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 itāll 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.
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
Thank you! Unfortunately I canāt give a timeframe as we havenāt started building yet. Weāre just finishing off some user testing of the design to make sure what weāre proposing works.
The next step from here is that Iāll be working with our engineers to understand how hard each component of the feature will be. Weāll then decide which parts to work on first and what the lightest-weight version of the feature could be that weād release without compromising on the quality of it. Once we have this, weāll 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?)
You and me both @rehpot! Very keen to use this feature myself.
To be upfront with you, we arenāt 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 weāve chosen to spent more time iterating on the design is we really want to make sure weāre 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 itās ready!
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 featureā¦ 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!
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 elseā¦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 featureā¦however its back somehow, and im not a plus user.