However, with numerous choices available, it can be challenging to select the best one.
Find out which are the best investment apps in the UK, considering factors like performance, user experience, and customer feedback.
With this comprehensive guide, you can confidently navigate the world of wealth management apps and make well-informed investment decisions.
More content: Read our honest XTB Review, Bitpanda Review and UK Trading Apps.
The Best Wealth Management Apps in the UK
With the rise of mobile technology and the convenience of managing finances at our fingertips, there are plenty of wealth management apps in the UK to choose from. Here are some of the best options available:
1. eToro
eToro is a popular investment app in the UK that makes investing easy and accessible for everyone. It lets you buy and sell all kinds of stuff – shares of companies, cryptocurrencies like Bitcoin, and commodities like gold and oil.
In eToro, you can also ‘copy’ other traders, meaning you can automatically mimic their trades. This is cool because it allows you to learn from those who are more experienced, kind of like having a personal mentor.
Why I like this app
What I love about eToro is its social trading feature. This lets you follow successful investors and copy their trades automatically. It’s an easy way to learn about investing while making money at the same time. The app is also very user-friendly with its sleek design and simple navigation.
– Fees: Trading is commission-free, but there are fees for withdrawing money and for inactivity.
– Minimum deposit: $200
– Trading products available: Stocks, Cryptocurrencies, ETFs, Indices, Commodities, Currencies
Cons
– The $5 withdrawal fee can be annoying, especially for small investors.
– There is a $10 inactivity fee if you don’t log in for 12 months.
– The minimum deposit might be high for beginners.
2. Chip
Chip is a different kind of app. Instead of trading, it’s all about saving money. Chip connects to your bank account and automatically saves money for you based on your spending habits.
It uses artificial intelligence to figure out how much you can afford to save without affecting your lifestyle. That way, you can save money without even thinking about it. It’s like a virtual piggy bank that gets smarter over time.
Why I like this app
Chip makes saving effortless and intuitive. The AI-powered autosave feature is excellent at squirreling away bits of money here and there. Before you know it, you’ve built up a nice little nest egg. Plus, you can earn interest on your savings.
– Fees: The basic plan is free, but for additional features, there are two paid plans – ChipAI (£1.50 every 28 days) and ChipX (£3 every 28 days).
– Minimum deposit: No minimum deposit
– Products available: Easy access savings, Interest accounts
Cons
– You have to pay for the best features with ChipAI and ChipX plans.
– It does not offer investment options.
– The app only supports certain UK banks.
3. Freetrade
Freetrade is a stock trading app, making investing in stocks easy for everyone. With this app, you can buy and sell shares from companies around the world, including big names like Amazon and Tesla.
Freetrade simplifies trading. You don’t need to be a Wall Street expert to use it. All you need is a smartphone and a little bit of money to invest.
Why I like this app
Freetrade is great for beginners because it simplifies investing. The app is easy to navigate, and it offers educational content to help you learn about investing. Plus, there are no hidden costs or complicated fees.
– Fees: Free basic trades, £3/month for ISA account, instant trades are £1 each
– Minimum deposit: £2
– Trading products available: Stocks, ETFs, Investment Trusts
Cons
– Freetrade does not offer CFDs or forex trading.
– Instant trades cost £1 each.
– There’s a £3/month fee for the ISA account.
Also check out whether or not Ally Invest accepts UK customers.
4. InvestEngine
InvestEngine is an investment app that offers two ways to invest your money. You can manage your investments by yourself, picking and choosing what to invest in. Or you can let InvestEngine do the work for you with its robo-advisory service.
Whether you’re an experienced investor or new to the game, InvestEngine provides the tools and support to help grow your money.
Why I like this app
InvestEngine impresses with its flexibility. It’s great for hands-on investors who want to select their own investments, but the robo-advisory option is a handy feature for those who prefer a hands-off approach. The app is user-friendly, and its low-cost model is a major plus.
– Fees: 0.25% annual management fee for the Robo-advisory service, free for DIY investing, but underlying fund charges apply
– Minimum deposit: £100
– Trading products available: ETFs
Cons
– Limited to ETFs, no option for investing in individual stocks or bonds.
– No mobile app, the platform is web-based.
– The robo-advisory option might not be detailed enough for experienced investors.
5. CMC Invest
CMC Invest is a relatively new trading app from CMC Markets. It allows you to buy and sell shares and ETFs from companies across the globe. CMC Invest makes it straightforward to start investing, even with a small amount of money.
With CMC Invest, you’re not just investing, you’re learning. The app provides tools to help you understand investing better.
