(New) CMC Invest - Flexible Cash ISA - 4.85% (allows transfers)

jay1804

slinger2 said:

Although they're still advertising 5.7% to new customers:

"5.70% AER* (variable) Cash ISA

Your hard-earned cash deserves a bonus. Earn tax-free interest with our 5.70% easy-access Cash ISA (4.85% variable + a fixed 0.85% bonus for 90 days). New Cash ISA customers only; includes transfers in from other providers."

The website is updated now, to show that the rate will decrease from 16th June.

Growingold

Have a question about CMC Invest Flexible Cash ISA apologies if it's been asked before.
Under the FSCS protection it says money can be held in a bank (NatWest) or in a QMMF.  Protection rules vary for each.  How do you know which your ISA money is invested in.  Does it show in your account as in Trad212 where it is held?
Thanks

wmb194

Growingold said:

Have a question about CMC Invest Flexible Cash ISA apologies if it's been asked before.
Under the FSCS protection it says money can be held in a bank (NatWest) or in a QMMF.  Protection rules vary for each.  How do you know which your ISA money is invested in.  Does it show in your account as in Trad212 where it is held?
Thanks

No, it doesn’t show you where the money is being held. In my experience T212’s disclosures are unique.

pecunianonolet

OH has received the transfer out approval form from T212 to move funds to CMC. However, the CMC account number isn't matching the Account ID in the CMC app. Has this happened to somebody before?

EDIT: CMC confirmed all is correct with T212 using the transfer request number instead of the ISA account ID

loau

How long did the transfer from T212 to CMC take?

pecunianonolet

loau said:

How long did the transfer from T212 to CMC take?

Requested 22nd of May, completed on 4th June.

bucksman

If investing in their cash ISA, are people here saying that it is not protected under FSCS guarantees? The interest rate is good, but is this added risk worth it? 

masonic

bucksman said:

If investing in their cash ISA, are people here saying that it is not protected under FSCS guarantees? The interest rate is good, but is this added risk worth it? 

To the extent the money is invested in QMMFs, you'll only have FSCS protection for investments, with no protection for investment risk, only fraud / administration costs. Whether the risk is worth it is for you to decide. The return is better than you'd get from a money market fund you sought out yourself, but these are not entirely risk free.

slinger2

My transfer from S&S T212 ISA (only had cash in it) to CMC was requested on 30 May, completed today 9 June.

T212 account not closed, just nothing in it now. T212 interest up to today was credited. Hopefully CMC interest from today. Rate is 5.70% for a week, then 5.44% for 2.5 months (variable), then 4.59% (or whatever).

Whether it's all worth the hassle for £5k I'm not sure, but got a bit fed up with T212 paying a good rate to new customers but not to me.

Chaykin

Just noticed that my CMC Invest Cash ISA rate went down and realised I never received an email from them about it. Anyone else? Should I complain?