Savings Interest Rates, Switch Offers and Guides for Freetrade

Who they are

Freetrade is a UK-based fintech company founded in 2016. It launched in 2018 and pioneered commission-free investing in the UK. In April 2025, Freetrade completed its acquisition by IG Group, one of the UK's longest-established trading platforms. The deal added a layer of institutional backing, though Freetrade continues to operate as a separate app with its own branding and feature set.

Freetrade is not a traditional savings bank. It is a self-directed investment platform, so the "rate" on offer is entirely down to you as the investor - not a fixed interest figure. That matters a lot before you decide whether it belongs alongside your cash savings.

The Investment ISA

Freetrade's main product on DepositScout is its Stocks and Shares ISA. There is no set interest rate - returns depend on the investments you choose, which could go up or down. ISAs and SIPPs are now available on the free tier, after Freetrade removed monthly fees.

One notable perk: the account currently carries a cashback incentive of up to £5,000 when you top up or transfer in at least £10,000. Terms apply, so check the current details on this page before acting. The minimum balance to open is £0, making it accessible even if you are just starting out.

On the protection side, your investments are covered up to £85,000 by the FSCS if Freetrade were to fail, and uninvested cash held in the account is protected up to £120,000. That protection does not cover losses if your investments simply fall in value. As with any stock market investment, your capital is at risk.

Is it right for you?

Freetrade suits people comfortable making their own investment decisions and happy to accept market risk in pursuit of potentially higher long-term returns. It is not a substitute for a cash savings account or a fixed-rate bond if you need certainty over your balance. Freetrade has won Best Online Trading Platform at the British Bank Awards for six years running, which suggests consistent satisfaction among its users, though customer support is chat-only, with no phone option - worth bearing in mind if you ever have an urgent query.

The live cashback offer and any updated terms are shown on this page, so check back regularly before making a decision.