Cash ISA with 'newbie' rate bonus?
Discussion
A few months ago I moved my ISA from Chip to Trading 212 as with the 'newbie' bonus it was a better rate, but when I signed up there didn't seem to be any mention of the newbie bonus, and at the moment it's only showing 3.85%.
Watched Martin Lewis yesterday, and it looks like the Plum cash ISA is offering 4.49% with a newbie bonus, but the small print says:
"Rate includes a Plum bonus of 1.70% AER (variable) if kept for 12 consecutive months and other conditions are met. After 12 months, the rate will be 2.79% AER (variable)"
So I'm wondering if I missed similar small print on the Trading 212 one, and actually after 12 months I'll retrospectively get the bonus and back paid interest? Or is that now how it works, and the higher interest rate should be displayed from day 1?
I guess what I'm asking is should I move from Trading 212 to Plum but just make sure I get my newbie bonus, as obviously 4.49% is better than my current 3.85%.....
Watched Martin Lewis yesterday, and it looks like the Plum cash ISA is offering 4.49% with a newbie bonus, but the small print says:
"Rate includes a Plum bonus of 1.70% AER (variable) if kept for 12 consecutive months and other conditions are met. After 12 months, the rate will be 2.79% AER (variable)"
So I'm wondering if I missed similar small print on the Trading 212 one, and actually after 12 months I'll retrospectively get the bonus and back paid interest? Or is that now how it works, and the higher interest rate should be displayed from day 1?
I guess what I'm asking is should I move from Trading 212 to Plum but just make sure I get my newbie bonus, as obviously 4.49% is better than my current 3.85%.....
2 things could affect it, it seems
1) did you use the link to the create the account from moneysaving expert? if you just went to the website directly then it seems you won't be eligible.
2) from their FAQ if you transferred funds from an existing ISA then it is reliant on your old provider completing a Transfer History Form (THF). Don't know if this is automatically done or how long this process takes.
1) did you use the link to the create the account from moneysaving expert? if you just went to the website directly then it seems you won't be eligible.
2) from their FAQ if you transferred funds from an existing ISA then it is reliant on your old provider completing a Transfer History Form (THF). Don't know if this is automatically done or how long this process takes.
jjones said:
2 things could affect it, it seems
1) did you use the link to the create the account from moneysaving expert? if you just went to the website directly then it seems you won't be eligible.
2) from their FAQ if you transferred funds from an existing ISA then it is reliant on your old provider completing a Transfer History Form (THF). Don't know if this is automatically done or how long this process takes.
Hmmm, I think with the Trading 212 one I just went direct, so maybe I did miss out on the newbie thing. 1) did you use the link to the create the account from moneysaving expert? if you just went to the website directly then it seems you won't be eligible.
2) from their FAQ if you transferred funds from an existing ISA then it is reliant on your old provider completing a Transfer History Form (THF). Don't know if this is automatically done or how long this process takes.
I do think the old provider did complete a THF, from memory.
So my best bet might be to move again to Plum, but ensure I get the newbie bonus this time?
Hustle_ said:
I believe T212 don't offer the higher rate on transfers in. Same thing happened to me.
I went to Moneybox as they were offering 4.52% at the time on the full balance. However it isn't flexible like the T212 one and if you are only allowed two withdrawals before the rate drops.
Oh, good point, I might need more access than twice a year. I went to Moneybox as they were offering 4.52% at the time on the full balance. However it isn't flexible like the T212 one and if you are only allowed two withdrawals before the rate drops.
I shall do more reading of the small print
UTH said:
Not entirely sure what this mean, can anyone enlighten me?
"Please note that, unlike a flexible ISA, withdrawing money from the Plum Cash ISA (rather than transferring it) will affect its tax-free status, in line with ISA rules."
It's not a flexible ISA."Please note that, unlike a flexible ISA, withdrawing money from the Plum Cash ISA (rather than transferring it) will affect its tax-free status, in line with ISA rules."
A flexible ISA allows you to take some of your ISA money out of the ISA and pay it back in within the same tax year.
This is independent of the £20,000 annual new money allowance.
A 'normal' ISA won't let you pay any of the money back into the ISA once you have used up your annual £20,000 (for now) limit.
I wouldn't bother with a non flexible ISA.
OIC said:
UTH said:
Not entirely sure what this mean, can anyone enlighten me?
"Please note that, unlike a flexible ISA, withdrawing money from the Plum Cash ISA (rather than transferring it) will affect its tax-free status, in line with ISA rules."
It's not a flexible ISA."Please note that, unlike a flexible ISA, withdrawing money from the Plum Cash ISA (rather than transferring it) will affect its tax-free status, in line with ISA rules."
A flexible ISA allows you to take some of your ISA money out of the ISA and pay it back in within the same tax year.
This is independent of the £20,000 annual new money allowance.
A 'normal' ISA won't let you pay any of the money back into the ISA once you have used up your annual £20,000 (for now) limit.
I wouldn't bother with a non flexible ISA.
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