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- Best Low-Cost ISA >£50k 2024 at the Boring Money Best Buy Awards
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Yes, there is a free share incentive to opt-in to transfer and additional offers if you are new to Freetrade.
Both Freetrade and Stake are required to have arrangements in place for the safekeeping of your cash and securities. These arrangements include, but are not limited to, segregating cash and assets from those belonging to the firm, carrying out daily reconciliations and performing due diligence of the banks and custodians we use. Freetrade is covered by the FSCS. See here for more details.
Currently your securities are held in individual accounts with DriveWealth LLC. Upon transfer to Freetrade your securities will be held in a Freetrade omnibus account with DriveWealth LLC. This change will not affect the protection of your securities, however you will now receive statements from Freetrade rather than DriveWealth.
Currently your cash is held with Drivewealth LLC and invested in a money market fund managed by Dreyfus/BNY Mellon Investment Advisor, Inc. Once the transfer is complete, your cash will be held as client money by Freetrade and deposited into a client money account at one of our banking providers.
While Freetrade offers access to US-listed securities, it does not currently offer access to US-listed ETFs. To support the transfer, Freetrade will accept existing ETF positions of Stake customers, however these will be held as ‘sell only’.
Stake and Freetrade both use the broker-dealer services of Drivewealth LLC, who will be supporting the transfer. Drivewealth will be arranging the prompt transfer to your Freetrade account of all dividends and any other amounts owed to your Stake account prior to the transfer.