You should be able to scroll down on the main page to the ‘recurring order’ option
I agree some placement of things can be improved, like I shouldn’t need to scroll past all my investments to get to the recurring order and limit orders links
Is there any detail about how this works exactly anywhere? Not sure if I’ve missed it reading on my phone.
Say I’ve got a recurring investment for £500 but I’ve only got £300 in the account on investment day, what does it do? Does it use the £300 and do what it can with it or just it fail?
If I’m investing £500 and I’ve split it 50/50 between two £240 non-fractional shares (buying 1 each every month) and one month one of the shares goes over the £250/50% split what happens? Does it still buy the other £240 share or does the whole thing fail?
Not 100% sure it answers all the questions but there is a Q and A in the help section:
Looks like some if not all of the answers might be in there, thanks
I it answers all but one I think.
If I have a £500 recurring investment split 50/50 between two £240 shares. One share drops to 200 and the other rises to 260, the sum of both is below the £500 but one of them is above the 50% allocation. Does it still process both?
Logically it would buy one share at 200 and wouldn’t buy the other share at 260 as it’s above your request to only buy shares up to 250.
I see no reason why it would buy at 260, for shares that expensive you should consider a larger allocation and some buffer cash in your account
Yeah, the numbers are hypothetical, I’m just trying to understand how it works.
Hey @Kumnaa great question, if you do not have the full amount in your account at the day your Recurring order is set to place the orders then we will attempt to place as many as possible so not all orders will be placed but we will place some (if you have enough for at least one of your allocations).
As per your example of 2 £240 non fractional shares if one of the stocks goes to £300 but the other stays at £240, the £240 order will go through while the £300 one will not. Recurring orders will never place an order above your defined allocation.
This also goes for your second question as @Eden points out if you allocate £250 for a whole share we will not be placing an order above that price even if other instruments in the order go down.
Hopefully that clarifies some of the questions
It does, thanks
This is a step in the right direction, however I am finding it hard to settle on an amount I’m happy with due to the inability to buy fractional shares.
Ideally I would like to be as passive as possible buying a set amount of VHVG, but as the price is £67ish a share, this will leave alot uninvested and negates the passive bias completely.
Will there be a feature to buy fractional etf shares moving forwards? If not, will there be an option to buy an index fund tracker? Which I believe allow fractional units.
You should not be completely passive, in that you should probably check every few months or so that your investments are correct and still appropriate
In terms of buying whole shares, as an example. You if you were buying 2 shares a month roughly £134, you could set your recurring buy at £147 (10% more). Have a 20% cash buffer in your account so £26, and fund your account with £140 a month.
Review every few months and adjust as necessary
It’s possible direct debits may allow for specifying number of shares to by and dynamically adjusting the amount taken from your bank (DDs aren’t available yet) @pedrom are there any plans in the future to allow this sort of order by number of shares and direct debit?
Funds are in the pipeline and it sounds like they’ll be available in the next few months or so.
Hopefully, they’ll work with reoccuring orders. But this may require some extra work on FT’s part as funds are forward priced, not exchange-traded etc.
Hey @Eden we are definetly exploring how Recurring Orders can integrate with Direct Debits as there is a clear synergy between both features. We don’t have concrete plans on functionality such as allowing for specifying numbers of shares as of now but it is something we are exploring from a Design perspective.
@rehpot with funds and every other asset type we may add in the future we will definitely be considering their viability for Recurring orders. Unless we have a clear reason for why not allow it in a Recurring Order we will be allowing you to add all new instruments to it, as you rightfully point out there are some considerations like pricing which we need to polish out first to make sure that the experience is clear and fair for users.
I have setup a recurring order on my SIPP and have added 10 stocks to the order.
Some of the stocks are UK based and so cannot be bought fractionally which makes setting the percentage break down quite hard.
One of the shares EQQQ has a high price that required 25% of the investment so that it can be included in the order instead of the 12% I wanted to use.
So my portfolio will need some rebalancing to counteract this down the line.
It would be so much easier if there were UK fractional share support. I know this will be coming eventually!
Anyway, the setup process was easy and I was able to reconfigure it multiple times and pause it too when I realised that I needed to add more cash to support the required investment.
It is scheduled to execute tomorrow so I will see how it works and may need to adjust again for next month.
Overall I am very happy and would like to thank the engineers who worked on this. They did a great job!
(I am a software developer myself so I know something about the effort required to implement this)
I’m really looking forward to direct debit functionality to add money within the app. I’m too lazy to use the existing function before I use recurring orders.
I use Starling and setting up a new standing order was really straightforward and I also used the same payment config to pay in immediately.
But a DD option would make this much easier.
I haven’t tried the recurring orders yet but how many different sets of recurring order can we make if that makes sense
I would love to see that come for ETFs especially, it would make it so much easier on allocations.
And yes I totally agree