Associate
Signed up for a T212 Cash ISA at 5.17%. Going to bin Chip and Tandem.
Best savings account?
- Thread starter Merlin5
- Start date
Keep in mind with 212 it can take up to 3 days to withdraw money.
Associate
Cheers for the heads up mate. Yeah, that's no issue at all for me.
So is my oxbury account, what's your point, caller?
They are all the same unless you want to lock the money up for 1yr+
T212 takes 3 days was the thread of convo, no?
T212 must be hoovering up so many active swithcers
3 days, one day, whatever... maybe I'm missing something, but if you want instant access, what's it matter? you should't be holding cash in accounts to get good rates for the sake of a few days transfer time?
?? What are you talking about
Whether it's worth switching if other providers follow suit.. I'm talking about instant access savings rather than ISA or trading accounts, as ISA is not very competitive Atm.
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Soldato
- Joined
- 13 Sep 2005
- Posts
- 4,345
The best ISA rate is T212 @5.17% though which beats all instant savers. Withdrawal isn't instant but usually within a day. If that isn't an issue then it's a no brainer. Unless you've used your allowance already of course.
Man of Honour
ISA is 100% competitive unless you're playing silly buggers with a lump sum drip feed in to a regular saver for an additional £20 per year or whatever it might be. And even then, the place that's best for that lump sum is the top rate ISAs.
Soldato
It's annoying because I've already transferred my cash ISA this year. I can't transfer again from what I believe as it counts as opening another account of the same type within the current financial year.
Man of Honour
Are you sure about that?
My understanding is you can only contribute to one each financial year, and if you transfer this is still the same "one". Could be wrong but I am in the 70-90% sure region.
:edit: this is presuming you actually officially transferred, as opposed to just withdrawing all funds and dumping in to a new account. Even then, you should be able to properly transfer that second account and continue paying in to that I think.
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There's no limit on the amount of ISA transfers you can do, even within the same financial year.
The only caveat I've seen is if it's a current year ISA, then you should transfer it all but if it's an older ISA, part transfers aren't a problem. I don't know if that's a specific rule or just advice.
There's also some complications with transferring LISA'S, but other than that it's straight forward. And always transfer, never withdraw and repay in.
Soldato
That rule is gone, you can open every ISA on the market today deposit into each of them, so long as the total is under £20,000
Soldato
Just opened 2 ISAs with T212 within about 5min, very slick process.
Soldato
How do different providers know when you've hit the 20k limit? Trading 212 has a tracker bar of how much allowance you have left.