The points below clarify what you can and cannot use the Cash Management Account (CMA) for:
Cavendish Online Ongoing Fee
For the time being any cash held in the CMA can only be used to pay our Cavendish Online ongoing fee of 0.05% per annum. You will need to contact us to request this as we need to make a minor amendment to the settings on your account. Please email us by clicking here and stating that you would like our ongoing fee of 0.05% to be taken from the cash held in your CMA rather than from your ISA or Investment account. For the time being this does not apply to the SIPP as these accounts have not yet been migrated to the new platform.
FundsNetwork's Service Fee
The CMA cannot currently be used to pay FundsNetwork’s Service Fee of 0.20% per annum (0.15% if your account is valued at more than £200,000). We hope that FundsNetwork will allow this at some time in the future.
Investing the CMA balance into your ISA or Investment accounts
The CMA cannot currently be used to invest cash into your ISA or Investment accounts. If you were intending to do this you would need to Withdraw Cash from the CMA back to your bank account, to do this please log in and then click on My Accounts, Manage Investments, Withdraw Cash and complete the instructions. You could then proceed to Add Cash to your ISA or Investment account rather than the CMA.
Alternatively you can contact us by clicking here and requesting us to move some or all of the cash from the CMA to your ISA or Investment account where we will place it in cash for you. Please be aware that if we move any cash from your CMA to your ISA, this will be considered to be an ISA contribution for the current tax year.
If you have only recently added cash to the CMA you will need to wait for approximately three days for this to clear before any action can be taken with it.
We hope that FundsNetwork will allow clients to add cash to the CMA and then move this to their ISA or Investment accounts at some time in the future.