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 the 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 fees to be taken from the cash held in your CMA rather than directly from your ISA or Investment account.

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).

However, FundsNetwork are changing this from 01/10/2020 so that their Service Fee as well as our Ongoing Fee can be taken from the CMA. This new functionality is, as far as we are aware, limited to just ISA’s or Investment accounts in your own name, it can’t be used for Pensions, Junior ISA’s, jointly held Investment Accounts or any other accounts that you may hold with us.

If you would like the Service Fee (as well as the Cavendish fee) to be taken from the CMA you will need to follow the same instructions as above and email us requesting fees to be taken from the cash held in your CMA rather than directly from your ISA or Investment account. If you have previously contacted us and the Cavendish fee is already being taken from your CMA, there is no need to contact us again for the Service Fee to be taken from the CMA as this will happen automatically.

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.

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