CMC Invest, the recently launched share dealing and investing app, from CMC Markets, has announced a new, innovative and hassle-free ISA and trading account transfer service. The new initiative is 100% digital and does away with the paper chain associated with ISA and trading account transfers.
CMC Invest wants to speed up, and increase transparency, in the account transfer process
CMC Invest believed the existing account ISA transfer method was far too slow and far too opaque often relying on documents being posted manually, before being filled in by the recipients and then being returned to the point of origin, through the post once more, which can be a very frustrating and time-consuming experience.
The team at CMC Invest decided to do something about that, and they have come up with a completely digital, and hassle-free ISA transfer service.
Every part of the transfer can now be completed and monitored via the CMC Invest App
CMC Invest customers can now complete an account transfer form online in just 30 seconds. And, once the request has been submitted, they can track the progress of the request and their money, every step of the way at the click of a button.
Head of Product at CMC Invest, Alister Sneddon said of the new service:
“Switching utilities or bank accounts (online) has become common with the process being predictable and clear. So shouldn’t switching investment providers be equally clear? “
He added that:
“We’ve built our simple transfer process with that in mind. We give our customers the ability to self-serve and stay informed about the status of their assets. Every stage of the process is tracked and available at their fingertips, all in the app.”
- Compare – CMC Invest versus other investment apps
No transfer fee plus a £250 transfer bonus on offer
CMC Invest charges no transfer fees and it’s also offering customers the ability to make a full, or, partial transfer of an existing account to the firm.
What’s more, CMC Invest is also offering a bonus worth between £50 and £250 to those who transfer either a General Investment Account (GIA) or an ISA into the firm.
The size of the bonus will be determined by the size of the account transfer.
Accounts valued between £2500 and £4999 qualify for a £50 bonus, whilst at the other end of the scale, accounts worth £50,000 or more will receive £250.
Customers making an ISA transfer will also have the option to upgrade to CMC Invest Plus, a premium subscription service, which allows them to open a flexible stocks and shares ISA.
Taking the account transfer process online is a shrewd move by CMC Invest and will help to speed up the administration at their end of the chain.
Though there is no guarantee that firms at the other end will work any faster to process the transaction.
Nonetheless, this is very much a step in the right direction.
Want to know more about CMC Invest? Read our expert CMC Invest review.
With over 35 years of finance experience, Darren is a highly respected and knowledgeable industry expert. With an extensive career covering trading, sales, analytics and research, he has a vast knowledge covering every aspect of the financial markets.
During his career, Darren has acted for and advised major hedge funds and investment banks such as GLG, Thames River, Ruby Capital and CQS, Dresdner Kleinwort and HSBC.
In addition to the financial analysis and commentary he provides as an editor at GoodMoneyGuide.com, his work has been featured in publications including Fool.co.uk.
As well as extensive experience of writing financial commentary, he previously worked as a Market Research & Client Relationships Manager at Admiral Markets UK Ltd, before providing expert insights as a market analyst at Pepperstone.
Darren is an expert in areas like currency, CFDs, equities and derivatives and has authored over 260 guides on GoodMoneyGuide.com.
He has an aptitude for explaining trading concepts in a way that newcomers can understand, such as this guide to day trading Forex at Pepperstone.com
Darren has done interviews and analysis for companies like Queso, including an interview on technical trading levels.
A well known authority in the industry, he has provided interviews on Bloomberg (UK), CNBC (UK) Reuters (UK), Tiptv (UK), BNN (Canada) and Asharq Bloomberg Arabia.
