I thought it might be useful to share some recent experience with Freetrade’s customer service team.
I opened an ISA a few months ago and I stopped funding my regular account in favour of that.
When FT announced charges, I made the decision to go all in on the ISA. I’d move my holding on my regular account first, then look to do a full ISA switch in the new year.
Things didn’t quite go to plan and I ended up closing my ISA out of frustration. There were lots of little issues that just didn’t feel right but they boiled down to three things:
The amount of time and sheer hassle in moving funds. I understand that FT is new - and that in any event I’d probably still need to do some stuff myself - but the sell down, wait for funds to clear then wait another x days for what should simply be a quick movement of funds between accounts seemed too much.
The security theatre around this. When trying to move money, I was asked to confirm my date of birth and the exact amount I wanted to move. I confirmed my DOB (which is now in the chat history so anyone with access to the app can now see it) and asked if they could just move all the funds. I was told that due to security I had to type out the exact amount. I don’t understand how either of these steps actually improve security.
Finally, there was felt like a lack of empathy and, well, service. At the end, when i offered some (fairly neutrally) phrased feedback on the security, I felt like I was dismissed. When I mentioned that the time taken to move the money (after it had cleared) seemed like a long time, I was told “standard industry procedures” etc. Excellent service would be something like “we’re so sorry it takes so long and would love to make it shorter” or something.
Anyway, this isn’t intended as a complaint, just as feedback. I’m an investor, but £3/month revenue that Freetrade could have easily had from me has been passed over due to some fairly basic issues, really. So I’m sharing this in the hope of making things better!