CMC Invest Cash ISA Boosts Your Savings Rates For 90 Days
Account: CMC Invest Cash ISA
Description: CMC Invest is an excellent choice for savers as it has kept close to the top of the rate tables with a cash Individual Savings Account (ISA) offering a competitive interest rate of 4.59% AER. The 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.
Is the CMC Invest Cash ISA any good?
The savings 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 4.59% 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 4.25%.
Trading platforms Trading 212 and Freetrade also offer high interest rates on cash at 4.82% 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.
Pros
- Flexible ISA
- Also has an investment ISA
- Established provider
- Excellent rates and nous
Cons
- App-only product
- Bonus limited to 90 days
- Rates (5)
- Flexibility (5)
- App & Platform (5)
- Customer Service (5)
- Research & Analysis (5)
Overall
5
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
Richard’s contributions and expertise have been recognized by respected publications such as The Sunday Times, BusinessInsider, Yahoo Finance, BusinessNews.org.uk, Master Investor, Wealth Briefing, iNews, and The FT, among many others.
Under Richard’s leadership, the Good Money Guide has evolved into a valuable destination for comprehensive information and expert guidance, specialising in trading, investment, and currency exchange. His commitment to delivering high-quality insights has solidified the Good Money Guide’s standing as a well-respected resource for both customers and industry colleagues.
You can contact Richard at richard@goodmoneyguide.com
