CMC Invest launches a flexible 4.85% AER Cash ISA with daily compounding interest, offering easy withdrawals and in-app transfers, expanding their savings options.
CMC Invest launches a flexible 4.85% AER Cash ISA with daily compounding interest, offering easy withdrawals and in-app transfers, expanding their savings options.
CMC Invest launches a flexible 4.85% AER Cash ISA with daily compounding interest, offering easy withdrawals and in-app transfers, expanding their savings options.
Key Points:
CMC Invest, a prominent UK-based investment platform, has unveiled a new Cash ISA offering a competitive 4.85% annual equivalent rate (AER). This innovative product expands the company’s growing portfolio of investment solutions, including ISAs, Self-Invested Personal Pensions (SIPPs), and General Investment Accounts (GIAs).
The Cash ISA provides customers flexibility and high returns, featuring daily compounding interest credited monthly. With a low minimum deposit requirement of just £1, savers can benefit from the product’s attractive interest rate while maintaining easy access to their funds. Customers can withdraw at any time without penalties, and withdrawals will not impact the interest rate or the annual £20,000 ISA allowance.
Daily Compounding Interest and Flexibility
The key selling points of the Cash ISA include the ability to earn interest daily, which compounds to maximize potential returns and the monthly credit of this interest into customers’ accounts. Moreover, the product’s flexibility means that savers can deposit and withdraw funds as needed without compromising their annual ISA limit, offering ease and control over their savings.
“We’re incredibly excited by the launch of our Cash ISA, which is the latest addition to our growing suite of products,” said David Dyke, Head of CMC Invest. “We’ve seen increasing demand from clients for a Cash ISA, and we are confident that our competitive rates and flexibility will appeal to a broad range of savers, who we look forward to supporting as they grow their wealth and achieve their financial goals.”
In-app ISA Transfers for Added Convenience
In addition to its new Cash ISA, CMC Invest has enhanced its platform with an in-app transfer service. This feature allows customers to seamlessly move existing Cash ISAs or switch funds between a Cash ISA and a Stocks and Shares ISA without affecting their annual ISA allowance. Furthermore, this ease of transfer will hopefully attract new and existing customers seeking efficient savings management.
CMC Invest’s Cash ISA joins the company’s more comprehensive product range, including a Stocks and Shares ISA, a Self-Invested Personal Pension (SIPP), and a General Investment Account. Furthermore, these products are part of the company’s ongoing efforts to expand its services in the UK, providing customers with a comprehensive suite of savings and investment options.
In related news, CMC Invest has also launched a Self-Invested Personal Pension (SIPP) scheme aimed at long-term investors. The SIPP is available through the company’s Premium plan and includes features such as £0 commission on trades, a 0.5% FX fee, pension drawdown flexibility, and multi-currency wallets. New clients can also access the Premium plan free for the first 12 months, making it an attractive offering for retirement planning.
CMC Invest’s launch of the Cash ISA, alongside its broader service expansion, underscores the company’s commitment to providing a diverse range of financial products that cater to the evolving needs of UK investors.
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