MEGATHREAD: Recurring orders (Beta) is here

Hi everyone :wave:

Over the next few days, we’ll be rolling out the beta for one of our most highly requested features: recurring orders.

This will be available to Plus members on iOS initially, and we’re working on bringing it to Android soon.

Powered by standing orders, this feature is the first step on our journey to make long-term investing even simpler.

Investing regularly is a healthy habit that can help smooth out the peaks and troughs of the market to help grow your portfolio over the long term. Read our article on pound cost averaging to learn more.

But remember, it’s important you regularly review your investment strategy and don’t just ’set and forget’.

How it works :gear:

  1. Find the stock you want to set up a regular investment into.
  2. From the stock screen, select Recurring order (Beta), underneath the Buy/Sell buttons.
  3. On the screen, you’ll be shown Freetrade’s bank details and a unique reference code. You need these to set up a standing order from your bank’s app or website.
  4. Once you’ve set up your standing order and the funds have landed in your Freetrade account, a basic order will be triggered, if the market is open. If it’s not, your order will be queued until the next trading day.
  5. Any left over cash will stay in your Freetrade account.

This is available to customers with a linked bank account. Initially this will be excluded for those with accounts in the Lloyds Banking Group, which includes Lloyds, Halifax and Bank of Scotland.

Bear in mind that standing orders occur regularly and will continue to be deducted from your bank account as per your instructions. You can choose the day of the month they are deducted, the frequency, and the amount.

You can navigate to see your recurring orders from your Portfolio screen. You’ll also be able to deactivate any recurring orders you no longer want.

Standard members, stay tuned. :wink:

_ _

This should not be read as personal investment advice and individual investors should make their own decisions or seek independent advice.

When you invest, your capital is at risk. The value of your portfolio can go down as well as up and you may get back less than you invest. Tax rules for ISAs and pensions can change and their benefits depend on your circumstances.

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Nice

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Wow, this is awesome, especial being able to pick the days. Well done :freetrade: :+1: :+1:

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This looks like pretty auto pilot-y no? @szb

I’m standard and I’m staying tuned! Don’t forget us little people!

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Great work Freetrade!

What are people going to complain about now though :grimacing: :smiley:

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Can only speak for myself but autopilot sounded a tiny bit more complicated than a recurrent buy.

Like you chose a selection of stocks / ETFs you would like to pile in monthly (% amount) and it does all the heavy lifting.

One can recreate this with this feature though

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Perfect

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This is a fantastic update.

Can I ask if eventually this will be able to use cash currently held in a Freetrade account rather than a standing order?

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In this respect, it’s similar to HL, in that their regular investment facility takes money from your bank.

What you want (and what I would prefer) is what AJ Bell has, where their regular investment facility takes money from available cash on account.

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I assume this option will be available for all account types (e.g. GIA, ISA, SIPP)?

I just moved my simp a few months ago because it was a bit expensive and I got it for free for 6 months. not it’ll be cheaper here and you’ve got more features I want :smiley: ill have to move it back again

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Yes that’s what I mean. I can’t use this feature on my ISA as I’ve maxed out my annual allowance, so can’t add more money using a standing order (but I do have some available cash in there).

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Hey @szb, yes this is something we are looking to do!

For now, we stuck with single recurring stocks as it was the easiest and quickest way to bring value to customers.

Yes!

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Out of curiosity if you’ve got time to answer atm.

For an ISA does it take the 20k cap into consideration? Will standing orders stop automatically when the account reaches 20k (suppose a side case, can it stop automatically sooner to a predefined number below 20k)

Not that I’m depositing £1600 a month :sweat_smile:

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This is something we’d like to do too!

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I can’t see this happening as you control standing orders, ie your standing order pays Freetrade, it’s not Freetrade taking the money from your account (that would be a direct debit). So I guess you would have to keep track and cancel the SO in advance of the limit.

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Excellent question! Outside of recurring orders, if you were to deposit over your ISA allowance, the excess amount will automatically go into your GIA.

In this case, if you had £20 remaining in your ISA allowance and your standing order was £50, what would happen is:

  1. £20 will go in your ISA
  2. £20 will be invested in your chosen stock in your ISA
  3. £30 will be added as cash in your GIA
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Oh yeah of course. I keep thinking of it pulling the cash in. Can standing orders be rejected :thinking:

Either way. I agree it is something to keep track of. Not like I’ve got the money to deposit enough to reach the limit anyway