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Bestinvest investment platform review

We analyse the charges levied by Bestinvest and ask whether the fund supermarket provides good value for investors.

In this article
What is Bestinvest? What accounts and services does Bestinvest offer? Is Bestinvest good or bad? What do customers say about Bestinvest?
What are Bestinvest's charges? Who is Bestinvest good for? Who is Bestinvest expensive for? Get top money-saving tips from Which?

What is Bestinvest?

Bestinvest has been a fixture on the investment scene for over 30 years, and it launched its 'Select' service for DIY investors in 2011.

Perhaps best known for its annual 'Spot the Dog' report on the worst-performing funds, Bestinvest now offers a full range of investments and manages about £3bn for its clients.

What accounts and services does Bestinvest offer?

The information below gives an at-glance view of the key things that the accounts and services Bestinvest offers.

Elements marked with a are offered by Bestinvest and those marked with a are not.

 

 Advisory services

 

Advisory services allow you to access professional investment advice.

 

✓ General investment account

 

A general investment account that can hold different types of investments but doesn’t give tax-free benefits like pensions and Isas.

 

 Income drawdown

 

Income drawdown allows you to take money out of your pension to live on in retirement.

 

 Junior Isa

 

A junior Isa is a tax-free savings account for under 18s.

 

 SIPPs

 

A Sipp is a pension where you have complete control over the investments you  put your savings into

 

✓ Stocks and shares Isa

 

A stocks and shares Isa is a tax-free account that allows you to put your money in a range of investments.

 

 Annuities

An annuity is an insurance product which allows you to swap your pension savings for a guaranteed regular income that will last for the rest of your life.

 

 Banking services

 

Banking services allow you to operate bank accounts, make transfers and make payments.

 

 Lifetime Isa

 

A lifetime Isa (Lisa) is a tax-free savings or investment account designed to help people aged 18-39 buy their first home or save for retirement.

 

 Savings accounts

 

A savings account is somewhere you can put your money so it can grow in value.

Is Bestinvest good or bad?

To get an idea of how good or bad Bestinvest is, we asked its customers.

Which?'s rating for customer satisfaction is based on feedback from real customers. The score is made up of a customer's overall satisfaction with the brand, and how likely they are to recommend that brand.

Overall customers scored Bestinvest 53%, placing it 11th out of the 13 investment platforms we looked at. 

Customers scored Bestinvest's 'investment information’ among its highest-rated features, giving it three out of five stars. Bestinvest’s ‘value for money’ was scored the lowest by customers and only got one out of five stars.

The table below shows how customers scored Bestinvest for the five different types of service we looked at. 

Aspect of service Star rating
Customer service Logged out padlock
Efficient administration Logged out padlock
Online functionality Logged out padlock
Online tools and guidance Logged out padlock
Information on investments Logged out padlock
Clarity of charges Logged out padlock
Value for money Logged out padlock

What do customers say about Bestinvest?

We’ve spoken to real-life investors who use Bestinvest and this is what some of them had to say:

  • 'Customer service and communication are first class. They care about the individual and are very keen to please'
  • 'I have simple requirements (I'm not an active investor) and they enable me to service my accounts easily. They provide what looks like useful information, even if I seldom use it'
  • 'A bit too much sales literature with some of it not relevant to my situation'
  • 'OK mostly, but their website is a pain to access'

Check out our guide on the best and worst investment platforms to see how Bestinvest compared.

What are Bestinvest's charges?

Annual charges

  • 0.4% service fee on anything up to £250,000
  • 0.2% service fee on money between £250,000 and £1m
  • 0% service fee on anything above £1m

Trading charges

  • £7.50 to trade shares and investment trusts online
  • Free online trading for unit trusts and open-ended investment company funds

We’ve estimated the cost of investing various sums in investment platforms over the course of a year in the table below. The costs assume you only buy funds (shares work out slightly cheaper with some companies), and make four purchases and four sales each year.

Amount invested Annual cost
£100 a month £3
£5,000 £20
£10,000 £40
£25,000 £100
£50,000 £200
£100,000 £400
£250,000 £1,000
£500,000 £1,500

Source: Analysis by Which? Money correct as of April 2019

Read our comparison of investment platform charges to see how much investing with Bestinvest costs for a range of portfolios.

Who is Bestinvest good for?

Bestinvest offers competitive charges for smaller portfolios, especially for share traders. For example, a £10,000 Isa invested in funds would incur charges of £40 a year, not including separate fund charges.

Who is Bestinvest expensive for?

For larger portfolios, Bestinvest is relatively expensive. If you have a six-figure portfolio value, you're likely to be significantly better off with a broker that charges a fixed fee.

Read our comparison of investment platform charges to see how much investing with Bestinvest costs for a range of portfolios.

And if you're thinking of using Bestinvest to take an income from your pension in a drawdown plan, read our comparison of pension drawdown charges

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