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Nutmeg investment platform review

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

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

What is Nutmeg? 

Nutmeg is a ‘do-it-for-me’ platform (otherwise known as robo-adviser) founded in 2011.

Unlike a DIY investment platform, instead of letting you select your own investments, Nutmeg 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 Nutmeg any good? 

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

Members can log in to see our review of Nutmeg. If you're not already a member, join Which? to 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 would recommend it to someone else.

How 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 Nutmeg, 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 Nutmeg? 

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

  • 'I love its transparency, regular investment updates and vlogs. It’s possible to check your investment progress every day and it has really clear “risk levels” on its pots and a great tool to help you decide your risk appetite.’
  • 'Honest and straightforward approach, takes the stress off me having to make investment decisions – I trust it to take control of that so I can focus on what I'm actually good at.’

What are Nutmeg's charges? 

Annual charges:

For its Fully Managed portfolio:

  • 0.75% for the first £100,000, then 0.35% on any portion beyond.
  • 0.2% in fund charges.
  • 0.07% in market spread.

For its Smart Alpha portfolio: 

  • 0.75% for the first £100,000, then 0.35% on any portion beyond.
  • 0.23% in fund charges.
  • 0.07% in market spread.

For its Socially Responsible portfolios:

  • 0.75% for the first £100,000, then 0.35% on any portion beyond.
  • 0.28% in fund charges.
  • 0.07% in market spread.

For its Fixed Allocation portfolio: 

  • 0.45% on the first £100,000, then 0.25% above this.
  • 0.19% in fund charges.
  • 0.07% in market spread.

How much will I pay to invest?

We’ve estimated the cost of investing with Nutmeg over the course of a year in its Fully Managed portfolio.

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 Nutmeg good for?

‘Do-it-for-me’ platforms are good for people who don’t feel they have the time or knowledge to research their investments, but also can’t afford the services of a financial advisor.

If you want a Lifetime Isa with a 'do-it-for-me' platform, Nutmeg offers this whereas Moneyfarm and Wealthify do not.

Nutmeg also offers an ethical portfolio, a 'smart alpha' portfolio partially managed by JP Morgan, and a cheaper 'fixed allocation' portfolio for those who don't want to pay for ongoing fund management. 

Who is Nutmeg expensive for? 

If you feel comfortable choosing and managing your own investments, you should consider a a DIY platform instead as this will almost certainly work out cheaper. For instance, whereas you'll pay a 0.75% charge to invest £25,000 in a Fully Managed Nutmeg portfolio, it will be 0.25% with AJ Bell

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 Nutmeg account, depending on the provider.

What accounts and services does Nutmeg offer?

  • General investment account Can hold different types of investments but doesn't give tax-free benefits like pensions and Isas. 
  • Income drawdown Allows you to take money out of your pension to live on in retirement.
  • Junior Isa A tax-free savings account for under-18s.
  • Lifetime Isa A tax-free savings or investment account designed to help people aged 18-39 buy their first home or save for retirement.
  • Stocks and shares Isa A tax-free account that allows you to put your money in a range of investments.

Is your money safe with Nutmeg?

If Nutmeg 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.