CMC Invest has launched a cash Individual Savings Account (ISA) offering a competitive interest rate of 4.85% AER.
The new CMC Invest cash ISA can be opened through the investment app with as little as £1 in funds, with the variable interest rate calculated daily and paid monthly.
The new product adds to CMC Invest’s growing offering of Self-Investment Personal Pensions (SIPPs), Flexible Stocks& Shares ISAs and General Investment accounts.
The direct-to-consumer long-term investment platform added the SIPP for premium account holders in April.
The premium account comes free of charge for the first 12 months, with holders of the SIPP able to trade at zero commission within their plan. The account then charges £25 per month.
CMC Invest offers users access to more than 3,500 US & UK shares, 400 ETFs & Investment Trusts, and 1,000 Mutual Funds with £0 commission, though other charges apply.
The app is owned by trading platform CMC Markets, which lets clients speculate in the short-term through CFD trading and financial spread betting.
The Good Money Guide’s latest review of CMC Invest found it to be “a great compliment for traders who want to also build a long-term investment portfolio”.
How does the CMC Invest cash ISA compare with other providers?
The 4.85% interest rate on cash offered by CMC Invest’s new ISA is one of the highest on the market at the moment, comparing very favourably with those offered by most other brokers.
Among the main platform’s, only AJ Bell’s investment app Dodl offers a higher rate on uninvested cash in an ISA, at 5.09%.
Trading platforms Trading 212 and Freetrade also offer high interest rates on cash at 5.10% and 5% respectively, but the former does not offer an ISA.
Freetrade only offers the maximum rate and an ISA under its premium Plus account subscription plan, which charges £9.99 a month, and only up to a maximum of £3,000.
Robin has more than six years of experience as a financial journalist, most of which were spent at Citywire, and covers the latest developments in the investing, trading and currency transfer space. Outside of work, he enjoys reading literature and philosophy and playing the piano.
You can contact Robin at robin@goodmoneyguide.com
