Hot on the heels of our recurring orders launch, we’ve got another highly-requested feature launch for you: Direct Debit.
Direct Debit lets you automatically top up your Freetrade account on a monthly basis on your day of choice. This is another step towards Autopilot, our end-to-end solution for regular investing, making it simpler for you to build your portfolio over the long term.
If you’re on our Plus plan - you get early access to this one! Just make sure you’re on the latest version of the app.
If you’re on our Standard or Basic plan - don’t worry, you’ll be getting this one too! We’ll be gradually rolling it out to you over the next month, so keep an eye on this thread for updates
How do I set up a Direct Debit?
Head to the Account tab on your app, and tap “Set up” next to the Direct Debit option to get started. You’ll need to have a linked bank account first!
Choose the amount you want to put in each month and the date you’d like the cash to leave your bank account. Please note - it will take 2 working days from the date you choose for the cash to become available to invest in your Freetrade account.
You can also edit, pause, and resume your Direct Debit at any time from within the app.
What if I’ve set up a recurring order?
If you want your Direct Debit to hit your account in plenty of time for it to be invested by your recurring order, we’d suggest leaving a week between the date of your Direct Debit and the date of your recurring order.
When you invest your capital is at risk, the value of your investments can go down as well as up and you may get back less than what you invest.