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Press release

Which? reveals the best and cheapest investment platforms for 2026

Amid a major government push to get more consumers investing, new research from Which? reveals the platforms worth considering - and those to avoid
5 min read
Which?Editorial team

Between December 2025 and January 2026, Which? surveyed more than 3,000 UK investors about their experiences using 23 of the largest investment platforms. Separately, it also carried out an analysis of platform fees and range of investments available to identify the best providers on the market*. These elements were combined to produce the final rankings.

As the government takes steps to motivate more consumers to invest their money, Which? is encouraging would-be investors to carefully consider not only what to invest in, but who to invest with. The consumer champion’s analysis has shown platforms vary massively in terms of range of investments on offer, customer service and fee structures. 

For many investors, keeping platform fees to a minimum will be a priority in the 2026/7 tax year, with increasing tax rates on dividends having the potential to chip away at returns. Though fee-free platforms won’t be the right option for every investor, the rise of these low to no fee options should make every investor question the fees they are paying.

For example, for a sizable investment pot of £500,000 (excluding ETFs), fees can range from £2,262 a year at the top end (0.45%) through to fee-free. Someone with a more modest £5,000 investment pot could pay as much as £112 (2.2%) a year in fees, or nothing at all with a zero fee platform.

Though competition remained close this year, just three platforms - AJ Bell, InvestEngine and Scottish Widows (formerly iWeb) - have secured Which? Recommended Provider status for 2026. To do so, platforms must not just excel in customer service, competitive fees and range of investments available, but also avoid offering investments considered especially risky to the investor, such as contracts for difference (CFDs).

According to the Financial Conduct Authority, CFDs result in around eight in 10 investors losing their money, so platforms offering them are automatically excluded from eligibility for WRP status. It was for this reason that fee-free Trading 212, which otherwise achieved a table-topping score of 83 per cent, was unable to be considered as a WRP. 

Taking second place in the table with an impressive overall score of 77 per cent is AJ Bell. Named a Which? Recommended Provider for the eight consecutive year, it achieved the highest customer satisfaction score of any platform on test, at 81 per cent. Customers in Which?’s survey were quick to praise the wealth of information the platform 

provides, as well as its ease of use. AJ Bell clearly presents how assets perform over time, provides regular investing news and podcasts, as well as publishing a ‘favourite funds’ list which can be helpful for beginner investors. It has the largest range of investment options of platforms Which? reviewed, boasting a choice of over 24,000 investments for users to consider, and received a score of 62 per cent for fees. While not among the most expensive platforms, users should be aware of its £1.50 charge to trade funds.

With an overall score of 76 per cent, InvestEngine secured a Which? Recommended Provider badge for the third time, and also marked its second year as a Great Value provider. Boasting zero platform and trading fees, it secured a 100 per cent score for fees, and achieved an impressive 76 per cent customer score, with one respondent saying it has a “good range of investments available, good information to assist decisions and good value for money.” Due to only trading in ETFs, InvestEngine may not suit every investor. However, with more than 800 to choose from, investors can still build a portfolio that’s fully diversified by region, asset type, and industry.

Scottish Widows (formerly known as iWeb) was also named Which? Recommended Provider and a Great Value platform, with an overall score of 74 per cent. Customers of the platform were quick to praise its easy-to-use website, and with zero account fees it offers strong value for money. A £5 fee for every time you buy or sell an asset can be avoided by setting up a regular monthly investment plan. It also offers an impressive range of almost 9,000 assets to invest in, including funds, trusts, shares, ETFs and UK gilts.

A further three platforms - Freetrade, Vanguard and NatWest - achieved Great Value badges with overall scores of 76 per cent, 66 per cent and 63 per cent respectively.

At the other end of the table, Bestinvest took last place with an overall score of just 46 per cent. It was closely followed by Santander with a score of 50 per cent, and Moneybox,  Octopus Money Direct (formerly Virgin Money) and Fidelity tied on 52 per cent. 

Sam Richardson, Deputy Editor of Which? Money, said:

“As the government continues its push to get more Britons investing, we’d urge people to think about not just what they’re investing in, but the platform they’re investing with.

“From customer service to investment choice to fees, investors can have wildly different experiences depending on the platform they use. With our Which? Recommended Providers and Great Value picks, investors can rest easy knowing that they’re getting an excellent product, at the right price.”

-ENDS-

Notes to editors:

- Customer score is based on an online survey, conducted between December 2025 and January 2026, of 3,053 members of the Which? Connect panel and members of the UK public who invest money themselves via an investment platform into a stocks and shares Isa. The final data has not been weighted and is not representative of the target population. The customer score is based on a statistical analysis applied to the customers’ satisfaction with the brand and likelihood to recommend it. 

*Which? adjusted its methodology in 2026 to give platforms an overall score out of 100%. This is an aggregate of 3 separate scores: Customer score (based on customer satisfaction and likeness to recommend), asset score (based on the range of assets available) and fee score (based on fee structure). WRPs

-Platforms need a minimum overall score of 70% to be eligible for WRP status. Which? applies statistical tests that place the platforms into ‘bands’, and only those in the top two statistical bands by customer score can be WRPs, and they must not be in the 25% most expensive platforms across all portfolio sizes. Platforms are ineligible if they sell contracts for difference, or other assets the consumer champion considers to be detrimental to investors.