Testing Freetrade ISAs 🙋


(Alex Sherwood) #1

We need your help!

As we mentioned in the latest Weekly Wrap, we’re testing the ISAs next week. To do that, we need volunteers from the community to try them out.

:warning: Before you before you volunteer, please bear in mind that:

  • You can only open one Stocks & Shares ISA per tax year (between 6th April 2018 - 5th April 2019)

  • If you’ve opened or contributed to another Stocks & Shares ISA this tax year, by depositing cash into it, then you won’t be able to open ours until next tax year

  • The annual total ISA limit is £20,000

  • Once you contribute to your Freetrade Stocks & Shares ISA you will not be able to open or contribute to another Stocks & Shares ISA this tax year

  • If you already have shares in your Freetrade account, you will need to sell your portfolio in order to take part in this testing

  • Once you open a Freetrade ISA, you won’t be able to switch back to a regular Freetrade account (GIA)

  • We’re only testing with a very small group here & you may not be chosen

  • This is testing, it may not work perfectly but we’ll make sure that you don’t end up out of pocket if anything goes wrong, excluding ‘missed opportunities’ to buy or sell a stock / ETF, if you’re unable to access your account &/or make trades

There are three groups of testers:

  1. New Freetrade users: People who’ll sign up as new Freetrade users

  2. Existing Freetrade users: Who’ll have no cash and no investments in their GIA

  3. Existing Freetrade users: Who’ll only have cash in their GIA

If you fit one of these descriptions, please complete this form :point_down:

You’re not committing to anything at this point, we’ll share more details about what we’ll need you to do before you make the final decision on whether to take part in the testing or not later this week.

Check out the #freetrade-chat:sneak-peeks for a couple of previews of the ISAs.


#2

The bullet

is not correct. It’s only contribution that matters, buying shares in an existing ISA using money that is already in the account does not create an S&S ISA for this year


(Alex Sherwood) #3

Thanks Dave, nice catch, I’ve updated the post now.


(Kenny Grant) #4

Nice to see this arriving. Unfortunately I’ll need to wait till next year now to create an ISA. Perhaps you should add to the list of caveats that this is one-way and they won’t be able to go back to a GIA account? I assume you’re not letting people move from ISA back to GIA for now?

Also, do you have plans long term to let people move their shares easily from a GIA over to the ISA? I imagine most people would be fine with the small fluctuations involved with the sell/move/buy process, so that they could have a smooth transition and end up with roughly the same holdings.


(Alex Sherwood) #5

Good point! I’ve updated the post.

Yes we do, we’ll share more info about that as we get closer to launching the ISAs.


#6

I hope we can have both an ISA and a GIA account eventually?


(Alex Sherwood) #7

That’s the plan!


#8

Are all the current stocks available in ISA?

P.S. Happy to test US stocks :slightly_smiling_face:


#9

What about transfers in? Would love to drop II they are charging me a fortune!


#10

So I would need to sell all my holdings, do I need to keep the cash in Freetrade or can I withdraw it?


(Emma) #11

It’s your money :grin:

The third category is just cash in the GIA so keep it there if you want. Someone will correct me if I’ve misunderstood


#12

So today I got access to the ISA! Awesome.

Signup was simple, the click of a button in the profile page, confirm some legal stuff and off you go.

I can’t see my investment account anymore, only the isa but I believed this has already been explained. As a result of this I had to ensure I only had cash in my investment account which was then moved into my new ISA.

Some additional feedback:

Once completing the open isa I get this screen. It’s a little confusing as it doesn’t say if I am now finished and what I should do next, e.g. maybe a message that says “now close your app and come back later” or something.

Account all opened successfully, money available and booked ready for trade at 16:00. So far so good.

It would be useful in the portfolio screen to make it clear that this is my isa (you can see isa in the account tab).


ISAs are out :boom: let us know your thoughts here
ISAs sneak peek 2
#13

Yes good points, I’m waiting for my money to be credited then I can by some boring world ETFs


#14

I’ve noticed that my ISA allowance has not gone down after cash deposited, still says I have £20,000 available:


#15

Curious is there any other changes to the app apart from the ISA allowance bar?


#16

At the moment the portfolio tab looks identical to my eye, you wouldn’t know you were in an isa - but I think that is temporary for this test phase.

The discover tab is identical.

The activity tab gets reset, no data until you make a trade, but again I think that is because they have not provisioned both ISA and GIA at the same time yet.


#17

Guessing the first aim would be to make sure ISA accounts are created and reported properly behind the scenes.

This is interesting.


#18

I imagine the activity is linked to the ISA only, and so there is no data to start.


#19

I would have thought it would be one feed so I just find it interesting that the Activity Feed is seemingly siloed.

Suppose if it was one feed now then you would need a indicator on which item relates to ISA vs GIA.


#20

Agreed, at the moment there is definitely a feel that my Freetrade app is an ISA only app at the moment.

Once they have ironed out any bugs etc. then they will probably merger back together.

But my experience is positive, it has the same Freetrade feel and experience - all good.