This is an independent AJ Bell* review in which I look at its products and services including its popular investing app AJ Bell Dodl*. AJ Bell is an investment platform that allows investors to invest in unit trusts, shares, investment trusts and ETFs via their SIPP and ISA products, as well as their general trading account. AJ Bell also produces a range of investment guides, an investment magazine as well as a range of pre-made investment portfolios.
1 minute summary - AJ Bell review
- Regular investments can be made from as little as £25 per month
- AJ Bell products include a Stocks and Shares ISA*, Junior ISA*, Lifetime ISA*, SIPP*, Junior SIPP and Dealing account
- AJ Bell recently launched app only investment platform AJ Bell Dodl
- Wide range of investment options including funds, shares, investment trusts and exchange traded funds (ETFs)
- Low management fees of 0.25% between £1 and £250,000, 0.10% between £250,000 and £500,000 and no charge for investments over £500,000
- Funds cost £1.50 per deal, shares cost £5 per deal (Reduced to £3.50 if 10 or more deals in the previous month)
You can use the links below to jump to key points in this AJ Bell review, however, I suggest that you read it from beginning to end as I highlight the positives and negatives of this fund investment platform. At the end of the article I also look at a couple of alternatives to AJ Bell.
- What services and products are offered by AJ Bell?
- What can you invest in using AJ Bell?
- AJ Bells' charges
- AJ Bell Stocks and Shares ISA review
- AJ Bell SIPP review
- Summary
Who is AJ Bell?
AJ Bell was founded in 1995 and is one of the UK's leading online investment platforms with just over £81.6 billion assets under management. AJ Bell provides investment services to around 542,000 customers and has around 1,500 UK employees. By comparison, the UK's largest online investment platform, Hargreaves Lansdown, has 1.8 million customers and around £142 billion assets under management.
AJ Bell's online investment service was launched in the year 2000 under the name AJ Bell Youinvest, before being changed to AJ Bell in October 2022. It was the first online SIPP provider in the UK, administering TD Direct's self-invested personal pension (SIPP) until it was taken over by Interactive Investor in 2017.
AJ Bell remains a major investment platform in the UK and is a member of the London stock exchange with a background in actuarial consultancy, SIPPs and stockbroking. Additionally, AJ Bell has been rated the ‘Best investment platform' by Which? members for three years running (2019, 2020 & 2021).
What services and products are offered by AJ Bell?
As you would expect from a major investment platform AJ Bell offers a range of investment products which are listed below:
AJ Bell ISA* offers an online Stocks and Shares ISA with low costs and a range of investment options including shares, unit trusts, investment trusts and ETFs. Contributions can be made up to £20,000 p.a. (2024/25). Regular investments can be made from as little as £25 per month, which is the same as Hargreaves Lansdown. Transfers can be made from an existing Stocks and Shares ISA with another provider. The AJ Bell ISA won the ‘Self Select ISA provider of the year' at the 2022 ADVFN International Financial Awards.
AJ Bell Junior ISA* offers an online tax efficient way for parents or guardians to invest for a child's future. Contributions can be made up to £9,000 p.a. (2024/25) and the money is ring-fenced until the child reaches the age of 18 at which point they are granted access to the funds invested.
The AJ Bell Junior SIPP offers an online, tax efficient way for anyone to invest towards a child's future, however, the money will be tied up until retirement age. Contributions can be made up to £2,880 p.a. (2024/25) and the government will add tax relief at 20%, meaning contributions can total a maximum of £3,600 p.a.
AJ Bell Lifetime ISA* is available to applicants aged 18 to 39 saving for their first home or retirement. Contributions can be made up to £4,000 p.a. (2024/25) and up to the age of 50. A government bonus of 25% of investments will be paid and investments can be withdrawn at any time to buy a first home or from age 60 to fund retirement. Transfers can be made from other investments. The AJ Bell Lifetime ISA won the ‘Your Money Awards Best Online Lifetime Stocks and Shares ISA Provider of the year award' in 2019. AJ Bell is one of only a small number of investment Lifetime ISA providers. Others include Hargreaves Lansdown and Nutmeg.
