The income settings are very flexible and allow you to specify a default setting for all income received in your account(s). In addition you can also set up custom settings for each individual investment that you hold.
To amend your income settings, log in to your account and click on My Accounts, Manage Investments, Income Management.
You will then see your account(s) and to the right you should have the option to Edit Settings. Click on this and you will see the default settings for your account which you can amend. The options are as follows;
Automatically reinvest - Any dividends that you receive will be automatically reinvested into the same security that they came from. If the dividend is from a share, IT or ETF you will be charged a dealing fee of £1.50 as well as Stamp Duty for shares and IT's. If the dividend is from a fund then you won't be charged a dealing fee.
Hold as cash in this account - Any dividends received will be held as cash in your ISA or Investment account.
Hold as cash in Cash Management Account - Any dividends received will be held as cash in your Cash Management Account (CMA). For the time being the only purpose of the CMA is to pay the Cavendish Online Ongoing Fee of 0.05%, it cannot be used to pay FundsNetwork's Service Fee of 0.20%. If you do want dividends to be held here to pay the Cavendish Online Ongoing Fee, please do contact us as we need to make a small amendment to your account to allow this.
Pay to my bank account - Any dividends received will be paid out to your nominated bank account.