Why I like this app
CMC Invest shines with its commitment to educate its users. The app provides valuable resources to help you make informed decisions. It also provides a smooth and straightforward user experience, perfect for beginners.
– Fees: £0 commission on all trades, foreign exchange fee up to 0.5%
– Minimum deposit: £0
– Trading products available: Shares, ETFs
Cons
– It’s a new app, so some features might still be in development.
– The app only supports shares and ETFs – no options, futures or forex trading.
– Forex fee can add up on international trades.
6. Moneybox
Moneybox is an app that makes saving and investing simple and fun. You can start by rounding up your spare change from daily purchases and investing it. Moneybox also offers various saving accounts and personal pensions, helping you build your financial future.
Whether you’re saving for a rainy day or your retirement, Moneybox has got you covered.
Why I like this app
I appreciate Moneybox for its innovative approach to investing. The “round-up” feature is a creative way to save money without even noticing it. It’s also a very user-friendly app, and the choice of different financial products makes it versatile.
– Fees: £1/month subscription fee, platform fee of 0.45% per year, fund provider costs of 0.12% – 0.3% per year
– Minimum deposit: No minimum deposit
– Trading products available: Stocks & Shares ISA, Junior ISA, Personal Pension, GIA, Lifetime ISA
Cons
– The monthly subscription fee is charged regardless of investment size.
– Not suitable for those who want to pick individual stocks.
– Limited range of funds to choose from.
7. Interactive Investor
Interactive Investor is one of the UK’s leading online investment platforms. With this app, you can invest in shares, funds, investment trusts, and more. It’s a robust platform offering extensive tools and resources to help you make informed investment decisions.
Interactive Investor is designed for people who are serious about investing. It doesn’t matter if you’re a beginner or a pro – this app has something for everyone.
Why I like this app
Interactive Investor stands out for its extensive range of investment choices. Whether you’re into stocks, bonds, or ETFs, this platform has you covered. It also offers valuable research and insights, which are great for making informed decisions.
– Fees: Flat monthly fee starting at £9.99, plus trading fees
– Minimum deposit: £0
– Trading products available: Shares, Funds, Bonds, ETFs, Investment Trusts, SIPPs
Cons
– Trading fees can add up if you trade frequently.
– The flat monthly fee can be high for those with a small investment portfolio.
– The platform might be overwhelming for absolute beginners.
8. AJ Bell
AJ Bell is an easy-to-use investment platform that lets you buy and sell shares, funds, bonds, and more. The app offers a range of accounts including ISAs, SIPPs, and Dealing accounts to fit your investment needs.
Whether you’re investing for the first time or you’re an experienced investor, AJ Bell makes the process straightforward and efficient.
Why I like this app
AJ Bell is great for its simplicity and comprehensive investment options. It offers a user-friendly interface which makes navigating investments easier. It also provides educational resources which can help beginners understand the basics of investing.
– Fees: Custody charge from 0.25% to 0.05%, plus dealing charges
– Minimum deposit: £1
– Trading products available: Shares, Funds, Bonds, ETFs, Investment Trusts
Cons
– Dealing charges can add up if you trade frequently.
– Fees are higher for smaller portfolios.
– Limited research tools compared to some other platforms.
9. Hargreaves Lansdown
Hargreaves Lansdown is one of the UK’s largest investment platforms. It offers a broad range of investment options, from shares and funds to bonds and ETFs. The app is designed to make investing as easy as possible, with tools, research, and advice to help you along the way.
With Hargreaves Lansdown, you’re not just investing. You’re building your financial future.
Why I like this app
I like Hargreaves Lansdown for its comprehensive investment offerings and excellent customer service. It’s an easy-to-navigate app, offering a wealth of resources to help investors make informed decisions. Its reputation as a reliable and trustworthy platform is also a big plus.
– Fees: Up to 0.45% account charge, plus dealing charges
– Minimum deposit: £100 or £25 per month
– Trading products available: Shares, Funds, Bonds, ETFs, Investment Trusts
Cons
– Fees can be high for those with smaller portfolios.
– Not the cheapest platform if you trade frequently.
– The wealth of information can be overwhelming for beginners.
10. Wealthify
Wealthify is a robo-advisor app that offers simple and affordable investing for everyone. It uses smart technology to create and manage personalised investment plans based on your risk level.
With Wealthify, you don’t have to be an expert in investing. All you need to do is answer a few questions, and the app does the rest. It’s like having a personal financial advisor in your pocket.
