A standing order is a regular payment of the same amount that’s paid on a specified date. It allows the bank to take money regularly from your account to pay another account, such as your Freetrade account.
Most banks allow standing orders to be set up weekly, fortnightly or monthly. You will need to use the Freetrade bank details which you can find within the Freetrade app by navigating to:
Your “Account” tab
Select ‘Top up’
Choose ‘Standing order from your bank’
Tap ‘Next’ then “View our bank details’
Tap on ‘Copy’ next to your account reference number - this avoids typos!
Here’s a handy list of banks we accept a standing order from and each bank’s guide on how to set these up:
Once set up, you can cancel your standing order anytime from your bank's app or website.
Standing orders from any bank other than Lloyds Bank, Halifax and Bank of Scotland
Standing orders from any bank other than Lloyds Bank, Halifax and Bank of Scotland are processed instantly via Faster Payment on your specified date.
Standing orders from Lloyds Bank, Halifax and Bank of Scotland
We do accept standing orders from Lloyds Bank, Halifax and Bank of Scotland, however they will take longer to process as they require some manual intervention on our side.
This is because standing orders are received without all of the remitter's details. Our bank needs to confirm these details before we’re able to apply your cash, this typically takes 5-10 working days but can take up to 30 working days in some cases.
We can apply the cash to your Freetrade account sooner, but we would require a PDF copy of your bank statement dated within the last 3 months. Please securely upload it here. Once done, please let us know you’ve made a standing order and have uploaded your statement - you can contact us in-ap by heading to the Portfolio tab > 👤 Profile icon > Contact or email [email protected]. We’ll then work to apply it as quickly as possible.
If you would like cash to arrive in your account faster, open banking transfers are usually instant.