Exclusive: Freetrade launching cheaper annual subscriptions, as it increases monthly prices
Share trading app is nudging money-conscious customers to sign up for longer.
Freetrade on Tuesday is launching annual subscription plans that offer customers the chance to keep their costs the same, as the share trading app increases its monthly plan prices, AltFi can exclusively reveal.
From May Freetrade is increasing the cost of its Standard subscription from £4.99 to £5.99/month, but will now also offer a £59.88/year option that is the equivalent of £4.99/month.
The same is true for Freetrade’s Plus subscription which is increasing from £9.99 to £11.99/month from May, but will also shortly be available for £119.88/year (the equivalent of £9.99/month).
Freetrade will continue to offer its free Basic plan even after prices change in May, with no changes to its offering of a general investment account and access to over 1,500 stocks and shares for commission-free trading.
The fintech’s Standard and Plus plans include access to a larger universe of over 6,000 stocks and shares, a free Stocks and Shares ISA (Standard), and SIPP (Plus).
“As a subscription-first business, this is a big step forward for us to offer added flexibility and choice for our customers. Investing is a long-term activity, so it makes sense for us to offer a mix of annual and monthly billed products to meet the needs of our customers,” said Freetrade’s CTO, Shahid Naveed.
“We’ve pulled together as a team to ship our annual subscriptions ahead of schedule. I’m proud of the hard work and dedication of our engineering and product teams in completing this build.”