Just bubbling this up as I know there’s been mentions of Direct Debit, PayPal, and Credit or Debit Cards.
I think Direct Debit is the best way to do this - you wouldn’t have to leave the app and from a customer point of view works the best, and has very low fees compared with other options. That would make setup smoothest as you’d just enter your bank details and that’d be it (probably requires a paper letter in the post to confirm). I’d be happy if Direct Debit was the only option.
It also means you can edit in Freetrade how much you contribute each month, along with where it goes, which is a nice feature of HL I think.
Might be wrong but I think there’s a lead ( setup ) time for Direct Debit.
Maybe someone can confirm?
10 days afaik initially
And then 3 days processing time each time it’s requested
Thanks, I forgot about that, they’d probably need card topups for quick topup on new signups, to let people play around with the app before committing to a monthly amount. For monthly contributions though I think it’s the best solution I’ve seen.
Certainly think they should do away with the current method, as it’s too fiddly for us and for Freetrade (though I see why they launched with it, it’s the simplest way to start and works fine for a proof of concept). This was the one area of the signup experience which felt a bit clunky to me.
Just to add to this, I’d like a standing order option (that I’d control from an external banking app such as Monzo) if this isn’t already available.
That’s the way they currently do it (you have to set up your own standing order with your bank), but it’s to one bank account on the Freetrade end, with a fiddly reference. It’s a bit painful to set up if you use a banking app as you have to flip between apps to transfer all the details.
A DD is preferable IMO because the setup is a lot easier, and you can then change the amount pulled in the freetrade app, while still being able to cancel on the bank account end if required. This is how Hargreaves Lansdowne do it and I think it’s a lot nicer, as you can adjust amounts, and your allocation easily if you wish within HL.
That does sounds preferable to be fair. Nice feature request!
Isn’t Freetrade agnostic to whether it’s a one off transfer or a standing order? I could create one in Monzo now if I fancied it, I think. A notification from the Freetrade app would be cool to remind me to do something with the cash, though!
Having just used the app for the first time, i thought it was great but having to hop out of the app to add funds was a bit of a pain in the bum. I reckon this will lose some users. A quick option here is a must.