Basically makes Freetrade’s Plus subscription free for big savers...
Investors who subscribe to Freetrade’s £9.99/month Plus subscription which launched in October will now earn 3 per cent interest on any uninvested cash in their account.
The commission-free trading platform says the interest, which is another perk for Plus subscribers, is designed to help long-term investors earn while they consider new positions or are between investments.
“We’ve always believed that retail brokers should be doing more to help their customers put their money to work,” said Adam Dodds, the CEO and founder of Freetrade.
“That’s why we’re really excited to announce the launch of this new feature for Plus members, that means that our customers’ cash will be able to generate returns while they are diligently managing the cost basis for their positions.”
Freetrade’s interest is only applied to the first £4,000, which creates a maximum return of £120 over the course of 12 months… which canny investors might work out is the same price as an annual Freetrade Plus subscription.
Indeed Freetrade says that the interest, which is calculated and paid monthly, can be used to "reduce the cost of your membership, or withdraw it anytime and have lunch on us".
The fintech says it now has over 250,000 UK customers with yearly trading volumes now exceeding £1bn.
Freetrade is currently gearing up to launch its SIPP in December and last month announced its plans to open a European HQ in Stockholm.
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