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Moneyfarm investment platform review

We analyse the charges levied by Moneyfarm and ask its customers to rate it for service, tools, value for money and more

In this article
What is Moneyfarm?  Is Moneyfarm any good?  What do customers say about Moneyfarm?  What are Moneyfarm's charges?
Who is Moneyfarm good for? Who is Moneyfarm expensive for? What accounts and services does Moneyfarm offer?  Is your money safe with Moneyfarm?

What is Moneyfarm? 

Moneyfarm is a ‘do-it-for-me’ platform – or robo-adviser – founded in Italy in 2012, which launched in the UK in 2016. 

Unlike a DIY investment platform, instead of letting you select your own investments, Moneyfarm will place you in a portfolio tailored to your risk appetite.

This is based on a questionnaire that asks you about your investment goals and attitude to risk.

If you're looking to pick your own investments, check our list of the best DIY investment platforms.

Is Moneyfarm any good? 

Which? members can exclusively read the results of our unique customer satisfaction survey.

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

 

How we rate investment platforms

 

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 and smartphone app, customer service, and information on investment opportunities and performance. We also ask whether it meets their needs, represents value for money and whether they'd recommend it to someone else.

How do we pick Which? Recommended Providers?

A platform must allow investors to pick their own investments from an extensive list - which means most 'do-it-for-me' platforms, including Moneyfarm, are excluded.

We're looking into a new way to analyse do-it-for-me platforms so we can allocate them Which? Recommended Provider status in the near future.

What do customers say about Moneyfarm? 

We’ve heard from investors who use Moneyfarm and this is what some of them had to say:

  • 'The customer service is great. It is very quick at responding.'
  • 'Very quick and easy – not complicated' 

What are Moneyfarm's charges?

Annual charges

  • 0.75% on investments up to £10,000
  • 0.70% on investments between £10,000 and £20,000
  • 0.65% on investments between £20,000 and £50,000
  • 0.60% on investments between £50,000 and £100,000
  • 0.45% on investments between £100,000 and £250,000
  • 0.40% on investments between £250,000 and £500,000
  • 0.35% on investments over £500,000

There are also fund fees of 0.20% and market spread fees of up to 0.09%. 

How much will I pay to invest?

We’ve estimated the cost of investing with Moneyfarm over the course of a year in a stocks and shares Isa.

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 2022

Who is Moneyfarm good for?

‘Do-it-for-me’ platforms are good for people who don’t feel they have the time to research their investments. 

With Moneyfarm you'll also have access to free appointments with its investment consultants, so it could be a good option if you need that extra support.

It offers ESG portfolios for those who want to invest sustainably.

Who is Moneyfarm expensive for?

If you feel comfortable choosing your managing your own investments, you should consider a a DIY platform instead as this will almost certainly work out cheaper. 

Most DIY investment platforms now offer ready-made portfolios as well, which are more expensive than their DIY options but still could work out cheaper than a Wealthify account, depending on the provider.

Although Moneyfarm is cheaper for those with larger portfolios, these investors may want to think about hiring a financial advisor instead.

What accounts and services does Moneyfarm offer? 

  • Advisory services – allow you to access professional investment advice. 
  • General investment account – can hold different types of investments but doesn't give tax-free benefits like pensions and Isas. 
  • Junior Isa – a tax-free savings account for under-18s.
  • Sipp – a pension where you have complete control over the investments you put your savings into.
  • Stocks and shares Isa – a tax-free account that allows you to put your money in a range of investments
  • Income drawdown – allows you to take money out of your pension to live on in retirement.

Is your money safe with Moneyfarm?

If Moneyfarm 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 free online; there’s no reason to use a claims-management company.

You won’t be compensated for investments falling in value, or if a company you hold shares in goes bust, unless this poor performance resulted from bad advice given by a regulated Independent Financial Advisor that has since gone bust. 

 

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