Help us name our account types!

Hey all, weā€™re having a debate what to call the default investing account type youā€™ll automatically have when you become a Freetrade user and which weā€™ll have at launch (i.e. not an ISA).

Right now, weā€™re using an industry standard and calling it a GIA - general investment account, but weā€™re not sure if thatā€™s the best name. Basic has been discussed, although basic is also the membership tier of ā€˜not Alphaā€™ and the term for our free orders.

Weā€™d love to hear your thoughts and preference.

  • General Investment Account (GIA) - (what we have now)
  • Basic account
  • General account
  • Freetrade account
  • Investing account
  • Investment account
  • Something else (make a suggestion!)

0 voters

2 Likes

How about calling it Standard? Then ISA is called ISA?

So Standard and ISA

Or how about Regular?

Feels like it should be a antonym of special, given ISAā€™s ( the other account type ) has special powers.

1 Like

Funnily enough, ā€˜standardā€™ was mooted but didnā€™t make the poll

General is what Iā€™m used to but thatā€™s partially because I have no choice :smile:

Freetrade, Investment, Investing feel like they always apply.

Basic confuses things with the Basic Plan, but perhaps the issue is the Basic Plan should be renamed to something like Free? Which in turn frees up basic :joy:

4 Likes

Personally I would go for Investment account as it differs from Basic trades = ā€œtradingā€ (which is intraday usually)

Also in terms of using ā€œInstant Trades UK and USā€ which have a price at 1GBP

I would probably go with Daily Trade UK - Free* - where the * would mention at the bottom about Instant or end of day trade or link to some blog post (depending on what laws ofcourse). This sort of goes against the ā€œmissionā€ and the actual startup name ā€œFreetradeā€.

This ofcourse is a side by side comparison so some other things may apply, but as Freetrade is app based and this is the website/mobile version the former applies as this is something a prospect customer would look at before downloading.

Usually in the funnel of signing up you want to upsale the premium accounts after registration and not scare them off.

Note: I have done conversion rate optimization and A/B testing in the past for pricing pages, ofcourse take my word with a grain of salt like all things on the internet :stuck_out_tongue:

Maybe Starter

1 Like

What about giving folk the choice to choose their own account name in app?

Tributum

ā€œClientā€™s nameā€ 's account

1 Like

A post was merged into an existing topic: Ask your beginners questions here :hatching_chick:

Freetrade XR and XS? :thinking:

12 Likes

I agree. I think standard is good.

Multivariate testing will find the truth but letā€™s take a guess at itā€¦

I would rename ā€œbasic tradeā€ to something like ā€œend of day tradeā€, which more clearly explains the difference between an instant trade and what this is.

ā€œInvestment accountā€ or ā€œStandard accountā€ might be slightly better signalling than ā€œBasicā€, once you have your gold/silver/bronze pricing segmentation in place. But given that you will launch with a single account type you could just call it ā€œAccountā€ for now!

I think there might be something confusing in the pricing grid at the moment where inside each price point the user is making secondary decisions that are different kinds of decision however are presented as if theyā€™re the same kind of thing. One is instant vs end-of-day, a decision that the user will make every time they trade. The other is not-ISA vs ISA, a decision that theyā€™ll make once I guess? Dunno, just wonder if particularly the basic account can be made to look simpler and an easier ā€œok iā€™ll do thisā€ decision for users. Maybe you could present a third price point that was ā€œInvestment account plus an ISA, 3/monthā€, sitting in betw Investment account and alpha.

(And itā€™s obviously common freemium practice to add an expensive price point over on the right that you donā€™t actually intend to sell much of, but it helps increase purchases of the price point options in the middle by anchoring a high price. Itā€™s an :roll_eyes: tactic but seems to actually work for many.)

2 Likes

Purely out of interest, any timelines on when will the account names will be finalised & announced?

Weā€™ll probably announce this on Monday, to give everyone whoā€™s read this weekā€™s Weekly Wrap a chance to vote over the weekend, as thatā€™ll be the first time that some of them have heard about this.

2 Likes

I would keep it as it is i.e. GIA

The name is referring to the tax wrapper; if you call it ā€˜Investment accountā€™ people can get confused and think ISA or SIPP isnā€™t invested etc. They are the same investment, just different tax.

  1. ISA
  2. SIPP
  3. GIA

I think its fairly simple :slight_smile:

4 Likes

+1 for Freetrade account.

Probably in the minority but GIA means Gross Internal Area to me.

I like the idea of calling it a Freetrade account because

  • Thatā€™s probably what Iā€™ll refer to it as when talking to others.

  • It signals a subtle difference between Freetrade and other companies.

All the names kind of make sense so why not go with your brand?

5 Likes

Iā€™d prefer to keep it General Investment Account just because it fits with what is industry standard, when comparing with ISAā€™s and SIPPā€™s.

Plus I think it might lead to confusion between Freetrade Alpha and your Freetrade Account.

1 Like

Letā€™s not forget that the app is not intended for the UK only.

In France GIA is a meaningless term.

5 Likes