CMC Invest, a UK-based investment platform, has introduced a flexible Cash ISA with a 4.85% annual equivalent rate (AER). According to the firm, the move comes in response to customer demand for broader savings options.

Daily Interest, Monthly Credit

The Cash ISA offers daily compounding interest, credited monthly, with a minimum deposit requirement of £1. Customers can withdraw funds at any time without penalties, and the interest rate remains unaffected by withdrawals.

The product supports flexibility, allowing customers to withdraw and redeposit funds without impacting the annual £20,000 ISA allowance.

“We’re incredibly excited by the launch of our Cash ISA, which is the latest addition to our growing suite of products,” David Dyke, Head of CMC Invest, commented.

“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

Customers can also use CMC Invest's in-app transfer service to move existing Cash ISAs or switch funds between a Cash ISA and a Stocks and Shares ISA, without affecting their ISA allowance.

This launch adds to CMC Invest’s portfolio, which includes a Stocks and Shares ISA, a Self-Invested Personal Pension (SIPP), and a General Investment Account.

Meanwhile, CMC Invest is expanding its services in the UK with the launch of a Self-Invested Personal Pension (SIPP) scheme, as reported by Finance Magnates. Announced earlier, the SIPP is a flat fee product, available through the Premium plan in partnership with Quai Investment Services.

The offering is aimed at long-term investors, with features including £0 commission on trades, a 0.5% FX fee, pension drawdown flexibility, and multi-currency wallets. New clients can access the Premium plan free for the first 12 months.