What is Bestinvest?
Bestinvest has been a fixture on the investment scene for over 30 years, and it launched its service for DIY investors in 2011.
It offers a range of Isas and a self-invested personal pension (Sipp).
- Find out more: read our guide to the best and worst investment platforms
Is Bestinvest good?
Which?'s rating for customer satisfaction is based on feedback from real customers. We ask investors to rate their current platform for the quality of its online tools, customer service, and investment information. We also ask if the available investments meets their needs, whether the platform represents value for money and whether they'd recommend it to someone else.
However, to be named a Which? Recommended Provider (WRP), customer satisfaction alone won't suffice; we also consider platform fees.
Which? members can exclusively read the results of our unique customer satisfaction survey.
What do customers say about Bestinvest?
We’ve spoken to investors who use Bestinvest and this is what some of them had to say:
- 'I think their fees are expensive for the service they provide. But I feel trapped in view of the cost of moving my investments to another provider.'
- 'The staff are very good and take a personal interest.'
Find out more: best and worst investment platforms
What are Bestinvest's charges?
- 0.4% service fee on anything up to £250,000
- 0.2% service fee between £250,000 and £1m
- 0% service fee on anything above £1m.
- £7.50 to trade shares and investment trusts online
- Free online trading for unit trusts and open-ended investment company funds.
How much will I pay to invest?
We’ve estimated the cost of investing with Bestinvest over the course of a year, as shown in the tables below.
Costs will vary depending on how much you invest, and whether you trade funds or shares. All assume you make four purchases and four sales each year, spread out over different months.
Who is Bestinvest good for?
Bestinvest offers competitive charges for smaller portfolios, especially for share traders.
For example, if you have a pot worth £10,000, you'd incur a £100 annual cost in our scenarios.
It's also relatively cheap for fund trading for those with pots of up to around £10,000.
- Find out more: best and worst investment platforms
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.
If you have a pot worth £250,000, you could be looking at an annual cost of £1,060 in our share trading scenarios.
Fund charges can also be expensive for those with larger portfolios, particularly those with over £250,000 to invest.
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.
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.
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.
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.
- Find out more: how investment platforms work
Is your money safe with BestInvest?
If Bestinvest went out of business, you would be compensated by the Financial Services Compensation Scheme (FSCS).
The FSCS will cover up to £85,000 of investments per person, per platform. You can claim for free online: there’s no reason to use a claims management company.
You won’t be compensated for investments falling in value, or a company in which you hold shares goes bust, unless this poor performance resulted from bad advice given by a regulated Independent Financial Advisor that has since gone bust.
- Find out more: how the FSCS works
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