Global investment platform XTB this month launched what it claims is be among “the best stocks and shares ISA in the UK.” The tax-free investment and savings account will have zero commission for the vast majority of customers and offer 4.75% on uninvested cash, one of the best rates of interest in the market.
The account is designed to be consumer friendly and fully flexible, allowing customers to withdraw and deposit money during the financial year without losing their tax-free benefits.
XTB UK Managing Director Joshua Raymond said: “ISAs have proved wildly popular since their launch 25 years ago. However, too many accounts have costs and interest rates that are significantly worse when compared to accounts outside the ISA regime. Our intention is to offer terms and conditions that are among the best in the market.”
- Can a Stocks & Shares ISA beat a Cash ISA?
- Investing for Children this Christmas
- Are young traders paying too much Capital Gains Tax?
The best of both worlds for traders
The XTB ISA will offer the best of both worlds, including zero commission for the vast majority of clients, with only those trading large volumes of over €100,000 per month required to pay a small 0.2% commission fee. The account will also offer one of the best rates of interest in the market on uninvested cash, currently 4.75%. Interest will be calculated daily and paid into customer accounts monthly.
Raymond said: “We believe that offering customers a zero-cost route into the market, coupled with one of the best rates of interest is a best-of-both-worlds solution. It gives customers the confidence to go in and out of the market as and when they choose without feeling their cash is not working for them if it remains uninvested.”
What is XTB doing in the UK?
XTB focuses on providing UK customers with savings and investment products enabling them to take control of their money. The company offers a range of passive and active investment products to its UK customers. Those who sign up for the XTB Stocks and Shares ISA will enjoy the same benefits as customers using the company’s trading platform.
XTB is one of the few investment platforms internationally to operate its own bespoke, award winning, trading platform alongside its savings and investment product portfolio. The company has over 1.2 million clients with operations across Europe, the Middle East and South America.
The company has been listed on the Warsaw stock market since 2016. Earlier this year XTB UK launched its Investment Plans product, which enables clients to automatically invest into their own customisable passive Exchange Traded Fund portfolio.
