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.