cmc

hoppy2

why doesn't CMC Invest get a mention in moneyfacts? their cash isa is 5.7% I believe 

masonic

Moneyfacts doesn't rank investment products where capital is at risk.

flaneurs_lobster

It does appear but all on its own at the bottom of the list. Gets set aside because it holds (some) of its funds as QMMFs rather than in "normal" bank deposits, so not a "true" cash ISA.

Ayr_Rage

Probably because it does not have full FSCS protection as they can hold cash ISA funds other than in banks.

https://www.cmcinvest.com/en-gb/client-funds

Newbie_John

flaneurs_lobster said:

It does appear but all on its own at the bottom of the list. Gets set aside because it holds (some) of its funds as QMMFs rather than in "normal" bank deposits, so not a "true" cash ISA.

And that "some" could be 99.9% - nobody knows.
Fairly safe product - why it gets mentioned at the bottom but.. not fully protected so not included in all like for likes.

lohr500

Well I have decided to "risk" it with CMC.

Opened a Cash ISA with them today and initiated a transfer from T212.

The account opening was straightforward, as was linking my current a/c through their Open Banking link.
The transfer request was also quick and easy to initiate. It will be interesting to see how quickly the transfer process takes and if there are any bumps along the way. 

SamDude

I opened a CMC ISA on the 6th and requested to transfer my Virgin ISA and Trading212 ISA.

The Virgin cash ISA was in my CMC ISA within a week.
The Trading212 request has been rejected twice - the first time because there were not "enough funds in my Trading212 account"!! and the second time because I did not provide my Trading212 Cash ISA account number (which I definitely did include on the request).

CMC have been poor responding to any of my secure messages (i.e. no responses to 3 messages).

charlie12525

Yes, I have a SIPP with CMC. I'm not impressed. Messages take many days to be answered and the operation of my account is far from slick. They use a third party, Quai, for the SIPP part which adds to any delays. I requested drawdown in October 2024. After many errors and much to and fro with forms I hope to get my first payment on 1 May.

lohr500

@SamDude @charlie12525

Thanks for your input. Neither of your replies inspire much confidence in CMC !

I'm hoping that in my case because it is a Cash ISA , as/when the T212 Cash ISA gets transferred, it should then be relatively straightforward to manage online with minimal interaction with their support team.

I'll provide updates on how the T212 transfer progresses (or not).

MeteredOut

I initiated a partial transfer from Plum to CMC on 8/4, got notification from Plum on 9/4 that it would be actioned within 5 working days. During that time the CMC app said "Awaiting response" from Plum and then the funds hit my CMC ISA on 15/4.

lohr500

Day 2 and my T212 to CMC Cash ISA switch has now moved to "Awaiting Response" on the CMC App.
I guess this is the critical part as far as getting T212 to transfer the funds. Hopefully it doesn't go the same way as @SamDude s T212 transfer request!