Fee-Free Investing Apps Shine in Latest Platform Rankings
Australia’s burgeoning investor community is being urged to scrutinise not only what they invest in, but also the platforms they use, as a new report highlights the dominance of fee-free options. Consumer champion Which? has released its latest comprehensive table of investment platforms, with several no-fee providers securing top spots.
The rankings, compiled from a survey of over 3,000 investors and an in-depth analysis of fees and investment options, reveal that platforms like Trading 212, InvestEngine, and Freetrade are making significant waves. Alongside these, AJ Bell and Scottish Widows (formerly Iweb) also feature prominently in the top tier.
This year’s findings underscore the growing appeal of cost-effective investing, with fee-free platforms performing exceptionally well across the board, not just on price.
Top Performers Emerge
Trading 212 has claimed the top position overall, achieving an impressive 83 per cent score. However, it narrowly missed out on being crowned a Which Recommended Provider due to the inclusion of riskier investment products, such as contracts for difference (CFDs), outside its core offerings. Which? generally advises caution regarding CFDs, as many investors experience losses.
Only three platforms have earned the coveted Which Recommended Provider status for 2026:
- AJ Bell: A well-established investment platform that charges a competitive account fee of 0.25 per cent of the investment value, positioning it as a more affordable alternative to rivals like Fidelity and Hargreaves Lansdown.
- InvestEngine: This platform champions a simplified approach to investing, operating entirely fee-free and focusing exclusively on exchange-traded funds (ETFs). ETFs offer a diversified basket of investments within a single product, making them an attractive option for many.
- Scottish Widows: Previously known as Iweb, this provider waives account fees. However, it’s important to note a £5 commission applies to trades in UK shares and funds.
Freetrade, while not achieving Recommended Provider status due to slightly lower customer survey scores, has still been awarded a “Great Value” badge, a distinction also shared by Vanguard and NatWest.
Sam Richardson, deputy editor of Which Money, commented on the findings, stating, “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.”
A Closer Look at the Leaders
Trading 212’s strong performance is attributed to its high scores in both customer satisfaction (79 per cent) and fees (a perfect 100 per cent). The customer score reflects investors’ overall happiness with the platform and their likelihood to recommend it.
The top 10 investment platforms, based on Which?’s analysis, are as follows:
| Platform (Customer Sample Size) | Customer Score | Fees Score | Assets Score | Overall Score |
|---|---|---|---|---|
| Trading 212 (270) | 79% | 100% | 55% | 83% |
| AJ Bell (369) | 81% | 62% | 100% | 77% |
| InvestEngine (50) | 76% | 100% | 3% | 76% |
| Freetrade (50) | 71% | 100% | 29% | 76% |
| Scottish Widows (68) | 78% | 78% | 36% | 74% |
| Vanguard (273) | 76% | 68% | 0% | 66% |
| Lloyds Bank (74) | 76% | 57% | 13% | 64% |
| Interactive Investor (421) | 71% | 45% | 75% | 64% |
| Monzo (61) | 72% | 65% | 0% | 63% |
| NatWest (46) | 67% | 76% | 0% | 63% |
Source: Which? analysis of best and cheapest investment platforms 2026
Navigating the Lower Ranks
At the other end of the spectrum, Bestinvest and Santander were identified as the two lowest-scoring investment platforms. Moneybox, Octopus Money Direct, and Fidelity found themselves in a three-way tie just above them.
While Moneybox and Fidelity scored well with their customer base, their overall rankings were impacted by less favourable assessments of their fees and the breadth of investment choices available.
The platforms at the bottom of the Which? table are detailed below:
| Platform (Customer Sample Size) | Customer Score | Fees Score | Assets Score | Overall Score |
|---|---|---|---|---|
| Fidelity (354) | 69% | 29% | 25% | 52% |
| Octopus Money Direct (38) | 61% | 51% | 0% | 52% |
| Moneybox (57) | 75% | 23% | 0% | 52% |
| Santander (47) | 59% | 47% | 4% | 50% |
| Bestinvest (39) | 62% | 25% | 16% | 46% |
Source: Which? analysis of best and cheapest investment platforms 2026
The Fee Question
Which? suggests that the rise of low-cost investment platforms should prompt all investors to re-evaluate the fees they are currently paying. While these platforms may not always offer the same level of in-depth customer service or extensive investment research as more premium providers like AJ Bell or Hargreaves Lansdown, they can be an excellent choice for those who don’t require all the ‘bells and whistles’ and prefer to keep costs down.
Ultimately, the best platform for an individual investor depends on their specific needs, investment goals, and risk appetite. For those new to investing, resources such as guides to investing for beginners, the best stocks and shares ISAs, and the best self-invested personal pensions (SIPPs) can provide valuable insights.
