tl;dr - I’m not sad, I’m just disappointed plus I need to read more about the offering
I feel as though people are going to be hungry around midday at Freetrade HQ today because AJ Hell just ate their lunch. People have been crying out for FT to offer LISAs and JISAs have years now but they’re still not here.
I understand FT have been concentrating on European expansion instead and I’m sure they have their reasons for prioritising that but from the outside looking in, it feels like a mistake.
Even if AJ Hell works out cheaper I’ll still be moving my LISA to Freetrade in the future, if they ever get around to offering it, purely because AJ Hell have been so awful. In the meantime, I’ll try and move my existing AJ Hell LISA to this cheaper Dodl thing… why do I already have a feeling that it’s going to be a nightmare to do that, or maybe even impossible?
My worry is that those out there who don’t know just how utter crap AJ Hell is will jump on to this new platform with this LISAs (do they do JISAs too?) and Freetrade will lose out on those people as customers for the lifetime of their LISAs… and that’s sad.
The bulk of my investments still in AJ Bell are in my SIPP - if I were able to move it from existing SIPP to cheaper Dodl SIPP (if that were available), I will save around £40 a year in fees, but not sure that’s enough of an incentive to go through the mess of it being transferred.
Good play by AJ Bell with their existing LISAs and JISAs - I do feel Freetrade have been caught asleep at the wheel on this.
Will depend on the range available, but in theory 0.15% charge means AJ Bell is cheaper than Freetrade for an ISA if you have less than £24,000 in your account. Interesting move, probably with Freetrade and their crowdfunding a catalyst. Competition is good!