Interactive Investor is piloting a service whereby existing members can invite their family to set up an account and start investing for free.
The service, named ‘ii Family’, will give up to six family members free access to the firm’s investing service and in return the original member will have to pay an extra £4.99 each month.
The introduced family members will not have to pay a fee for monthly regular investing, and if they want to buy and sell investments they will be charged standard investing costs of £7.99 per trade.
Each family member will have their own separate account with no link to the founding member, to ensure everyone has security and privacy.
They can invest up to £30,000 each in an Isa or a general investing account but anything above this amount will mean they move onto the standard investor plan which costs £9.99 per month.
Those new to investing will also have access to an online beginners’ course, with guidance and support from Interactive Investor.
The offer is only available to existing customers who have an open stocks and shares Isa, trading account, or self-invested personal pension product with Interactive Investor.
The service is in pilot phase at the moment and the firm does not have a timeline for an official launch yet.
Back in March Interactive Investor bought the EQ direct-to-consumer retail customer book from Equiniti for £48.5m.
This deal was expected to increase the company’s UK platform market share with assets under administration to increase from £45bn to £50bn and customers numbers from 350,000 to 400,000.
Interactive Investor completed the acquisition of TD Direct Investing in 2017, Alliance Trust Savings in 2019, and Share Centre in 2020.
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