Testing Freetrade ISAs 🙋


(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.


#21

:+1: the onboarding screenshot you shared earlier looks cool, you can tell a lot of thought has gone into it so far. I look forward to what’s to come.


#22

Ok this is a huge one, it has only just occurred to me to check and I’m glad I did.

!IMPORTANT ANNOUNCEMENT!

Your unique reference will change for your ISA for cash top ups! I just looked at mine and it is different, I assume this is because your money goes into a different pot.

If you have any standing orders set up or when you transfer cash into your ISA etc then remember this. If you accidentally type in the old number for you gia then I’m not sure where the money will go at this time (I assume to your gia pot but as you can’t see that it might freak some people out)

I think Freetrade should make this clear on the ISA set up and I will drop them a message to inform them.


#23

Wow thanks for pointing this out, I hadn’t spotted it changed because it starts with the same letters and Monzo populates the payment drop-down field with the previous one.


(Kenny Grant) #24

Or maybe, since freetrade appear to be doing this manually anyway, they should just accept either ref for the ISA of a customer who has made the transition, so that money always goes to the right place.

I’m hoping freetrade can automate this transfer by ref at some point soon - it’s kind of painful having to wait for money to appear if you decide to invest in something, transfer money, then have to wait.


#25

I got a response from Freetrade saying they are indeed planning something like this, where either reference works - but I don’t know the details of that so we will have to wait and see.


(Emma) #26

Really smooth sign up, just a couple of statements to confirm and that’s it. Nice and clean and easy to understand.

Totally agree about the reference, if it hadn’t been said here I wouldn’t have gone looking to see. Needs to be made obvious somewhere.

Portfolio graph, is it necessary to have 0, +0 and -0? :grin:

image