The UK-based commission-free trading app has launched a waitlist for its Self Invested Personal Pension (SIPP) product, which will cost £9.99 ($12.75) a month for basic users, or £7 ($8.93) a month for Plus members, per AltFi.

Users can start investing with £2 ($2.55) and will also get a free company share ranging from £40 ($51) to over £2,000 ($2,553) in value depending on the size of their portfolio. Unlike standard personal pension schemes, where funds are managed on the pensioner’s behalf, SIPPs allow pensioners to make their own investment decisions, directly picking which stocks to invest in and generally managing the portfolio.

Freetrade has experienced strong client growth thanks to its cheaper and simpler share trading service than incumbent brokers, and SIPPs are similarly ripe for disruption.

Trading apps have democratized consumer access to trading, helping Freetrade increase its customer base fivefold over the past year. With their commission-free, user-friendly apps, fintechs like Freetrade are more accessible than traditional brokers—especially among first-time investors. In addition, market volatility amid the pandemic has led to more consumers turning to trading apps to try their luck—further boosting customer acquisition. Freetrade’s UK customer base has increased to more than 250,000 customers, from 50,000 last October.

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