Late to the thread, but this is exactly what I’ve done for my brother! Well… I have money sat in a pot on Monzo for him until rollout, but he was very excited on his 18th with the idea. Maybe preload an account with money for it as a work around for now? Don’t know if this is possible (MVP I know!)
I’m not sure on the legal aspects etc as I’m very new to this world, but was thinking that it might be interesting to have a gift option. For example, if A wants to buy B stocks they could gift X amount of shares. Not the most exciting gift, but a great way to get someone started on finance or if they’re like me, they just might prefer it.
As long as that person has an existing Freetrade account, then hopefully it’s not a problem?
I really love this idea (perhaps require giftees to have or open an account before any transfer takes place and structure it as a sell on account 1 then buy on account 2 to smooth out legal difficulties, so essentially gift cash behind the scenes).
It could be a great driver for growth.
Thanks Kenny It could be a great driver for growth was something I was thinking of too I like the behind the scenes transaction too.
I’m a fan of this idea - there was a discussion about this previously, I can’t find or remember the outcome but it did have support. I think there was a n issue with KYC etc and creating an account on behalf of someone else, but the concept is certainly good!
Work around could be the equivalent of a store gift card for a particular stock or other? Or a prefunded account.
Yes I remember that too, not sure where it is. I do think any issues could be worked around - just treat it as an invitation rather than a gift, buy the share for user A, wait until after the user B signs up and gets their account, then after KYC you can transfer the share (or sell then buy if necc.). Surely something like that could work and I think the emotional part of it is really important - you’re really giving the gift of investing, not the gift of a particular share(s), bit like grandparents buying premium bonds for their grandchildren.
Agreed - long-term ‘sticky’ money if you are introducing JISAs or gifted savings. I’m sure it’s feasible
I’m not sure how this would work from a legal point of view, but would “stock/share gift cards” be feasible for Freetrade? I.e. if I wanted to buy someone 20 Barclays shares as a gift but then (probably for a fee) have a gift card posted with some sort of code that they can use to redeem the shares in the Freetrade app?
The US company, Stockpile do this, although without physical cards.
I just think it’d be great to be able to give someone shares in a company that they like as a gift.
It may also be good for user acquisition since anyone who receives a gift card would have to sign up for Freetrade to redeem it.
If that’s not possible then maybe be able to add credit to a person’s account? I’m already seeing possible AML issues there but if it was deducted from the balance of an existing customer it might be workable
This is a good idea, but personally I think there should be other things that Freetrade concentrate more on in the short term.
However, in the long term, once the app is more established and has all the essential features that the development team want, then gifting would be a great addition! It would be great to gift people, who you know are interested in shares, a few shares of their favourite company for their birthday or for Christmas.
This could be an idea that Freetrade add onto the end of their roadmap. You have my vote!