Why I like this app
I’m a fan of Wealthify’s simplicity and ease of use. The app’s user-friendly design makes investing a breeze, even for novices. The robo-advisor approach takes the guesswork out of investing, making it a great choice for those looking to dip their toes into the investment world.
– Fees: 0.6% annual management fee, plus underlying fund charges (0.22% average)
– Minimum deposit: £1
– Trading products available: Fully managed portfolios
Cons
– Limited control over your investments as they are managed for you.
– Not suitable for experienced investors looking for advanced trading options.
– No option to invest in individual stocks or bonds.
What Is Wealth Management and How Can Apps Help?
Wealth management is the process of growing and maintaining an individual’s financial assets to achieve their financial goals, both short-term and long-term.
This can involve various investment strategies, such as investing in stocks, bonds, ETFs, and more. Managing one’s wealth effectively can result in increased financial security and a higher net worth over time.
Utilizing wealth management apps can simplify this process, making it accessible even for those with little investment knowledge.
These apps provide a convenient and easy way to invest in a range of financial products, monitor portfolio performance, and gain valuable insights into market trends.
By harnessing the power of smartphones and mobile internet, individuals can manage their wealth and build a solid financial portfolio from anywhere in the world.
As a result, wealth management apps help users achieve their financial goals, stay updated on financial news, and make informed investment decisions, no matter their level of investing savviness.
Why Should You Consider Investing in Stocks and Shares?
Investing in stocks and shares can be a viable way to grow your wealth, beat inflation, and potentially earn passive income. With the right approach, investing in the stock market can lead to higher returns when compared to traditional savings accounts or cash deposits. Here are a few key reasons to consider investing in stocks and shares:
- Growing wealth: Over the long-term, stocks have a history of generating higher returns than cash deposits or bonds, making them an attractive option for building wealth.
- Beating inflation: When inflation rates are higher than the interest rates offered by savings accounts and fixed deposits, investing in stocks and shares can help protect the purchasing power of your money.
- Diversification: Investing in a mix of asset classes, including stocks, bonds, and commodities, can help spread risk and potentially increase the overall return of your investment portfolio.
- Passive income: Many stocks and shares pay dividends, which can provide a potential source of passive income.
- Compound interest: The compounding effect of reinvesting dividends can significantly increase the long-term returns of your investment.
How to Get Started Investing Money in the UK
Investing money in the UK can be a straightforward process if you follow the right steps. Here’s a guide on how to get started with investing:
- Choose the right investment product and platform: Consider using a wealth management app like Freetrade, eToro, or Moneybox, which offer various account types and investment options tailored for beginners and experienced investors alike.
- Pick a tax-efficient account: Utilize tax-efficient accounts like Individual Savings Accounts (ISAs) and pensions, which offer tax-free growth and additional tax advantages, such as government bonuses or tax relief.
- Research and analyze: Educate yourself in basic investment principles, such as diversification, risk and reward, and time horizons. Use resources like financial news articles, investment advice websites, and stock market analysis tools to make informed investment decisions.
- Develop an investment strategy: Determine your risk tolerance, investment goals, and time horizon. Then, create a diversified investment strategy that aligns with these factors. For beginners, consider starting with low-cost index funds or a passive investing strategy.
- Open an account: Sign up for an investment account with a chosen wealth management app or platform. Depending on the provider, you may need to fill out an online assessment to confirm your investor profile and risk tolerance.
- Invest regularly: Set up a regular investing schedule with automatic deposits, if possible. This allows you to take advantage of dollar-cost averaging, which can help minimize the impact of market fluctuations.
- Monitor your portfolio: Regularly review your investment performance, evaluate your asset allocation, and make any necessary adjustments to ensure your investments stay aligned with your broader financial goals.
By following these steps, you’ll be on your way to building a solid investment portfolio and working towards your long-term financial goals.
Choosing the Right Wealth Management App for Your Needs
With so many wealth management apps available in the UK, it can be challenging to find the one that best suits your needs. Here are a few factors to consider while choosing the right app:
- Cost: Compare the fees and charges of various platforms, including annual management fees, platform fees, fund charges, currency conversion fees, and transaction costs. Look for low-cost or commission-free options.
- Investment options: Ensure the app offers a good variety of asset classes, including stocks, ETFs, bonds, and more. Additionally, check if the app provides ethical or socially responsible investment options if that is your preference.
- Ease of use and beginner-friendliness: Choose an app with an intuitive interface, easy navigation, and useful resources for beginners, like tutorials and how-to guides.
- Risk tolerance and investment style: Consider your risk tolerance and investment style while selecting an app. Look for platforms that offer risk-rated portfolios, robo advisors, and personalised investment strategies.
