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

masonic

Agree the best next step is going back to CMC and seeing if they understand why T212 concluded it was not an ISA. I can only think of one way, and that's CMC giving them incorrect information about the account... unless T212 got mixed up looking at an entirely different transfer request. If you don't actually hold a general investment account alongside the ISA, then there couldn't have been any confusion about which account was being transferred.

keiran

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

Very impressed - Today, Moneybox released my cash ISA funds, and CMC deposited them into my new ISA.
So no loss of interest.
Within the last year, my transfer from Virgin to Trading212 happened within a day or 2.
But my transfer from trading212 to Moneybox took 2-3 weeks and I suffered a loss of interest of 3 days.
It's odd that that such varying standards can be countenanced

allegro120

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

My transfer from Monument to CMC got stuck. Money has left Monument on 6th June, my CMC app says "completed" on 6th June and "transferring your holdings" on 12th June.  I've contacted both suppliers numerous times - nobody knows where my money is yet. Both promised to investigate, but no timeline was given.

I don't know whether it's Monument or CMC to hold responsible for the missing cash in this particular case.  I have made a transfer from VM to CMC in April and it was done in 5 days without any problems.

pecunianonolet

My CMC promotianal rate comes to an end in around a week so my rate will drop to 4.59%. Given the current ISA market this is a good rate and hardly different to the next best with Tembo at 4.64%. As I don't have experience with Tembo and because it's not worth moving for a gain of 0.05%, even at larger sums, they are out as an option.

I have either the option to stay with CMC, no issues with them on various transfers in, prompt phone pick up and service and on time payment of interest with only the app being a bit basic but it does the job.

The other option is the 5% Chip promotional rate for 3 months. Moving for a gain of 0.61% makes definetly a difference. I was a Chip customer before and have read that some were happily accepted back and just used a different email. 

CMC allows partial transfers out so would not close them down and just keep a 5er in the ISA, just in case. 

A base rate cut in August seems rather certain, with Chip passing a rate cut on straight away and CMC giving 10 days notice. 

As I don't have Chip anymore, I wouldn't be able to check if they would take transfers from CMC. I almost certainly think they won't. Chip does not allow partial transders in so I need to involve an intermediary provider, if I want to keep CMC open.

Undecided if it is worth the risk, as worst case I am stuck 30 days in limbo with transfers, potential loss of interest or any other trouble. It also all could go rather smoothly and I could take advantage of the 5% rate (at least until August) and would drop to 4.75%. However, if CMC would not pass on a cut straight away the window would be narrow. 

Long story short, has anyone experience with transfers out of CMC? What would you do in my case, give it a go or stick with it? I haven't made any contributions yet this tax year but it would take me above the protection limit so not an insignificant sum at play. 

moi

pecunianonolet said:

 
I was a Chip customer before and have read that some were happily accepted back and just used a different email. 
 
....
As I don't have Chip anymore, I wouldn't be able to check if they would take transfers from CMC. I almost certainly think they won't. Chip does not allow partial transders in so I need to involve an intermediary provider, if I want to keep CMC open.

I was in the same position.

Having deleted my Chip ISA & saving account a while ago, I re-registered for Chip recently. First I opened a normal saving account with a promo rate - on sign up they offered that first. Then when I went to open an ISA, the rate shown was 3%. I added £1, the rate never uplifted to 4.8% (approx, whatever the exact promo rate was a few weeks ago)

Putting aside the 'new customer,' think I found the reason about promo rates in their T&Cs:

"To be eligible for the Boosted Cash ISA Promotional Rate you must be a new Chip customer. A new customer is defined as someone who has never previously transacted in a Chip account and has no other promotional rates applied on any Chip products."

So I just closed Chip completely & opened Trading 212.

Re CMC transfers out, you're right that Chip don't accept transfers from CMC.

https://intercom.help/get-chip/en/articles/9388637-which-cash-isa-providers-do-you-accept-transfers-from

Before I found I wasn’t getting the ISA bonus, I had been looking for an intermediary to go via from CMC to Chip. Halifax is another who wouldn’t accept CMC. Trading212 do. Others such as Paragon, Ford or Shawbrook required a paper form for a transfer from CMC.

With my CMC to T212, having abandoned Chip, I thought I had an issue with my CMC account not being classed as a “cash ISA,” but as a GIA or some other non-ISA. Trading212 cancelled the transfer for that reason, which was confusing.  Eventually I found out there isn’t actually an issue with CMC being recognised as a cash ISA, my issue was just a personal detail that didn’t match precisely.

SamDude

Email from CMC: 

Updates to your CMC Invest price plan

We’re making a few updates to our price plans that will take effect from 1 August 2025. These changes are part of our commitment to keeping things clear and fair – and to give you better value, where possible. Here’s what’s changing:

Core Plan

Our FX fee will change from 0.50% to 0.99%

Plus Plan

The monthly fee will reduce from up to £10 to £6.99 Our FX fee will remain at 0.50% Interest on uninvested cash will increase from 2.02% AER (variable) to 3.04%*

Premium Plan

The monthly fee will reduce from up to £25 to £10.99 Our FX fee will reduce from 0.50% to 0.39% Interest on uninvested cash will increase from 2.02% AER (variable) to 4.07%* Enjoy a free Substack subscription to OPTO Foresight

These terms will be updated in our Fee Tariff. We recommend reviewing these changes, as they may affect your account(s).  You can always view our legal documents in the app (just tap the profile icon and scroll to ‘Legal documents’) or on our website.

I don't understand what this means for a Cash ISA though?

Middle_of_the_Road

SamDude said:

Email from CMC: 

Updates to your CMC Invest price plan

We’re making a few updates to our price plans that will take effect from 1 August 2025. These changes are part of our commitment to keeping things clear and fair – and to give you better value, where possible. Here’s what’s changing:

Core Plan

Our FX fee will change from 0.50% to 0.99%

Plus Plan

The monthly fee will reduce from up to £10 to £6.99 Our FX fee will remain at 0.50% Interest on uninvested cash will increase from 2.02% AER (variable) to 3.04%*

Premium Plan

The monthly fee will reduce from up to £25 to £10.99 Our FX fee will reduce from 0.50% to 0.39% Interest on uninvested cash will increase from 2.02% AER (variable) to 4.07%* Enjoy a free Substack subscription to OPTO Foresight

These terms will be updated in our Fee Tariff. We recommend reviewing these changes, as they may affect your account(s).  You can always view our legal documents in the app (just tap the profile icon and scroll to ‘Legal documents’) or on our website.

I don't understand what this means for a Cash ISA though?

Nothing, it relates to a share dealing account or SIPP.  There are no FX fees with cash ISA and you'll not have uninvested cash to be affected by interest rate changes. In effect, you will have the free (core plan) account.

loau

keiran said:

Very impressed - Today, Moneybox released my cash ISA funds, and CMC deposited them into my new ISA.
So no loss of interest.
Within the last year, my transfer from Virgin to Trading212 happened within a day or 2.
But my transfer from trading212 to Moneybox took 2-3 weeks and I suffered a loss of interest of 3 days.
It's odd that that such varying standards can be countenanced

I’ve had a similar experience, Moneybox to CMC took just 2 days and my balance arrived in CMC the same day it left Moneybox.  

Meanwhile T212 to CMC, have been waiting almost 2 weeks and no update. Money is still in T212 earning interest at least.