Metro’s weekly column, Where to Invest, is for anyone looking for fresh ideas and insight into where they might put their savings.
This week, we‘re giving you a money hack. Here are the apps you can download which will practically manage your investments for you.
Many of the most popular investment platforms now have apps that allow savvy savers to invest in stocks and shares Isas – and it’s as simple as a tap and swipe.
The good news is that investing is open to most and not just the uber rich, with minimum starting investments from as little as £1.
Here, we take a look at some of the best apps to consider if you’re looking to invest in an Isa today.
Chip
Minimum investment: £1
Fees: 0% platform fee + £5.99 a month subscription
In order to invest in a stocks and shares Isa with Chip, you need to have a ChipX account which costs £5.99 a month. The app gives you a choice of nine funds, each of which will also charge a management fee. Choose between ethical funds, clean energy, crypto companies, and more.
Chip also features an autoinvest function that will take a specific amount from your current account and invest it every few days. You can set this, or it has an AI model that can calculate what you can afford to save each month.
Trading 212
Minimum investment: £1
Fees: Free + a 0.15% fee payable on foreign currency trades; 0.7% payable after your deposits reach £2,000
This app has a wide range of investment options, allowing you to invest in shares, cryptocurrencies, commodities and contracts, making it a good choice if you’re experienced and like to trade.
There is no fee to pay with this particular app if you invest through a stocks and shares Isa but you’re limited to shares and ETF tracker funds.
Freetrade
Minimum investment: £2
Fees: £5.99 a month for the standard Isa plan, or £11.99 for a plus subscription
Freetrade lets you invest in company shares directly and you can choose from thousands of UK and US stocks and exchange traded funds (trackers). The app also lets you buy a fraction of a share. For example, Apple’s share price is around £125 so you could buy around a 60th of one share for £2.
Moneybox
Minimum investment: £1
Fees: Three months free and then £1 a month subscription fee + 0.45% platform fee
As with all of the other providers, you will be charged management fees by the funds you’re invested in on top of Moneybox fees. There is also a 0.45% fee to convert pounds to dollars and vice versa if you invest in US stocks.
Moneybox is brilliant if you want to save without noticing you’re doing it. By linking your debit card to your Isa, every time you spend on your card you can set the app to round up to the nearest £1 and invest the difference. If you buy a coffee for £2.45 it will automatically put 55p into your Isa.
You can add fixed amounts weekly as well. Cash saved earns 3.25% variable before it’s invested.
Plum
Minimum investment: £1
Fees: Choose from basic which is free, plus (£3.99), boost (£7.99) and max (£11.99) monthly subscriptions + management fees around 0.48%
Plum also offers round-ups and a number of other automated features designed to help you save in a way that works for you. The app can analyse your spending patterns and move what you can afford to your investment account.
You can withdraw it if you need to but if not, you’re adding to your savings without having to do anything. Choose from 12 investment funds focused on themes including tech giants, clean and green, best of British and others.
Wealthify
Minimum investment: £1
Fees: Flat management fee 0.6% + fund charges of around 1.16%
Good for investors who want the app to choose their funds for them. Wealthify uses an algorithm to assess your risk tolerance and then selects an appropriate mix of ETFs and mutual funds to match that.
There is no set-up fee, you can withdraw any time with no penalties and you won’t be charged if you decide to move to another provider. You will also find a range of ethical funds available.
