CASH PARK Interest Sue58

#1
I am currently with Fidelity for my S&S Isa's and I have some money set aside in the Cash Park account but this does not have any interest, in fact I have lost about £26 on the amount recently.



Does anybody know of a platform that does pay interest on money in the Cash Park or at least does not lose any money from the original capital? Thank you.

#2
Fidelity charge on ongoing fee based on all assets inside your ISA. It is not an ideal product in which to hold cash.



If all your ISA is in the cash park, you could simply move it to a cash ISA that does not have any explicit charges.



With BOE base rate at 0.25%, you will struggle to find a Stocks & Shares ISA provider that pays any meaningful interest.



If you're looking for a new Stocks & Shares ISA provider, then you might want to consider all aspects of their charges and services, rather than just any fee applied to the cash holdings.

#3



Fidelity charge on ongoing fee based on all assets inside your ISA. It is not an ideal product to hold cash.



If all your ISA is in the cash park, you could simply move it to a cash ISA that would not have any explicit charges.
Originally posted by HappyHarry


No most of my S&S ISA's are invested in funds, however I cashed in one fund and moved it to the Cash Park until I invest in another fund. I just wandered if anybody knew a platform that either pays interest on cash or if not does not charge their ongoing fee for cash parks?

#4
Even if Fidelity didn't apply their ongoing charge to cash your cash balance would still have gone down, because the charge that applies to your entire portfolio is deducted from the cash account. Which is good because it would otherwise have been taken from your investments.



I don't know of any investment platforms off the top of my head paying even nominal interest on client cash accounts. Either transfer the money out to a cash ISA or invest it.

#5



No most of my S&S ISA's are invested in funds, however I cashed in one fund and moved it to the Cash Park until I invest in another fund. I just wandered if anybody knew a platform that either pays interest on cash or if not does not charge their ongoing fee for cash parks?
Originally posted by Sue58


There are no separate charges for cash park at flat fee platforms like Halifax Sharedealing, iWeb and Interactive Investor. There are also no charges at discount share platforms, such as SVS-XO and XO.



Why ask? Would you move your whole S&S ISA just for that benefit? Few platforms allow partial transfer of S&S ISAs.

#7



Why ask? Would you move your whole S&S ISA just for that benefit? Few platforms allow partial transfer of S&S ISAs.
Originally posted by masonic


Because I am thinking of moving it all to a lower cost platform so thought for future reference I'd ask if there is an account that makes no charge for cash park. The answer is flat fee platforms!

#8



Because I am thinking of moving it all to a lower cost platform so thought for future reference I'd ask if there is an account that makes no charge for cash park. The answer is flat fee platforms!
Originally posted by Sue58


You've completely missed the point.



As another poster has pointed out, there's a charge on your ISA. I don't think there are any ISA platforms tthat don't make a charge.



That charge has to come from somewhere. In this case it came from cash. If it didn't come, from cash they would sell one of your funds to pay for it which would be a worse situation

#9



You've completely missed the point.



As another poster has pointed out, there's a charge on your ISA. I don't think there are any ISA plat firm she that don't make a charge.
Originally posted by AnotherJoe


I think you've also missed it! Flat fee platforms don't charge a % on the cash balance. I'm with iWeb and the only fee is a one off £25 opening charge.

#10
Hargreaves Lansdown and Charles Stanley don't charge for ISAs and I'm pretty sure neither of them charge for cash on account. Of course they are more than adequately compensated by the percentage fee but they don't make an explicit charge



That said, interest rates on cash would be on a pretty low rung of my priority ladder when choosing a platform

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