General Investment Account (GIA)
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Frequently asked questions
Opening an investment account with Wombat is quick and easy. You’ll need to download the Wombat app, available on the Play Store or the App Store. Once you’ve installed the app, enter your details to register for Wombat, and select the account you’d like to open to start the ID verification process.
You can open a Wombat Instant GIA for free. There is no subscription fee, or annual platform fee, for this account.
We do charge a 0.65% Foreign Exchange (FX) fee on each individual buy and sell, which is simply to cover the costs of exchanging currencies from GBP to USD.
Did you know that you also get 0.2% cashback on every buy you make with an Instant GIA? You just need to place a buy, and weekly, the cashback will automatically be applied to your Wombat cash account. See the full cashback T&Cs.
View our pricing.
Every time you invest in a share with our Instant GIA, you’ll get 0.20% cashback straight into your cash account. Cashback is uncapped so the more you trade; the more you earn. Exclusively with Wombat. You can view the full cashback T&Cs.
You can trade as often as you like, as long as you are not day trading. A day trade constitutes buying and selling the same asset within the same day. Your account will be frozen for 90 days if you day trade 3 times or more within 5 days. Day trading is extremely high risk and market volatility can greatly amplify loss, leading to substantial financial risks.
The shares available for our Instant GIA are traded on the New York Stock Exchange (NYSE) which is open Monday-Friday (excluding US bank holidays) 9:30 am to 4:00 pm New York (NY)/Eastern Time (ET). This is usually 14:30 - 21:00 UK time but is subject to change according to daylight savings time. If you place your trade outside of market hours, you can expect your pending trades to complete when the NYSE next opens.
GIA stands for General Investment Account, and it’s a standard investing account which is not tax-free. This means that you are liable to pay taxes on any realised capital gains. However, there is no limit to how much you can invest, or how many GIAs you can have.
Wombat offers two GIAs:
- Instant GIA: Invest in real-time with live-pricing in 400+ US fractional shares, get price alerts on your favourite stocks and earn 0.2% cashback on investments.
- Standard GIA: Execute daily orders in ETFs and fractional shares, and utilise Round Ups and Auto Invest.
View more information on both of there accounts on our GIA webpage. Please note, tax treatment depends on the individual circumstances of each client and may be subject to change in future.