Interactive Investor has introduced a family subscription plan that allows customers to gift subscriptions to relatives. Previously, family members with a gifted subscription were limited to opening just a general investment account and stocks and shares Isa. Now, they can open the full range of investing accounts. The flat subscription fee makes the investment platform the Spotify of investing, with its family accounts working in a similar way to Spotify's Premium Family subscription.
Interactive Investor has boosted its offering for those on its family subscription plan , which allows customers to 'gift' subscriptions to relatives. Previously, family members with a gifted subscription were limited to opening just a general investment account and stocks and shares Isa.
Now, Interactive Investor has given them the ability to open the full range of investing accounts. The flat subscription fee makes the investment platform the Spotify of investing, with its family accounts working in a similar way to Spotify's Premium Family subscription. If you're on the investment platform's £14.99 a month Plus plan, you can gift five free accounts to family members.
Then they can open a general investment account, stocks and shares Isa, and self-invested personal pension (Sipp) for themselves, and junior Isas for their children. The addition of junior Isas to family accounts makes this a more valuable deal, because they don't count towards one of your five free subscriptions. Family boost: Gifting an account can overcome investing procrastination. Interactive Investor's family accounts are compared against other options like AJ Bell, Hargreaves Lansdown, Fidelity, InvestEngine, and Trading 212.
If you made full use of the deal and gifted accounts to five family members, each one would effectively cost £2.50 a month, as a proportion of the £14.99 monthly cost. This reduces further if those family members then open junior Isas for their children. In our view, this is a good way to get family members – who might be starting to invest with smaller amounts – into the investing habit.
Family influence is an 'important trigger' which gets people to start investing, and the impact of family increases once someone has taken the first step. As with Spotify, each member has their own account and log in details even though the plans are linked to a primary one. If a family member's portfolio grows beyond £100,000 they face a steep fee cliff edge, because they move onto the Plus plan at £14.99 a month.
You can see this illustrated in the 'partner' column in the table above. At this point, they may want to check whether they can save money on fees by choosing a different provider
Interactive Investor Family Subscription Plan Gift Subscriptions Full Range Of Investing Accounts Flat Subscription Fee Family Accounts Junior Isas Investing Habit Family Influence Fee Cliff Edge
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