Cash ISA transfer

[ThatEdgyRobin]

My main cash ISA is with Trading 212 but the interest rate is now down to 3.6%. Every time I try and transfer to a higher rate ISA, I find they don’t accept transfers from Trading 212 as T212 isn’t part of some kind of digital transfer scheme.

Tried to move to Tandem bank this morning and it’s another “no”.

Has anyone managed a transfer to a decent rate over 4%? Happy to lock in for a few years but need to be able to transfer.

Thanks.

Can you tranfer to any old lower interest rate account and then transfer to a higher one from there! https://helpcentre.trading212.com/hc/en-us/articles/360007081117-Can-I-move-my-Trading-212-ISA-to-another-provider
T212 suggests it should be posdible to transfer out.

Thanks @idril that might need to be my Plan B. It’s frustrating though.

Co-pilot suggested Vida as being the only one that will accept a transfer from T212. Issue is apparently that they don’t easily provide you with a bank a/c no and sort code to fill in the forms. The banks can request this info from T212 by email but many won’t. Vida is currently 3.95% for a 1 yr fixed so not the highest. You could tfr to easy access at 3.86% and then transfer again but you would need to check you don’t end up with the same problem.

I also have a cash ISA with Trading 212 and also a S&S ISA. The S&S ISA has far out performed the cash ISA (nearly 10% return). Could you consider doing this? You can transfer within the app between ISAs.

I have a S&S ISA with Vanguard but like to keep some in cash as short term savings. I don’t want to end up all in investments. But I suppose I could wait until next tax year and open a new cash ISA and then transfer the T212 to S&S. It’s just annoying as the rate is lower than it should be.

Thanks though. I hadn’t thought of that option.