British neobank Revolut has launched new Stocks and Shares ISAs and UK-listed Exchange-Traded Funds (ETFs) as part of efforts to expand investment options for UK customers.
Through the new Stocks and Shares ISA, which will be available in the coming weeks, Revolut customers can save and invest up to £20,000 per year tax-free. Revolut is also now offering access to hundreds of ETFs, including Vanguard and Blackrock, enabling customers to begin investing with as little as £1.
The launch comes as Revolut aims to normalise investing, recognising that Brits have historically had a lower appetite for investing, potentially missing out on opportunities to build long-term wealth. With the new product suite, the neobank hopes to make it more accessible to trade, either as part of a regular trading account or within a tax-efficient wrapper.
“We believe that building wealth shouldn’t be a privilege reserved for the few,” said Yana Shkrebenkova, CEO of wealth and trading, UK, at Revolut. “That’s why we’re breaking down the barriers to give our UK customers access to more low-cost investment tools alongside their day-to-day spending, without navigating multiple platforms.
“Our UK customers can grow their money in a tax-efficient investment Stocks and Shares ISA, put their money back into homegrown companies, and diversify their portfolios through ETFs, European and US stocks, giving them far more choice to hedge against market volatility and supercharge their long-term savings.”
Democratising access
The launches add to Revolut’s existing investment options, which already enable customers to invest in homegrown UK and popular European and US companies.
The global fintech with over 11 million UK customers and more than 55 million globally, says it has fully integrated the new investment features into its everyday app experience with no need to switch platforms or manage multiple accounts.
Revolut is also offering one commission-free order per month for every customer and no monthly subscription fees, which it hopes will help make investing more affordable and accessible.
With the new fully flexible ISA offerings, investors will also be able to withdraw and replace funds at any time, without impacting their yearly allowance. ISA transfers will ensure the smooth transition of assets from other providers to Revolut, with interest on uninvested cash within customers’ ISA pots to follow after.
Source: https://thefintechtimes.com/
