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.