"Cash" in SIPP and ISA

adindas

valiant24 said:

I've funded my ISA and SIPP for this year but, somewhat contrary to my usual "Don't Try to Time the Market/Just Keep Buying" policy, haven't bought any investments yet.

So that's £40,000 in the ISAs and £12,000 in SIPPs.   My platforms (iWeb and AJ Bell) won't be paying interest.

Just having those funds sitting in cash isn't great.   I've read elsewhere about "money market" funds available that are akin to interest-paying savings accounts, but am struggling to find any detail.

Does this ring any bells please?

The root cause  of the problem is your platform, so change it.

Some platforms like Vanguard are paying decent interest for cash holding in the account.

Swipe

adindas said:

valiant24 said:

I've funded my ISA and SIPP for this year but, somewhat contrary to my usual "Don't Try to Time the Market/Just Keep Buying" policy, haven't bought any investments yet.

So that's £40,000 in the ISAs and £12,000 in SIPPs.   My platforms (iWeb and AJ Bell) won't be paying interest.

Just having those funds sitting in cash isn't great.   I've read elsewhere about "money market" funds available that are akin to interest-paying savings accounts, but am struggling to find any detail.

Does this ring any bells please?

The root cause  of the problem is your platform, so change it.

Some platforms like Vanguard are paying decent interest for cash holding in the account.

Not Vanguard anymore. It was capped at 2.2% in March regardless of the BOE rate.

valiant24

adindas said:

The root cause  of the problem is your platform, so change it.

I'm not sure this is wholly true.

Per my - very possibly imperfect - understanding, the cash within the platform is subject to a maximum FCS protection of £85,000.  The money market investment is ring-fenced and, in the event of the platform going tits, I'd get all the money back regardless of amount.