Revolut has recently launched a Stocks and Shares ISA for UK customers, to go alongside their existing General Investment Account (GIA) and stock trading features.
This allows customers to invest tax-free, and avoid any potential taxes on money made. You can save up to £20,000 per tax year (April 6th to April 5th the following year).
The ISA appears to be intended for existing Revolut customers, rather than just new customers looking for an investment account, as features and fees are included and scale with the overall Revolut subscription plans. You’ll only get one free trade on the standard free plan and still only 10 free trades on the highest fee plan (£45 per month).
Above these free trades, you’ll pay 0.25% on each trade, and currency conversion fees up to 1% if you are trading investments in foreign currencies such as US Dollars (which most popular investments are).
As a very rough guide, if you were to invest £20,000, that could be up to a single £250 fee depending on the investment and your free trade allowances. And more fees if you were to trade (buy and sell) regularly. Actual fees depend on your plan and allowances.
Other investment platforms can be commission-free, or an account fee and a trading fee when you buy and sell investments. There’s lots of different fee structures.
You can’t currently transfer an existing ISA to Revolut, but this feature would likely come in the future.
It could be a good option for existing Revolut customers, who want everything in one app, which is kind of the whole deal with Revolut, and if they're confident in making their own investments. (If you’re not quite sure what you’re doing, it’s often a good idea to leave it to the experts.)
Although there’s a range of dedicated investment platforms offering Stocks and Shares ISAs for you to choose from. Check out our all top options with our comparison of Stocks and Shares ISAs.
If you find investing a bit overwhelming (and it certainly can be), but keen to invest, check out Beach¹, it’s easy to use and get started, easy to understand and offers an ISA and investment plan designed for general savings managed by experts. The app is great too.
Capital at risk applies wherever you invest. And the tax rules can change in time too.
