By Oliver Smith on Friday 20 November 2020
Commission-free trading meets low-cost pension.
Share trading fintech Freetrade is preparing to launch its own Self Invested Personal Pension (SIPP) next month.
Yesterday Freetrade opened the waitlist for its SIPP, with a free share for those who commit to transferring an existing SIPP to Freetrade, with the free share value ranging from £40 to over £2,000 depending on the size of your portfolio.
Compared to say a Hargreaves Lansdown SIPP, which starts with a 0.45% annual charge and additional share trading fees of between £5.95 and £11.95 per trade, Freetrade’s SIPP could be significantly cheaper.
“We’re committed to building a platform that helps our customers achieve better long-term financial outcomes, and the SIPP will play a key role in making that vision a reality,” said Freetrade’s CEO and founder Adam Dodds when announcing the SIPP in October.
While the free share promotion for those who sign up to Freetrade’s SIPP waitlist ends on 6 December, a spokesperson declined to confirm whether the SIPP would launch straight after.
In October the fee-free share trading platform launched its long-awaited Plus subscription, bundling more advanced trading options like stop losses and limit orders.