transfers ? and says on Trading 212 it can take upto 2 weeks so stuck on that now all it says on trading 212 contacting provider guess this will fail as its not the full transfer ?
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Yeah chip is full transfers only even says on 212 when selecting them so I imagine it would get cancelled?
Seems so after reading around online
Don't like how Chip is not informing customers of rate changes either, I didn't even realise it went down until my dad mentioned it
I'm just going to keep £1k in instant saver (tandem is best right now) and leave the rest in 212.
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yeah will cancel and do the full amount , Chip can do one not being able to use them again when they cant be competitive
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Man of Honour
They used to and give notice as well but it seems to be about 2 rates changes ago where they just stopped bothering and you didn't know until you opened the app.
I've moved my ISA out to T212 which was the last chunk of cash left in Chip.
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You'd have kept it all in cash for 20-25 years dude. That's not risk free..
212 are flexible it seems
So yeah Chip can go to hell
I dont understand the decision if they ever competitive again they just end up with less people because they are blocked from using them again
Suppose it's due to admin fees etc for doing the transfer
How long did your transfer take?
Man of Honour
No idea, only kicked it off last night so I've just had the confirmation email from Chip this morning that it's in progress.
Soldato
- Joined
- 13 Sep 2005
- Posts
- 4,343
Chase now dropping to 3.5% on the 14th Nov, so 4.5% if on boosted.