CMC Markets Cash ISA

TheChoralFiend

Has anyone had any experience with the CMC Markets Cash ISA?

wmb194

TheChoralFiend said:

Has anyone had any experience with the CMC Markets Cash ISA?

You mean the CMC Invest Cash Isa? Yes. It's been easy to make instant deposits via debit card and open banking (the "instant bank transfer" option) and withdrawals, although from my GIA and not the Isa, have arrived in my current account the next working day if I make them early in the morning, two working days if in the afternoon (not sure of the cut-off time).

TheChoralFiend

Are you at all worried about the lack FSA backup?

jimjames

TheChoralFiend said:

Are you at all worried about the lack FSA backup?

What's the connection with the Food Standards Agency? 

Or did you mean FCA?

wmb194

TheChoralFiend said:

Are you at all worried about the lack FSA backup?

You mean FSCS? CMC has the FSCS' investment coverage, it's an established, profitable, moderately large business, the money/MFs should be segregated from CMC's assets and I'm relaxed about the risk of money market funds. 

However, it would be better for transparency if it did the same as Trading212 with its GIA, S&S Isa and Cash Isa and stated precisely which banks and QMMFs deposited money is invested in on any particular day.

If you feel nervous and uncertain about it just don't do it.

woodyeckerslyke

Opened a CMC cash isa several months ago. No problem in creating or adding to it.
But, now that I want to make a partial transfer-out to a (mainstream) provider, I find that CMC are not in the list of providers with whom they will transfer.
Slightly concerned  - I wonder if they are on anyone's list? 

DodgerPot

woodyeckerslyke said:

Opened a CMC cash isa several months ago. No problem in creating or adding to it.
But, now that I want to make a partial transfer-out to a (mainstream) provider, I find that CMC are not in the list of providers with whom they will transfer.
Slightly concerned  - I wonder if they are on anyone's list? 

I made use of the CMC Invest Cash isa for 3/4 months while the interest rate with the bonus was 5.44% I transferred in from 2 other providers.
 

Now with my bonus ended and today’s rate drop I have transferred out the full amount to Shawbrook fixed 1 yr ISA ( NLA) 
I initiated the transfer one week ago and it’s all completed today so 5 working days to transfer out. 

I did a full amount transfer I’m not sure if CMC allow partial transfers out. 

However because CMC are not part of the electronic transfer system I did have to open the Shawbrook ISA and then fill in a paper transfer form received from Shawbrook which I then scanned and emailed back after completing. 

Other providers digital banks and high street building societies will accept transfers from CMC but will require the same paperwork to be signed and returned in order to process the transfer. 

Hope this helps