Warsaw-based fintech XTB has launched Stocks & Shares Individual Savings Accounts (ISAs), which means that customers who invest through the ISA can withdraw funds and reinvest them without losing their allowance.
The ISA offers 4.75% interest on uninvested cash, which is among the highest rates on the market. Interest is calculated daily and paid monthly.
Clients trading over €100,000 (£82,000) or equivalent per month on the platform are charged a 0.2% commission fee, subject to a minimum ticket charge of £10.00. Otherwise, trading on the platform is commission-free.
The platform also carries a FX fee of 0.5% for investments in different currencies and charges a £10 monthly inactivity fee after 12 months of no activity and no cash deposit within the previous 90 days
XTB obtained a UK ISA licence in May from the Financial Conduct Authority (FCA).
XTB was founded in 2003 and offers forex trading, indices, commodities, ETF and stock CFD trading, as well as Investment Plans.
The firm’s Investment Plans allow users to build a personalised portfolio of ETFs aligned with their attitudes towards risk and asset allocation choices. With this service, investors can build new portfolios from scratch and top them up using a pre-defined asset allocation plan.
The latest Good Money Guide’s review of the broker noted it has a history “adding and removing features based heavily on client demand.”
It “offers traders some of the best market access, pricing and trading tools including the ability to invest in the long-term alongside their short-term speculation”.
XTB chief executive Omar Arnaout has previously emphasised the importance of customer service in defining the company’s proposition.
In October, XTB introduced individual retirement accounts for investors in Poland as it looks to expand its share of the European trading market.
It also plans to launch a new virtual wallet with a multi-currency card in its home country. These are already available in Portugal and the Czech Republic.
Robin has more than six years of experience as a financial journalist, most of which were spent at Citywire, and covers the latest developments in the investing, trading and currency transfer space. Outside of work, he enjoys reading literature and philosophy and playing the piano.
You can contact Robin at robin@goodmoneyguide.com
