If you have version 2.0.0 of the app, it’s time to unwrap that Christmas present
When you check your Profile, you’ll see the option to request an ISA. For anyone who’s not familiar with Stocks & Shares ISAs, they’re great because:
The growth in your investments (capital gain) is tax-free
Your dividends are almost entirely tax-free (some dividends on overseas stocks are taxed at source)
You don’t need to worry about any admin or tax self-assessment
We shared some more details about why we’re launching them in this blog post.
If you don’t have any investments & you go to convert to an ISA this evening / tomorrow, then we’ll contact you later in the week to finish the conversion process. If do have investments then you’ll be added to the group of users who’ll be converted to ISAs between the 10th - 15th December.
Share your feedback & ask questions about the ISAs here
A couple of users who tested the ISAs posted about how they got on here.
Transfers of existing ISAs in aren’t currently possible; will they ever be? If you don’t want the hassle (and possible expense) of having multiple ISAs with different providers, does that mean you’d need to wait until Freetrade offer transfers in? Or could you open a Freetrade ISA April 2019, start using it, and then transfer in old ISAs after the fact, if the feature is developed?
Alternatively, is it possible to transfer in a given fund (from your old ISA or anywhere else) to your Freetrade ISA account?
If you are an existing Freetrade user and signed up for an ISA in your profile, that is exactly what is going to happen. However, I believe you will not have access to investing During the week commencing on the 10th is December while the transfer will be in process.
Yes you can transfer your normal account to an ISA - if you’re already a user then you’ll see a button that enables you to do that in the Profile section of your app. It might take us a while to transfer you back to a regular Freetrade account at the moment though so please think carefully before switching to an ISA.
Wow, awesome! Literally took a matter of seconds to open it. Now just waiting for US shares and fractions. Will the W8 BEN form be available to complete as soon as US shares are launched?
We are working on an open product roadmap for early next year to share with the community (more information coming soon) so stay tuned to get more information on this
I just applied for the ISA can’t wait for the US Stocks to be out. I would also like to see some FTSE 250 in there too for potential growth and hidden gems that we can buy for low value.
So a potential strategy for the ISA fees, a monthly paying dividend etf/stock that covers your ISA fee allowing you to almost forget it.
e.g. STHS pays 5% annual dividends (thanks @PigeonStrangler) but pays out monthly; so if you had £720+ in that etf the monthly dividend would cover you ISA fee of £3/month.
Perhaps no one knows yet since it’s free until April 2019, but when are the ISA fees actually taken, and how? Does it come out of your ISA account every month, or do you pay in advance in a separate transaction from your bank/ Apple Pay?
, also nice gesture to make it free until April, good one Freetrade!
Lovely stuff!
I’m just checking whether we’re able to share a timeframe yet.
