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Fee-free investing apps dominate Which’s latest table of the top platforms, with Trading 212*, InvestEngine* and Freetrade* reaching the top five.
Both AJ Bell* and Scottish Widows, formerly Iweb, are the other two providers at the top of the list.
The consumer champion has combined the results of a survey of more than 3,000 investors with its own analysis of fees and the investments available on each platform.
This means that the fee-free platforms perform very well overall – not just on cost.
Trading 212 leads the pack with an overall score of 83 per cent. But it falls short of being a Which Recommended Provider, because it also offers risky investments outside of its main accounts.
Trading 212 tops the table, but beware the riskier investments it offers
Just three platforms have been crowned a Which Recommended Provider – AJ Bell, InvestEngine and Scottish Widows.
Freetrade scored slightly lower than these platforms in the customer survey, meaning it’s not a recommended provider – but it’s still been given a Great Value badge, along with Vanguard and Natwest.
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.’
Trading 212 performs well among customers and on fees
Trading 212 is top of Which’s table, scoring 79 per cent in the customer survey and 100 per cent on fees.
The customer score is based on investors’ satisfaction with the platform and their likelihood to recommend it.
However, it’s not a Which Recommended Provider because it also offers the ability to invest in risky investments called contracts for difference (CFDs).
Many investors lose money when trading these products, so Which takes platforms that offer them out of the running for recommended status.
For our part, we don’t cover CFDs and riskier investments in our platform roundups and reviews – we firmly state they’re best avoided and something to beware.
In our Trading 212 review, we found the platform very comprehensive and liked its fee structure plus its competitive interest rate on uninvested cash.
| Platform (plus 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 | ||||
Which’s Recommended Providers for 2026 are AJ Bell, InvestEngine and Scottish Widows.
AJ Bell* is a well-known investment platform that charges account fees of 0.25 per cent of the value of your investments.
This is cheaper than rivals Fidelity and Hargreaves Lansdown.
InvestEngine* is a fee-free platform that aims to simplify investing by only offering exchange-traded funds.
These give you access to a whole basket of investments in one swoop – read more in our InvestEngine review.
Finally, Scottish Widows was previously Iweb – it doesn’t charge account fees, but keep in mind there’s a £5 commission on UK share and fund trades.
Find out our views in our regularly updated guide to the best investment platforms.
Who’s at the bottom of the table?
The bottom two investment platforms are Bestinvest and Santander.
Moneybox, Octopus Money Direct and Fidelity* are above these, tied with the same score.
Of this trio, Moneybox and Fidelity score well among customers, but are let down by fees and investment choice.
| Platform (plus 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 | ||||
Low-cost platforms should make investors question fees
Which says that low-cost investment platforms won’t be right for everyone, but their rise should make investors question the fees they’re paying.
We’ve long championed finding the best and cheapest way to invest that suits your needs.
Low-cost platforms generally don’t provide the same level of customer service and investment research that the likes of AJ Bell* and Hargreaves Lansdown* provide, but you might not want the extra bells and whistles enough to pay a premium for them.
It all depends on the type of investor you are and what you want to invest in – if you’re just getting started, read our guide to investing for beginners to help you answer these questions.
We also have guides to the best stocks and shares Isas and the best self-invested personal pensions (Sipps).
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