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Freetrade to pay 3% interest on uninvested cash
Freetrade, the commission-free investment app, today announces that Plus members will receive 3% interest on uninvested cash, up to £4,000.
This is the latest exciting feature to be added to Freetrade’s premium subscription, Plus. Interest will be calculated on cash balances on a daily basis and will be paid monthly. The rate of interest offered by Freetrade is well above the industry average of 0% offered on general investment and ISA accounts by major retail brokers in the UK.
Freetrade understands that long-term investors want to be careful not to rush into new positions, while remaining conscious about the effects of cash drag on returns. With that in mind, this feature is designed to help Plus members keep their money generating returns, even while they are between investments.
This announcement follows a year of exponential growth. Since its public launch in October 2020, there has been a twelve-fold increase in Plus membership. Freetrade has grown its UK customer base more than five fold in the last twelve months (to over 250,000) and trade volumes for the year exceeded £1 billion in September. Recently, Freetrade announced its plans to open a European HQ in Stockholm ahead of its European expansion.
Adam Dodds, CEO and Founder of Freetrade, said: “We’ve always believed that retail brokers should be doing more to help their customers put their money to work. 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.”
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