Another preview of the designs for ISAs
Check out the first preview here.
@JamesStorer - would you consider running a Freetrade Design outfit on Twitter? Just like the folks at Making Monzo?
Hey @Justin, thanks! We’ve talked about a dedicated design channel. It didn’t make so much sense when it was just me, no one wants to just hear me ramble.
But now we have an actual design team I think it’s likely we’ll start more design focussed channels on Twitter and possibly Medium. All food for thought really, but nice to know people (person) want that too.
EDIT: Sorry just to be clear, this channel won’t be coming just yet, probably one for sometime next year as we have lots of designing to do!
What’s the process? New customers are given the choice of one account over the other? (Investment ISA vs Freetrade Account).
I’d have thought a customer would always have a Freetrade Account (GIA) and then have the option to open an Investment ISA, so it might be confusing for someone to select the ISA but get both? Or will the GIA be hidden until the time that they want to use it (if ever).
Hopefully this makes sense.
Hey @mikesmart, makes perfect sense!
Right now you’ll choose one account on sign up, so you will only have either a Freetrade account (GIA) or an Investment ISA. You’ll have an option to upgrade once onboarded too.
We do want to support multiple accounts and will be addressing this next year.
Ooh did you drop the option to pay annually? I know that split opinion a bit last time
P. S. Looks really good, nice improvement on v1.
Haha, I’m definitely not opening that can of worms again.
We’ve just removed it to de-risk some complexity for launch, the thinking is we will re-introduce this in April for the new tax year.
Will it be a flexible S&S ISA?
Beautiful. Very clean design. I like it.
It won’t when we launch, it would be useful to hear how you’d use a flexible Stocks & Shares ISA though - what it would enable you (specifically) to do.
Obviously this type of ISA lets you withdraw & then deposit back into your ISA, after you’ve already deposited the maximum amount into it. But when do you see yourself needing to do that?
I guess it is purely a convenience question. If a user wishes to go for low risk assets with an outlook for early withdrawal without hitting the 20k limit, why not? Just a positive flexibility factor.
The dilemma is, how much more inconvenient would it be for Freetrade to offer a flexible ISA as opposed to a normal one? Is it just a tick in an HMRC application to choose or is there a whole lot of engineering and compliance involvement? If the latter, I guess the benefit does not exceed the cost, but if the former, then why not?
2 posts were split to a new topic: Moving shares from our Freetrade account (GIA) to the ISA
Obviously this type of ISA lets you withdraw & then deposit back into your ISA, after you’ve already deposited the maximum amount into it.
So I’ve got this right, we can withdrawn & deposit as much as we want throughout the Tax Year, as long as it doesn’t exceed our ISA allowance? and withdrawing won’t increase our current year’s allowance, as it’s not a Flexible ISA?
At the moment, Freetrade’s ISA will not be flexible. But it would be great to see a flexible one being offered at some point, so I guess all we can do is to keep our eyes peeled for further updates and hope to get more information on it
I might have used such a feature this year if I had reached the limit, I took money out to buy a classic car. The option to put it back if I had suddenly come into money would have been nice. As it was I was nowhere near the limit anyway so it wouldn’t have made much difference