- Regulation and security: Opt for apps that are regulated by the Financial Conduct Authority (FCA) and offer FSCS protection for your investments. The app must also have robust security measures, such as data encryption and two-factor authentication.
Tips for Successful Wealth Management and Investing
Managing your wealth and investing successfully requires a strategic approach and careful planning. Here are some tips to help you on your investment journey:
- Define your investment goals: Establish specific, measurable, achievable, relevant, and time-bound (SMART) investment goals. This will help you create an investment strategy tailored to your needs.
- Diversify your portfolio: Investing in a wide range of assets reduces risk and increases the potential for returns. Allocate your investments across multiple asset classes, industries, and geographical locations.
- Adopt a long-term perspective: Focus on long-term growth by adopting a buy-and-hold strategy. Avoid the temptation to time the market or make impulsive decisions based on short-term fluctuations.
- Consider compound interest: Reinvest your earnings to benefit from the compounding effect, which can significantly boost your investment returns over time.
- Stay informed: Keep yourself updated on financial news, market trends, and the performance of your investments. Regularly monitor and review your portfolio to make any necessary adjustments.
- Choose tax-efficient accounts: Take advantage of tax-efficient accounts like Stocks and Shares ISA and Lifetime ISA, which allow you to grow your wealth without incurring additional tax liabilities.
- Seek professional advice if needed: If you are unsure about any aspect of wealth management or investing, consider consulting a financial advisor who can provide guidance tailored to your individual circumstances.
Common Questions and FAQs About Wealth Management Apps
When it comes to wealth management apps in the UK, many people have questions about how to get started, which platforms are best, and other general concerns. We’ve collected some of the most common questions surrounding wealth management apps and provided helpful answers to guide you in your decision-making process.
1. How do I start investing with a wealth management app?
To begin investing with a wealth management app, you’ll first need to choose a suitable platform based on your needs and preferences.
Once you’ve selected an app, sign up for an account and complete any required online assessments to determine your investor profile, risk tolerance, and investment goals. After completing the setup process, you can deposit funds and begin building your investment portfolio.
2. Can I invest with a small amount of money?
Yes, many wealth management apps cater to beginner investors or those with limited funds.
Apps like Moneybox, Plum, and Wombat allow for minimum deposits as low as £1, making it possible to invest with small amounts and gradually grow your wealth over time.
3. Are wealth management apps safe?
Reputable wealth management apps in the UK are regulated by the Financial Conduct Authority (FCA) and often provide FSCS protection to safeguard consumers’ investments.
Additionally, these platforms utilize data encryption and security measures such as two-factor authentication to protect users’ personal information and financial details.
4. What are some of the best stocks for beginners?
For beginner investors, low-cost index funds, exchange-traded funds (ETFs), and global stock-market index funds are often recommended due to their diversification and lower risk compared to individual stocks.
It’s essential to research and understand your chosen investments and consider seeking advice from experts or financial advisors if needed.
5. How do I choose the best investment app for me?
Selecting the best investment app depends on several factors, including your financial goals, risk tolerance, investment knowledge, and preferred investment styles.
Consider researching different platforms, reading user reviews, and comparing fees, offerings, and user experience to find the app that best suits your needs.
How To Stay Informed
To further educate yourself on the topic of wealth management apps and investing, we’ve compiled a list of resources and related articles for your convenience. These resources include financial news, research, tips, and advice to help improve your understanding of investing and make better-informed decisions.
- Financial News and Research: Staying updated with the latest financial news and conducting thorough research is crucial for successful investing. Websites like Bloomberg, Financial Times, Yahoo Finance, and CNBC provide global stock market updates, financial research, and expert insights to help you stay informed on developments and trends in the world of finance.
- How-to Guides and Investment Tips: Beginner investors or those looking to expand their investing savviness can benefit from reading how-to guides and investment tips from experts. Websites like Investopedia, The Street, and The Motley Fool offer beginner-friendly articles, tips, and analyses to help educate users on investment strategies and market trends.
- Personal Finance Blogs and Podcasts: Following personal finance blogs and podcasts can provide valuable insights into individual investment strategies, personal finance management, and real-life stories from successful investors. Blogs like Money to the Masses, Mr. Money Mustache, and Financial Samurai offer a wealth of information and guidance on saving, investing, and money management.
- Online Investing Communities: Joining online investing communities can provide you with a platform to discuss investment ideas, share experiences, and gain insights from other investors. Communities like r/investing on Reddit, Bogleheads Forum, and Monevator provide forums for discussion and knowledge sharing among like-minded individuals.
