Press release

Vanguard still offers good value despite fee rises, finds Which?, as it names the best stocks and shares Isa providers for 2025

AJ Bell and InvestEngine have been named as the top Which? recommended stocks and shares Isa providers for 2025, according to analysis by the consumer champion, as Vanguard maintained its reputation for value, despite recent fee increases
6 min read
Press Team

In January 2025, the consumer champion surveyed over 3,600 investors about their experiences using 25 investment platforms over the last 12 months, which they rated on criteria including value for money, ease of use and customer service. Separately, Which? also examined each platform’s fee structure, analysing a total of 350 fee scenarios to establish the best value platforms.

The consumer champion looked at the impact of fees on seven different sizes of Isa portfolio, ranging in increments from £5,000 to £500,000. For the largest portfolios, Which? found differences were particularly significant, with analysis revealing that investors could save as much as £2,000 per year in fees by picking a cheaper platform. With the new financial year imminent, now is the perfect time for investors to review their fees to make sure they’re maximising their returns.

Competition this year was tight, with many platforms securing excellent customer scores. However, just two platforms - AJ Bell and InvestEngine - secured the prestigious Which? Recommend Provider endorsement, outflanking the competition with both table-topping customer scores and compelling results in the consumer champion’s fee analysis.

Aviva topped the tables with a customer score of 79 per cent. However, it narrowly missed out on a Which? Recommended Provider badge as it was too expensive in the fee analysis, with Which? finding that investors with the largest Isa portfolios could pay as much as £1,525 a year in fees.

For the first time, Which? also awarded Great Value badges to five platforms that both received good customer scores and were among the cheapest overall options, with InvestEngine (78%), iWeb (76%), Royal Bank Invest (76%), Vanguard (75%) and Natwest (73%) all securing the endorsement.

AJ Bell secured Which? Recommended Provider status for an impressive seventh time, tying with fellow WRP InvestEngine on 78 per cent. 

For investors wanting the widest possible choice, AJ Bell is an excellent option, offering an almost unparalleled range of investments. Although it charges £1.50 to trade funds - a fee most platforms have dropped - it nonetheless secured four stars for value for money, and Which?’s fee analysis confirmed it to be a reasonably priced option. Assuming four purchases and four sales of funds a year, those with a small pot of £5,000 would pay just £25 a year in fees - among the lowest in Which?’s analysis - and a middling £887 for the biggest pot of £500,000. The platform also secured four stars for overall customer service and ease of use. As one happy customer surmised, “I've been with AJ Bell a number of years. Very happy with the fee structure and customer service received.”

A specialist in Exchange Traded Funds (ETFs), InvestEngine (78%) distinguished itself as the only platform to earn both Which? Recommended Provider status (the second time it has done so) and the Great Value badge. It charges no service fees, and was one of just two platforms to receive a full five stars for value for money in the consumer champion’s survey. 

The platform also received five stars for ease of use, with one respondent enthusing, “I like the way I can set a level of risk and it automatically balances my portfolio accordingly.” It also received four stars for customer service, with multiple respondents noting quick response times to inquiries. However, in common with platforms like iWeb, Halifax and HSBC, it won’t pay interest on any uninvested cash in your account.

Vanguard’s value for money has been widely debated since fee increases at the start of this year. Yet Which?’s analysis found that Vanguard remains in the cheapest 25 per cent of platforms, which combined with its excellent customer score of 75 per cent, saw it secure the Great Value badge. The platform caps fees at a maximum of £375 a year, making it a particularly attractive option for investors with medium to large portfolios. In contrast, investors could pay as much as £2,254 a year with the most expensive platform.

Nonetheless, those with smaller pots may want to consider their options. The new monthly minimum fee of £4 will be most noticeable to customers with less than £32,000 invested, and the smaller the pot, the more sharply these fee changes will be felt. For example, a customer with £5,000 invested will incur an annual fee of £48, a 540 per cent rise from the former annual cost of £7.50. This £48 fee remains static up to the £25,000 mark - while those with a pot of £50,000 would pay £75 a year.

For those with a modest amount of savings, Great Value platforms Royal Bank Invest (76%) and Natwest (73%) may well be worth considering. With each of these platforms you'd pay just £8 a year in fees for pots worth £5,000, rising to £15 a year for a £10,000 pot. At the top end of the scale, fees average £750 a year for the largest holdings of £500,000. However, these accounts are only available to current account customers, and only offer five funds each, meaning they may not be suitable for everyone.

The final Great Value pick, iWeb, received an excellent customer score of 76 per cent, and was one of just two platforms to receive a five star rating for value for money. It employs a fixed-fee pricing structure, which benefits investors with large portfolios as they'd only have to pay £40 regardless of the amount invested, making iWeb the cheapest platform for portfolios of shares and investment trusts worth £10,000 or more. As one satisfied respondent put it, it has “All the facilities and funds I need at minimal overhead cost.” It also doesn't charge an annual fee to set up and run an account.

Jenny Ross, Editor of Which? Money, said:

“If you’ve not recently reviewed your investment accounts, the new financial year is the perfect time to do so. Loyalty can come at a hefty price and the most expensive platforms could cost you thousands of pounds more a year in fees, so it pays to shop around.

“Fees are just one part of the picture though. Excellent customer service, a good range of investment options and platform functionality are all essential components - and that’s why our Which? Recommended Providers and Great Value picks stand out from the crowd.”

-ENDS-

Notes to editors:

 -Which? surveyed 3,697 members of the Which? Connect panel and members of the public in January 2025, who shared 5,129 experiences of investing in DIY stocks and shares ISAs

- Customer scores are based on a combination of overall satisfaction and how likely people are to recommend a platform.

Which? Recommended Providers (WRPs)

-To be a WRP, an Isa provider needs to have a customer score  of 70% or more, not be in the top 25% most expensive in Which?’s fees analysis and receive a three-star rating or higher in all categories. Which? applies statistical tests that place the platforms into ‘bands’, and only those in the top two bands can be WRPs. This year, many brands exceeded the 70% score but weren’t in the top bands. Aviva had the highest customer score but was too expensive in the fees analysis.

Great Value

-This year, for the first time, Which? is endorsing the stocks and shares Isas that offer great value for money. These don’t have to be the best of the best like Which? Recommended Providers, but they must receive good customer scores and come out cheapest in our analysis of fees. To be eligible for our Great Value recommendations, platforms must be in the top three customer score  bands and among the 25% least expensive in the asset categories they offer (any combination of funds, shares, or ETFs).

- InvestEngine (also a WRP), iWeb, NatWest, Royal Bank Invest from the Royal Bank of Scotland, and  Vanguard are all Great Value. 

-iWeb, like InvestEngine, charges no account fees.