MEGATHREAD: Recurring orders (Beta) is here

Good explanation by @bitflip above - MEGATHREAD: Recurring orders (Beta) is here - #112 by bitflip

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This is certainly a very much needed feature…however if you wanted to invest in a diverse range of investment seach month it means creating multiple standing orders from your bank account. If you hold an ISA and a SIPP, this would be double.

Do you have plans to adapt this feature so that you can create one standing order from your bank account each month, and the recurring orders come from your cash balance if there are sufficient funds in there? Surely that is much more straight forward?

I am desparete to use this feature, but can’t as it stands as I don’t want to set up so many standing orders from my bank.

Nick

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Hey Nick,

FT’s team already confirmed that this is a logical next step.

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Hi Sergy,

Thanks for the response. I look forward to seeing when it can get released.

Nick

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Emm the fact I’m Android and bank of scotland would be one haha

Can you delete an inactive recurring order ?

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At the moment you can deactivate it, which will simply redirect any future standing order deposits to allocate as 100% cash. We’ll add the ability to hide recurring orders in the coming weeks

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Hey all, I wanted to update you on where we are at with the recurring orders feature we Beta launched in August.

We now have a lot more data and insight into this feature from a variety of sources. There’s been some great feedback, both positive and constructive in this thread. We’ve done surveys and user interviews to find out more about the problem we’re trying to solve and also have a lot of quantitative data as to how customers are interacting with the feature today.

We have a design for the next iteration of this feature which addresses 2 key points:

  • The ability to set-up a recurring order from cash in your portfolio, so it isn’t reliant on setting up a standing order from your bank
  • The ability to add multiple instruments to your recurring order

The Beta was a quick way for us to get some learnings from the feature. While we will keep the Beta feature running on iOS for those who wish to continue using it, we will be moving the button on the instrument screen further down so that we are able to give more prominence to some of our other new features on that screen.

We have also decided not to extend the Beta to Android. Instead we will be building out the new feature on both Android & iOS in parallel so customers on both platforms will be able to gain access to the new feature at the same time.

Thanks again for the continued feedback. We do appreciate it as a Product & Engineering team as it helps us with both prioritising and designing our features.

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That sounds much better and good news! You mention the option to come out of cash. Will this be independent or will it use the cash in your account and then the remaining you set up recurring for come from your bank?

This would be pretty cool if the second option is what it will do.

Thanks @Big-g. To start with it’ll only be from cash in your account. However, we do know we need to solve for making it easier to get cash in your account on a recurring basis. At the moment what we offer is our Standing Orders option.

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In addition to @cheok’s excellent update, deactivated recurring orders will no longer appear on the portfolio screen!

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Can I second this request please i.e. using existing cash vs a direct debit?

I top up my ISA once a year vs drip feed in and is much easier to manage- this is the key reason I find the H&L implementation useless and this feature in itself would make me stay and invest more than anything else.

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Thanks @Pk222 for the feedback. As @cheok mentioned above, setting recurring orders from cash in your Freetrade account is something we are actively working on. Watch this space :eyes:

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Great work!

Is there a timeframe, even if it’s a rough/generalized one, for launch?

Thank you! Unfortunately I can’t give a timeframe as we haven’t started building yet. We’re just finishing off some user testing of the design to make sure what we’re proposing works.

The next step from here is that I’ll be working with our engineers to understand how hard each component of the feature will be. We’ll then decide which parts to work on first and what the lightest-weight version of the feature could be that we’d release without compromising on the quality of it. Once we have this, we’ll get it out into your hands for your feedback while we continue to iterate and improve it!

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Should the funding of recurring orders be an either/or choice?

With appropriate tick boxrs on the recurring order setup screen and programming logic, it ought to be possible to use cash in account only/use cash from bank only/use cash from account and top up from bank if needed.

There would need to be a graceful process for handling lack of funds, or, the more alternative being insufficient funds prevents entire batch of recurring ireders being processed (hopefully, priority of fund allocation can be set and the system uses the available funds to complete purchases in pririty order?)

Great idea! I would 100% be up for this and makes investing very easy :+1:

I can hardly wait to get my hands on this. Glad to hear it will be available on Android at the same time.

Any further updates @cheok given that we’re a few months on since the beta launch? Reckon a minimum viable product could ship this side of Chrimbo? :pleading_face: :crossed_fingers:

You and me both @rehpot! Very keen to use this feature myself.

To be upfront with you, we aren’t targeting to go out with this feature this side of the new year. We have spent some more time in design iteration and user testing rather than jumping into build, while our engineers are helping us get towards our Sweden public launch.

The reason we’ve chosen to spent more time iterating on the design is we really want to make sure we’re solving this problem properly for our customers. Rest assured it is something we (and I personally) want to get out there for you all when it’s ready!

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That’s reasonable, thanks for providing an update, it’s greatly appreciated.

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