Freetrade opens ‘free share’ waitlist ahead of December SIPP launch

By Oliver Smith on Friday 20 November 2020

Savings and Investment

Commission-free trading meets low-cost pension.

Freetrade opens ‘free share’ waitlist ahead of December SIPP launch
Image source: Freetrade.

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.

Following its commission-free trading model, Freetrade’s SIPP costs £9.99/month or £7/month for Freetrade’s existing Plus subscribers, and dealing remains free.

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.

Earlier this month Freetrade announced Sweden would be its first European market as it has applied for permission to launch with the local regulator.

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.

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