It’s out now for users on iOS 13.
Freetrade’s now removed their waitlist for ISA transfers.
Interesting, it looks like they are missing a few pieces, or maybe they haven’t run into any issues with their testing.
Odd the blog post mention’s US tax is deducted as source, isn’t that what the W8-BEN form is for? Most brokers in the UK won’t let you trade in the US without completing the form first, maybe that isn’t the case with Freetrade?
The transfer form looks a little odd, no mention of what tax year this ISA belongs to (transferring previous allowances or this year.) The options seem strange too, transfer eligible assets? I can’t have two ISAs using this years allowance (some exceptions but general rule) so I can’t transfer my current year stocks and shares ISA from say YouInvest into Freetrade as only some of the assets will come across, unless I select the options to liquidate all my assets including the ones that can transfer.
I guess they wanted the process to be as simple as possible and assumed they will work through any 20% situations manually.
The ISA terms are also now out of date. They have added on one new bit (the transfer in FAQs) but not updated the date and not refreshed the rest of the document. It still references the fact you can’t transfer in an ISA from another provider.
I guess they were super excited to get this rolled out!
No, you need to have that filled out in app before you can buy US
Not sure why they have that caveat on their announcement then?
It does happen, overzealous compliance, conservative marketing, or teams moving at different speeds. Hopefully just a one off!
Doesn’t the W8-Ben reduce the tax on dividends from 30% to 15%? If I’ve remembered that correctly it’s included so people are aware it’s not treated the same as uk stocks in the ISA
You are totally right.
This allows them to withhold US dividend tax at the appropriate treaty rate, 15%
I thought it was fully claimed on your UK taxes and done that way round. My mistake, you are totally correct!
Freetrade’s shared their Christmas list for 2019. I’m quite surprised that they’re adding 7 day support (given that the markets are shut at the weekend) but that’s good for their customers.
Any news on the platform that will massively increase the stock universe and set them apart from competition who mostly use intermediaries?
@Marsares what feature on this list you are most excited about?
I haven’t heard any
Would have been fractional shares, but it’s not on the list. In the absence of that, the alpha account.
But really, I think they need their investment platform so they can massively increase their stock universe, and they need fractional shares.
If you read the Medium article, at the bottom under the list of what’s coming they have written:
" 2020: Acceleration
The big one. A juggernaut representing the size of Freetrade’s ambitions, our Invest Platform is the single most significant piece of engineering work we’ve undertaken.
Phase one will see all customers migrate onto the Invest Platform in December, enabling us to release features fractional shares, thousands of US stocks, and more early 2020."
So looks like fractional shares and more stocks are on the way.
Indeed. long awaited one. will make me a happy customer if I can have more investment options.
Thanks for that, clearly missed out that piece when I was speed reading it!
It wasn’t obvious. You’d think they would have made slightly more effort to highlight it as an update that’s coming to the platform. It seems to be the main request I see people posting to ask for.
And would alleviate a lot of nervousness about the seemingly slow development pace, even more so in the face of ever growing competition.
This just came out.
& a bonus -
Freetrade’s about to begin charging £3 a month for their Stocks & Shares ISAs.