Since Monzo does not have a US banking license, it will focus on investing in operations in the UK with the probability of more launches
Monzo and Freetrade have teamed up to provide free shares for paying subscribers.
Freetrade offers investors an option to invest in exchange-traded funds (ETFs) and stocks without hidden charges and zero commission. And when investors are charged, the investment platform does so in a transparent manner.
The Freetrade app is also easy for beginners or experienced investors to manage their portfolios.
Monzo will offer its premium and plus subscribers three free shares of the value ranging between £3- £200 each when they deposit at least £2 or get a new Freetrade account. Freetrade offers users who refer their friends a free share each. Also, the investment’s platform referral scheme requires a minimum deposit of £2 without the extra Monzo’s subscription cost on top.
Monzo Plus, which costs £5 monthly, gives users the leeway to connect to other bank accounts. Monzo’s premium, on the other hand, has extra features including a metal card, better interest rates of GBP 15 monthly and travel insurance.
The partnership between the investment platform and digital bank may be a new way for Monzo to make extra funds via commission fees. Monzo’s interest in share trading may also increase.
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