LONDON, Jan. 12, 2021 /PRNewswire/ -- Freetrade, the commission-free investment platform, today announces the launch of its self-invested personal pension ('SIPP').
Freetrade believes in the importance of getting everyone investing, and that's especially important when it comes to retirement savings. That's why Freetrade is launching a SIPP that offers customers:
- One easy-to-use mobile app in which to consolidate multiple pension pots
- Tax-relief on contributions - a £10,000 contribution could effectively cost you £6,000 if you're a higher rate (40%) tax payer
- Commission-free, instant dealing in a wide range of stocks, ETFs, and investment trusts, allowing you to diversify across all asset classes
- Secure and trusted platform: authorised by the FCA, part of the FSCS, a member of the LSE.
In order to help Freetrade customers achieve better financial outcomes, our SIPP has some of the lowest costs in the UK market*; eliminating the drag that recurring costs place on investment returns in the long run. The Freetrade SIPP will be provided for a flat-fee of £9.99/month. This will be discounted for subscribers to Freetrade Plus, our premium service, to £7/month (+ £9.99/month for a Plus membership).
Commenting on the SIPP launch, Freetrade Founder and CEO, Adam Dodds, said: "For generations of young people in the UK, it's more important than ever to be actively investing for your retirement. By establishing disciplined savings habits early, you can do so much to set yourself up better to enjoy later life. We want to build an easy-to-use app that makes investing accessible and that helps set our customers up to achieve better financial outcomes."
Freetrade is an award-winning, commission-free investment platform that's designed to get everyone investing. We're a member of the London Stock Exchange, regulated by the FCA and all customer accounts are covered by the Financial Services Compensation Scheme. We've raised c. £24m across crowdfunding rounds and a Series A led by Draper Esprit.
* Over 30 years, for an initial pot of £20,000 and assuming 5% growth p.a., Freetrade's SIPP saves consumers £9,550 (vs. Hargreaves Lansdown), £6,000 (vs. AJ Bell), £7,400 (vs. Interactive Investor), and £4,200 (vs. iWeb).