sheās wrong
Correct which led me to believe that more than Ā£4K could be held. I also wasnt paid the interest
If it is money that i am not using, why should i not use it to decrease my monthly subscription, no?
2 weeks ago I wouldāve agreed but right now I like having some cash around
Hm! I suppose you can try again with the customer service in-app chat and cite their blogā¦ Or direct-message one of the Customer Ops managers through the forum (Customer ops - freetrade - Freetrade Community)? Or email (Dedicated channels and how weāre scaling support for you, 15th Feb 2021)? That was a really weird response for them to give you.
sameā¦ would put it all in stonks!!!
Dont get me wrong i would invest all of it, but atm im just waiting out to see what the market does
Thank you for your reply
yeah i supposeā¦ just a bit pointless in my opinion to have it sitting there doing nothing for 12 quid a monthā¦ hell even if you invested 500 quid of it on something that earnt you 2% youād pay for your subscription.
At this point whatever i have invested in has dipped, inculding recently. So im waiting for it to dip further and then buy
thats fair enough!! i feel your pain, red is my favourite colourā¦ on a car!
Ā£500 x 2% is Ā£10
So āifā an investment rose by 2% within month surely it would only āpay for your subscriptionā if sold - and for one month ?
And then one would have to repeat, month after month.
If only investing (trading) was so certainā¦
Surely more realistic is to invest Ā£4,000 in something with a Dividend Yield of 3% (or better)ā¦ or invest Ā£3,000 in something yielding 4% (or better) ?
(Perhaps an Investment Trust with payments at least Quarterly ?)
Does the 3% interest apply to cash thatās held in a SIPP account @Freetrade_Team ? - the page at Earn 3% interest on cash in Freetrade Plus mentions GIA and ISA but isnāt very clear on whether SIPP is included.
Answering my own questionā¦ no thereās no interest on SIPP account.
So if you had a spare 4K lying around you could put it into your Freetrade account, earn about Ā£12 per month which would basically pay for you to have the plus account?
Is that correct?
My calculation was a bit different to most peoples, I guess, as I wanted an ISA anyway, but didnāt especially need the plus features. I still went for plus just because of this 3% offer.
For for me, the interest will exactly cancel out the plus fee, so effectively Iām saving Ā£3 per month on the ISA fees. To get Ā£36 in interest on Ā£4000, Iād need a rate of 0.9% which is better than pretty much every instant access savings account.
Iād like to keep spare cash easily accessible, but waiting a week for it shouldnāt be the end of the world, so it seems like a good deal to leave an extra Ā£4000 cash in my ISA, as I want to invest it slowly over the next few months anyway.
Also, if the interest is paid directly into the ISA, itāll effectively increase my ISA allowance by that much too.
Ā£10 per month
I didnāt do the math, I just saw 12 quid in a post above.
With Freetrade Plus being Ā£9.99. Itās still essentially paying for itself though right?
Do i need to keep 4k there for whole month, or can i take it out for example at the beginning of the month and have it in there before the interest is paid?
Welcome to the community
Interest is paid monthly but calculated daily. So youād need to park the money if youād wanted to earn the intrest.