@Diversify, as you’ll know from the rest of our fee schedule, we’re doing everything we can to drive down prices. In general we’ll be paying out funds using the BACS network, which is both cheap to use and highly automated.
As much as we’d love to be able to get your money to you as quickly as possible, unfortunately it is very expensive for businesses to use the Faster Payments scheme, as well as being operationally more manual and time intensive. We’ve therefore given people the option of getting faster access to their cash if there is an urgent need, but have priced it to reflect the cost to us of doing it.
As we expect most people to invest only the cash they don’t need immediate access to, we think this strikes the right balance. However as with everything we’re going to continue to improve our processes and if this is something there is a lot of demand for we may be able to bring down the cost in the future.
Freetrade won’t charge edit fees, that’s against their fair pricing values. The FCA plans to ban these in the DIY investment industry. Interactive Investor below has scrapped them ahead of the ruling putting pressure on Hargreaves to do so, which is good news!
To be clear, we don’t have the functionality built to enable users to transfer their portfolios to other users. But if someone did want to switch (), the process would be exactly the same as making a withdrawal. They’d just sell their stocks & withdraw their cash.
), the process would be exactly the same as making a withdrawal. They’d just sell their stocks & withdraw their cash.