CMC Invest customers can now upgrade their accounts to CMC Invest Plus and gain access to a host of new features, including flexible stocks and shares ISA, ESG ratings, more stocks and a USD wallet.
Flexi-ISA for tax-free investing
Unlike some ISAs CMC Invest’s offering allows for withdrawals and redeposits within the same tax year, without that affecting the wrapper’s tax-free status.
ISAs may become more popular with investors following the recent UK budget, in which the chancellor cut the annual capital gains tax allowance from £12,300 this year to just £6000 in 2023/24 and only £3000 in 2024/25.
Under current legislation, ISAs provide investors and savers with a tax-free wrapper for £20,000 of investment each year.
- Further reading: Compare the best stocks and shares ISA accounts here
US dollar wallet to save on FX fees
CMC Invest Plus customers will also be offered a US-dollar wallet, in which they can hold the US currency, and use it to trade US stocks and shares, within their GIA or general investment account, without incurring additional FX conversion fees (which are normally 0.5%).
CMC Invest is also offering a £50.00 welcome bonus and three months free, to new customers who sign up for CMC Invest Plus. The three months free offer is also applicable to existing CMC Invest customers who upgrade to the Plus service.
CMC Invest Plus will cost £10.00 per month thereafter.
CMC Invest allows users to trade in 1500 UK and US shares including ETFs and Investment Trusts, commission-free.
Head of CMC Invest UK, Albert Soleiman said of CMC Invest Plus:
“We want our customers to feel empowered to make choices that suit their own investment journey. That is why we are excited to be offering these additional features. A flexible stocks & shares ISA isn’t typically offered on other investment platforms”
He added that
“We are fortunate with our technology to be able to offer this to clients giving them more flexibility to invest how and when they want,”
ESG ratings as standard
One of the other attractions of the CMC Invest App is that it now includes ESG ratings for stocks traded on the platform.
The ratings contain an ESG, colour-coded, risk score that ranges between excellent and very poor. Green is excellent, yellow represents an average performance and red denotes a very poor showing.
There is also a controversy rating, which covers areas such as business ethics, product governance and ESG integration within the financials of the stock, and once again this is also colour coded for ease of use.
What’s more, the app provides a breakdown of the product areas that the business is involved in. There is an extensive checklist of non-ethical and non-environmentally friendly goods and services, and the App indicates whether a company is involved in that area with a yes or no flag. The ESG data and rankings are provided by industry specialists Sustainalytics.
- Want to be an ethical investor? Compare investment accounts they help you invest ethically