It’ll be a Dodl’: AJ Bell launched a free app to’make investment more simple and accessible’

  • In the first half next year, the firm plans to have the platform operational.
  • Each year, customers will only be charged 0.1% on all their investments accounts 
  • You will not be charged any fees to either buy or sell investments through the app

Financial service provider AJ Bell has launched a new app-based platform which will enable Britons buy and sell investment securities without any commission fees.

Dodl offers pensions, shares of UK-listed companies, as well as a variety of “themed investments” that are focused on technology, responsible investing and healthcare.

Customers will be charged just 0.15 per cent on each of their investment accounts every year, meaning an individual with £100,000 in an independent savings account would only pay £150 in total.

Keeping change: Customers will be charged 0.15 per cent on each of their Dodl accounts every year, meaning someone with £100,000 of investments would only pay £150 in total

Keeping change: Customers will be charged 0.15 per cent on each of their Dodl accounts every year, meaning someone with £100,000 of investments would only pay £150 in total

You will also be able pay your accounts using popular digital wallets like Apple Pay and Google Pay.

More notably, the FTSE 250 firm said there would be no fees for either purchasing or selling investments, compared to a £3.50 maximum monthly charge on shares, trusts and exchange-traded funds on its YouInvest platform.

According to the company, the platform will be available in the first quarter of 2019. It is intended to make investing easier and more accessible to retail investors.

AJ Bell intends to add its low-cost Multi-asset Funds and Responsible Growth funds to the Dodl platform. Eventually shares in American businesses will also be included after the launch.  

Andy Bell, chief executive, believes that the platform will suit anyone looking for an affordable, simple-to-use way to invest. This could be for saving money for retirement, vacations, or a home deposit.

“The intuitive investing journey and simplified investment options will be appealing especially to people who are just starting out in investment and need a quick way to manage and monitor their portfolios.”

Man in charge: AJ Bell's chief executive Andy Bell said Dodl would be 'amongst the cheapest and best value investment platforms in the market'

Andy Bell, chief executive of AJ Bell, stated that Dodl was “among the cheapest and most valuable investment platforms on the market”.

Additionally, he claimed Dodl will be “among the most affordable and highest value investment platforms on the market” and that customers will have a choice of investment options that are easy to use and that cater for all investment needs.

AJ Bell is already enjoying a successful coronavirus epidemic, attracting many new investors, most of them young people who came to invest during this pandemic.

Last month, it revealed total customer numbers climbed by 30 per cent to more than 380,000 over the past year, while net inflows surged by over half to £6.4billion and total assets under administration soared to £72.8billion. 

However, it acknowledged that the Covid-19 pandemic restriction restrictions have started to ease in summer and retail trading has returned to normal levels relative to peak.  

Holly Mackay from Boring Money is the financial researcher and believes the majority of people that are interested in this app today will have a ‘curious and affluent 40-50-somethings and a very mainstream buy and keep portfolio.

Shares in AJ Bell rose by 1.6% today to 403,6p, although their value fell by approximately 8 percentage points so far in this year’s trading.

Administrative charge Notifications of charges Fund dealing Dealing in standard shares, trusts, and ETFs Regular investments Dividend reinvestment
AJ Bell YouInvest 0.25%  Max £3.50 per month for shares, trusts, ETFs.  £10 for Sipps. £1.50 £9.95 £1.50 1% (Min £1.50, max £9.95)  More details
Barclays Smart Investor Funds: 0.2%, Other Investments: 0.1%  Min monthly fee £4, max £125   £3  £6  £1  No cost  Additional Details 
Charles Stanley Direct 0.25%  If you trade one share in a month, the platform charge is waived. Annual min £24 and max of £240 on shares. No cost £11.50 n/a n/a More details
Fidelity Funds – 0.35% £45 flat fee up to £7,500. Max £45 per year for trusts and ETFs (Some shares) No cost £10 Free funds £1.50 shares, trusts ETFs £1.50 More details
Hargreaves Lansdown 0.45% Capped at £45 for shares, trusts, ETFs No cost £11.95 £1.50 1% (£1 min, £10 max) More details
IG  £96 (£24 per quarter, waived if three trades in period or £15,000-plus in Smart Portfolio) Trusts, shares and ETFs are the only options (no funds)  n/a  £8 or £3 if three trades made in previous month n/a n/a  More details
Interactive Investor  £119.88 for standard account / £9.99 per month £7.99 per month back in trading credit lasting 90 days  £7.99 £7.99 No cost £0.99 More details
iWeb £100 one-off £5 £5 n/a 2%, max £5 More details
Tilney Bestinvest 0.40% n/a No cost £7.50 n/a n/a More details
Vanguard  0.15%  No fee above £250k (£365 cap)
Vanguard funds are the only ones
No cost  Vanguard ETFs are available for free  No cost  n/a  More details 
Source: Aug 20,21 Administration charges are quoted annually. They may also be collected quarterly or monthly.