Invest & ISA - Account Funding Conditions Update

šŸ“° What's new
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Hi everyone,

Since the launch of our Invest and ISA services, weā€™ve been covering all deposit fees charged by the payment providers. Typically, these fees are included in the price of the products and services that you buy. But our share dealing service is completely free and the transferred amounts have grown to billions of pounds per year. Thatā€™s why, starting from 04.01.2021, we are introducing a lifetime limit on free deposits via all payment methods other than Bank Transfers & Instant Bank Transfers (Open Banking).

Funding via Credit/Debit Cards, Google Pay, Apple Pay, Skrill, iDeal, DotPay GiroPay and Sofort, will remain fee-free until you have deposited Ā£2,000 in total. A fee of 0.7% will apply thereafter. Please note we do not profit from this fee. Its purpose is to cover the costs levied by payment providers and card companies.

FAQ

Is there a way to deposit funds without paying a fee?
Yes. Deposits via Bank Transfers and Instant Bank Transfers remain free.

Does the free deposit limit reset after each payment?
No, the limit applies to the total amount of funds you deposit into your Invest or ISA account.

I have an older account. Do my previous deposits count towards the free-deposit limit?
No, only deposits made after 04.01.2021 count towards the free deposit limit.

Example : You deposit Ā£1500 via Credit card. This is within the Ā£2000 free-deposit limit so you wouldnā€™t pay any fee on that deposit. Now you have Ā£500 until you reach the free-deposit limit. You deposit an additional Ā£800, of which Ā£500 will be fee-free, and Ā£300 will be subject to the fee.

Are deposits to CFD accounts going to be subjected to the fee?
No, CFD deposits remain free. The fee will apply only to Invest & ISA accounts.

Will I be able to see how much fee I would pay in advance?
Yes, you will see the deposit amount and its fee before you make the transaction.

Can I see the fees I have paid for each transaction?
Yes, the transaction history holds all the details about each deposit. When you click on the deposit you want to review, you will see the deposit amount, the deposit fee, and the total amount charged.

Do withdrawals remain free?
Yes, all withdrawals remain free.

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Hello George,

Thanks for the info.

Regarding Pieā€™s.

Currently only available source is card top up, which will limit autoinvest feature with this 2k limit. Will we get autoinvest from free funds soon or direct debit?

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Unless Iā€™m missing something:
Canā€™t people just fund their CFD account then move funds to the Invest/ISA for free ?

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Shhhhhhhhhhhhhhhhhh :wink:

But on a serious note. Iā€™m also interested in what @Vedran has asked

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I understand where this is coming from, by why are methods like iDEAL, Sofort and Giropay getting fees? I know that iDEAL costs a couple of cents per transfer in bulk, similarly Sofort, though not sure about it.

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We have increased the priority of the ā€œAutoInvest from free fundsā€ feature significantly and will be releasing it as soon as possible. Bacs & SEPA Direct Debit is coming early 2021 as well.

Unfortunately, these methods cost us % on volume and are also currently unsustainable with the volumes we process.

The transfer funds option CFD ā†” Invest / ISA will remain available, however, weā€™ve implemented measures to detect attempts to workaround the Invest / ISA deposit fee.

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@George

So this is deemed as not allowed behavior.
While this is good that you can detect this, where would this leave the user?
Banned / Warned ?

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In light of this I am trying to set up instant bank transferā€¦ However once I input the code my in the phone when my bank calls me and it says ā€˜handing you back to Truelayerā€™ the screen just stays black and when I just close it down it hasnā€™t connected them. I am trying to do this through the app on my phone so Idk if theres some problem with it

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Hi, @rscottzman Iā€™ll DM you about that

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What is instant bank transfer? Ah, I see it now. This method must have been newly added since I first signed up.

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I had the same issue with the app, but it worked fine when setting it up on my desktop.

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links to your bank account using ā€œOpen Bankingā€, and allows for direct transfers without having to enter an account number or reference.

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And most importantly, as the name suggests, money arrives instantly! :slight_smile:

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Just tried open banking transfer for the first time, very smooth and of course, instant!

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To whom is this ā€œinstant transferā€ available? I donā€™t see it anywhere on my account. I have no idea what ā€œopen bankingā€ is. It that UK-only?

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Ok, answering myself: Fund your account via Open Banking šŸ’ø

we currently support UK GBP bank accounts. EUR support is coming for Germany later this year. More EU countries will be supported next year

So no luck for me as I am based in Czech Republic. Looking forward to it for now.

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Hopefully SEPA transfers stay freeā€¦
I doubt Finland is top of the list for open banking support :roll_eyes:

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Quick question though @Georgeā€¦

I initially tried to link to my main bank account (before resorting to a different one), it said the names do not matchā€¦ during the TrueLayer connection process it shows a name on the bank account in the format ā€œ[LastName] [FirstLetterOfMiddleName][FirstLetterOfFirstName]ā€ - I presume this is obviously where the discrepancy is.

Other than getting my bank account name changed, is there any other way to rectify i.e. on trading212 account side?

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Hi @George . I am also having Instant Bank Transfer issues.
Iā€™m always trying to connect, but i get ā€˜name not matchingā€™ errors??? Which I donā€™t understand as my name on 212 is the same as my bank.

Could you help, as I have submitted a request through the app, but n luck after 3 days.

Thank you so much.

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I just tried instant bank transfer for the first time. Initially the setup with my bank failed and I had an error message from Truelayer. I tried again and it worked. Not as easy as the debit card method I have been using, but pretty fast and nifty nonetheless.

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