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

slinger2

Chaykin said:

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?

Got my email on 2 June. 2 weeks notice. 

keiran

Yesterday, I started the switch of my cash ISA from Moneybox to CMC on the CMC app, and I got a confirmation screen at the end of the process.
But I haven't had any email confirmation, and there's no info on my CMC app stating the transfe'rs started or is in progress.
1)Is this normal for CMC?
2)How long does this particular transfer take?
Thanks

slinger2

keiran said:

Yesterday, I started the switch of my cash ISA from Moneybox to CMC on the CMC app, and I got a confirmation screen at the end of the process.
But I haven't had any email confirmation, and there's no info on my CMC app stating the transfe'rs started or is in progress.
1)Is this normal for CMC?
2)How long does this particular transfer take?
Thanks

I've done a couple of transfers into CMC, from Trading212 and Paragon (partial). Both took 1 to 2 weeks. There's something in the CMC app which tells you the progress of the transfer. Mine usually said something like "waiting for a response from the current provider". When the money did disappear at the other end I found that it appeared in my CMC account very quickly.

moi

I applied 2-3 weeks ago [to Trading212] to my transfer my CMC flexible Cash ISA to T212's flexible Cash ISA.

 Today, I get sent the message below by Trading212.

I'm aware CMC's ISA is a bit different in that it's held in QMMFs, but CMC Markets website/welcome emails all say Flexible "Cash ISA!"
🤦‍♂️🤷‍♂️

Has anyone else had anything like this trying to transfer out of CMC Invest?

wmb194

moi said:

I applied 2-3 weeks ago [to Trading212] to my transfer my CMC flexible Cash ISA to T212's flexible Cash ISA.

 Today, I get sent the message below by Trading212.

I'm aware CMC's ISA is a bit different in that it's held in QMMFs, but CMC Markets website/welcome emails all say Flexible "Cash ISA!"
🤦‍♂️🤷‍♂️

Has anyone else had anything like this trying to transfer out of CMC Invest?

In that case you could open a T212 S&S Isa, transfer the CMC Invest "cash" Isa to that and then transfer the cash to the T212 cash Isa.

slinger2

moi said:

I applied 2-3 weeks ago [to Trading212] to my transfer my CMC flexible Cash ISA to T212's flexible Cash ISA.

 Today, I get sent the message below by Trading212.

I'm aware CMC's ISA is a bit different in that it's held in QMMFs, but CMC Markets website/welcome emails all say Flexible "Cash ISA!"
🤦‍♂️🤷‍♂️

Has anyone else had anything like this trying to transfer out of CMC Invest?

A confusing comment from T212. Transferring a CMC Cash ISA to a T212 Cash ISA is clearly an "ISA-to-ISA" transfer.

masonic

Did you select the right account when filling out the transfer form? It looks like T212 believes this is a non-ISA. 

moi

masonic said:

Did you select the right account when filling out the transfer form? It looks like T212 believes this is a non-ISA. 

I can't imagine I ticked any box other than cash, I don't have other investment/S&S ISAs I'd be transferring. I contacted them asking why they think CMC's 'Cash ISA' is not cash, forwarding the CMC 'welcome to your new cash ISA' emails (and product page https://www.cmcinvest.com/en-gb/cash-isa) but have to wait 48-72 for a 'specialist.'

masonic

moi said:

masonic said:

Did you select the right account when filling out the transfer form? It looks like T212 believes this is a non-ISA. 

I can't imagine I ticked any box other than cash, I don't have other investment/S&S ISAs I'd be transferring. I contacted them asking why they think CMC's 'Cash ISA' is not cash, forwarding the CMC 'welcome to your new cash ISA' emails (and product page https://www.cmcinvest.com/en-gb/cash-isa) but have to wait 48-72 for a 'specialist.'

It would be related to the account number you provided. If CMC reviewed this account number and decided it wasn't an ISA, that would have been communicated to T212 and then T212 would have sent this message to you. T212 would have to rely on the information provided to them by CMC, as they have no visibility as to what type of account it is. I don't know if CMC automatically open a general investment account for customers, as I opened one deliberately for a previous incentive (it had an 8 digit account number), but between the two providers, it seems that is the account they think you've applied to transfer according to the message you were sent. It could be that they are mistaken of course.

moi

I'll ask CMC too. The CMC statement looks like this (it's before I funded it.) CMC has a customer ID and an 8 digit account ID. In the app, the CMC account details seem pretty clear my product is an ISA. It's the only account I have.