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Bestinvest investment platform review

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

In this article
What is Bestinvest? 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? Is your money safe with BestInvest? What accounts and services does Bestinvest offer? 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.

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. 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.

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

Aspect of service Star rating
Online tools Logged out padlock
Customer service Logged out padlock
Investment information Logged out padlock
Available investments meet my needs Logged out padlock
Value for money Logged out padlock

What do customers say about Bestinvest?

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

  • 'It is a little more expensive than some alternatives but was easy to transfer into and to view the holding.' 
  • 'A bit expensive and a clunky website.'
  • 'It is not so easy to estimate the effects of fees on the value of the portfolio.'

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
£5,000 Logged out detail
£10,000 Logged out detail
£25,000 Logged out detail
£50,000 Logged out detail
£100,000 Logged out detail
£250,000 Logged out detail
£500,000 Logged out detail
£1m Logged out detail

Source: Analysis by Which? Money correct as of April 2020.

Read our comparison of investment platform charges to see if other platforms could work out cheaper than Bestinvest for your portfolio.

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. However, several other low-cost platforms offer better service.

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

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. 

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.

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