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.
In addition to @cheok’s excellent update, deactivated recurring orders will no longer appear on the portfolio screen!
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.
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
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!
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
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?
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!
That’s reasonable, thanks for providing an update, it’s greatly appreciated.
this feature been nixed? cant see it anywhere.
So the thing i was after and I belive many can relate to:
- autodeposits (daily, weekly, monthly)
- autoinvest - select the stocks/etfs/etc (pies), decide the percentage and sit back and let the snowball do its thing. All deposits and dividends will be reinvested automatically across the stocks to build this snowball.
- re-allocation feature… if a few stocks has gone to the moon. Press it and it will rebalance the portfolio again back to desired percentage.
Just look at M1 Finance (US only) and Trading212. They are awesome!
Is there a way FT can offer Dividend Reinvestment Plans for the shares it holds? Or is it too complex
Not sure why we keep putting these comments on this thread as this is not a vote and the option is not in the app yet so we keep losing the idea votes for DRIP type options.
Edit - that is meant that the comment above got moved here from a vote not to complain about the comment.
Hey @cheok is there a targeted date for the recurring orders feature? Sorry if it is posted somewhere else…Another Android user here keen to use the feature!!
this recurring orders (beta) feature has appeared/dissapeared from my app a few times. Was told by support its a plus feature…however its back somehow, and im not a plus user.
Is that on iOS?
May try on the iPad later!
This is what I would prefer also. They seem to have created quite a complicated system requiring unique references for the bank transfers.
It would IMO be much better to ditch this and do it in two parts:
- Allow autoinvest on a schedule for a stock and and amount. If funds are not available, don’t invest.
- Tell users when they set one up to make sure funds will be available, either via bank transfer monthly or via cash in the account.
The current system makes this a lot more complicated and requires users to set up a new standing order for every single stock chosen.