Compare investment platform fees and charges

What is the cheapest investment platform?

The cheapest investment platform for you will depend on how much money you want to invest and what you want to invest in.

We’ve estimated the cost of investing various sums in investment platforms over the course of a year.

Which? members can exclusively read our detailed comparison of leading investment platform costs, with suitability ratings for eight sizes of portfolio, for both funds and shares.

Members can log in to see our comparison. If you're not already a member, join Which? and get full access to these results and all our reviews.

Cost is key

Megan Thomas, Which? investing expert says:

‘Unlike most other products that Which? reviews, the point of investment platforms is to leave you with more money than you had when you signed up. 

'For that reason, cost makes up a huge part of our analysis and is the reason why several platforms in our review didn’t make Which? Recommended Provider status, despite high customer scores.

‘It can be easy to feel like you’re stuck with high fees, poor customer service, and little to no information on your investments. But, you could save hundreds of pounds a year by switching from one of the most to one of the least expensive platforms.’

What is the cheapest platform for portfolios under £50,000?

Investors with less than £50,000 should look for platforms with a low percentage-based annual fee and no fixed fees.

You shouldn't receive inferior customer service because you probably aren't a company's wealthiest client: many top-rated platforms now allow you to invest from just £1.

Which? members can exclusively read our summary of the cheapest investment platforms for small portfolios.

Members can log in to see our comparison. If you're not already a member, join Which? and get full access to these results and all our reviews.

• Find out more: Best investment platforms in the UK 2024

What is the cheapest platform for portfolios over £50,000?

Fixed-fee platforms are likely to work out cheaper for larger portfolios, where differences in fees can add up to thousands of pounds.

Don't ignore percentage-fee platforms completely, however, as some stop charging for amounts over certain thresholds.

Which? members can exclusively read our summary of the cheapest investment platforms for big portfolios.

Members can log in to see our comparison. If you're not already a member, join Which? and get full access to these results and all our reviews.

• Find out more: Are your investments protected? 

What is the cheapest platform for frequently buying and selling shares?

If you frequently buy or sell investments – particularly shares, exchange-traded funds (ETFs) or investment trusts – then pay close attention to the cost per trade.

Which? members can exclusively read our summary of the cheapest investment platforms for trading shares.

Members can log in to see our comparison. If you're not already a member, join Which? and get full access to these results and all our reviews.

What is the cheapest 'do-it-for-me' investment platform?

You can now find investment platforms that pick a portfolio of investments for you, based on a questionnaire about your investing aims and attitude to risk.

Do-it-for-me platforms (sometimes referred to as 'roboadvisers' or 'managed portfolios') tend to be more expensive than DIY platforms, although bear in mind that do-it-for-me platform fees tend to include fund fees, whereas DIY fees do not.

Which? members can exclusively read our summary of the cheapest do-it-for-me ('roboadviser') investment platforms.

Members can log in to see our comparison. If you're not already a member, join Which? and get full access to these results and all our reviews.

Do investment platform fees matter?

Yes, platform fees make a huge difference to returns.

For a start, they apply whether your investments perform well or badly. Reducing the sum you pay your platform is one of the few 'guaranteed' ways to improve your returns.

Every £1 you pay your investment platform is money that could have been re-invested for future growth. Over time, the cumulative cost of an expensive platform will increase – as will the benefit of a cheaper one.

Should you only consider fees?

Investment platforms aren't just divided by price, but also by customer service, investment choice, investment information and ease of access.

We've ranked investment platforms based on customer score, and picked Which? Recommended Providers.

We've also compiled in-depth reviews of platforms covering aspects of what you can invest in, with more information about their fees.

• Find out more: Best investment platforms in the UK 2024