I’m planning to open a cash isa with 212 but have an isa elsewhere that matures in a few weeks. If i transfer that isa into 212 on maturity, will it earn the advertised 4.5% interest rate or not? I know that the rate drops on maturity of the existing isa so I’m not sure whether it will earn more transferring it into 212 or what the rate is for transferred funds. Anyone know?
We don’t know what your invested in but it’s likely you might have an early exit fee.
I would contact 212 if you are planning to move here, and ask if they could line up the transfer the day after it matures.
Everyone gets the same variable advertised rate on 212.
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Trading212 pays 4.5% interest rate regardless of when you put the money there. Obviously the rate will change as interest rates change, but it does so for everyone at the same time.
In case it helps T212 currently pays 4.6% interest on uninvested cash in a Stocks and Shares ISA but that does not have the FSCS protection (you do not have to invest any of your cash that is in a S&S ISA).
If you wish you can quickly and easily transfer any cash between your T212 Cash and T212 S&S ISAs without affecting your £20,000 per year allowance.
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You only achieve 4.5% interest if you leave your cash ISA in T212 for a whole year. As it pays interest monthly into the ISA you’re only getting 4.41% per month.