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
- Find the stock you want to set up a regular investment into.
- From the stock screen, select Recurring order (Beta), underneath the Buy/Sell buttons.
- 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.
- 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.
- 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.
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.