I have an isa account with FT and am paying the monthly 3 pounds. I am planning to move to trading212 as it is free. As per tax rules I can open a new isa account every year and can pay into only 1 of the isa accounts I hold. If my FT account is not the one I’m investing into. Will I be expected to pay the monthly 3 pounds
Yes you would unless you transfer your ISA or withdraw all your funds and close it
As long as your Freetrade ISA exists, you’ll have to pay the monthly fee, even if you are not putting any more money into it or buying or selling shares within it.
What I suspect you want to do is move your ISA entirely to your new provider. To do that, go to your new ISA provider and fill out a form there saying that you want to transfer your ISA to them. You will probably need to sell your shares within your current ISA so that you only have cash in it, to make the transfer easier. Your new provider will then handle the process of moving your assets – they will contact Freetrade directly and arrange the transfer. Once the transfer is completed, Freetrade will close your old ISA.
Trading212 still have to make a profit - do they charge a currency conversion fee or is this only on select currencies? Do they make money on spreads between buy and sell price?
I don’t represent FT but I would assume that you would continue to pay £3 on the basis that it is a charge for having a Freetrade account, whether active or not- in the same way you would if you had money in a bank account with benefits that you did not pay into anymore.
Hopefully can someone else clarify this for you
They just announced a 0.15% FX fee. They’ve previously said that their Invest and ISA services are profitable without charges. I imagine this is down to margin/spread prices and the volume resulting from 1.4 million users, but I’m not 100% sure.
I can’t speak for the OP, but it might be less about the £3 a month and more about the lack of a need for Plus for limit orders etc and the additional instruments available. Personally, I hope that the European expansion - and the additional exchanges that come with it - becomes official here prior to the new tax year. Though I am personally leaning towards moving my ISA to T212 for the larger selection of instruments, I would like more reasons to keep my ISA here.
Edit: oops it was 0.15%! My bad.
They have been slowly adding such charges and restrictions. probably to cover some of the costs of providing an ISA.
Over the last few months t212 have been adding charges and other limits, minimum amounts and share dealing services. They post it on the forum but don’t send a notification via the app.
I don’t have a isa with either but will be opening one at the next tax year,
Leaning towards freetrade due to better transparency, and don’t know what other fees trading 212 have planned in the next financial year.
T212 aren’t taking on new customers at the moment, you leave your name on the waitlist, I think they’re trying to clear the backlog of the recent GME fallout.