AJ Bell SIPP* was the first online SIPP available in the UK and investments can be made up to £60,000 per year and receive tax-relief, in line with current pension legislation. Regular investments can be made from as little as £25 per month. Transfers can be made from an existing SIPP with another provider. The AJ Bell SIPP has won numerous awards and was recently awarded the title of ‘Best SIPP provider 2021' at the City of London wealth management awards.
AJ Bell Dealing Account provides an easy low cost way of investing online allowing investors to make their own investment choices. Unlike an ISA or SIPP account there is no limit to the amount that can be invested and money can be withdrawn at any time.
AJ Bell Platinum SIPP provides a bespoke SIPP service designed for co-directors and partners in a business. The AJ Platinum SIPP offers a wider range of investment choices than the AJ Bell SIPP including the purchase of UK commercial land & property. Any commercial land or property can then be leased to the member's company or a third party.
AJ Bell Platinum SSAS (Small Self Administered Scheme) in addition to the wide range of investments available with an AJ Bell Platinum SIPP members of the SSAS can borrow money from a commercial lender and borrow or lend to a limited company on commercial terms for the purpose of its trade.
AJ Bell Cash Savings Hub is a cash savings platform that lets savers easily move from one savings account to another so that they can take advantage of the best interest rates on offer. The AJ Bell Cash Savings Hub works in the same way as other cash savings platforms including Raisin UK and Hargreaves Lansdown's Active Savings platform. It works as a standalone service meaning investors cannot use cash held in other investment accounts. Customers can choose from a number of savings accounts and can choose to lock their money away for between 6 months and 5 years. Interest rates currently range between 3.80% and 5.00%.
What can you invest in using AJ Bell?
AJ Bell offers a wide range of investment options including funds, shares, investment trusts and exchange traded funds (ETFs). In total there are over 2,000 funds from which you can choose to invest. AJ Bell also simplifies the investment choice for investors who like to be guided in their investment choice by providing a range of funds and the AJ Bell Favourite Funds list, as described below.
AJ Bell Funds
The AJ Bell Funds are essentially a collection of 9 cheap portfolios consisting of low-cost funds managed by AJ Bell. The annual charge for the growth funds is 0.31% which is around half the cost of a typical active fund.
There are six growth portfolios available of varying risk levels, and they are:
- Cautious – aimed at producing long term growth by investing predominantly in lower-risk assets such as cash and fixed income assets (bonds)
- Moderately cautious – aimed at achieving a potentially larger return than the cautious fund with investors having to accept a little more uncertainty
- Balanced – aimed at producing long term growth with a balanced approach between lower risk assets such as cash and fixed income and higher risk assets such as equities
- Moderately adventurous – aimed at producing a higher return for investors seeking growth with protection from the markets sharper highs and lows
- Adventurous – has an even greater exposure to high-risk assets such as equities and a low exposure to cash and fixed income assets
- Global Growth – invests in mostly aggressive assets such as equities, including those in emerging markets and technology
These portfolios are aimed at those people who want to ‘buy and forget' and let someone else run their money. Think of it as a bit like AJ Bell's equivalent service to compete with the new wave of robo-advice services such as Wealthify, Nutmeg and Moneyfarm.
In addition, AJ Bell offers a responsible growth fund that invests in ‘sustainable' companies, something that may be of interest to investors looking to invest ethically. The annual charge for the responsible growth fund is 0.45%.
- Responsible growth – invests mainly in high-risk assets such as equities
There are also two Income portfolios available and the annual charge is 0.65%:
- AJ Bell Income fund – aimed at producing a regular monthly income while holding the value of your investment steady
- AJ Bell Income and Growth fund – aimed at growing with inflation while paying a monthly income
The AJ Bell income fund invests in steady assets such as bonds (to earn interest payments) and aggressive assets such as shares (to earn dividends). They aim to hold the fund's capital value steady while delivering income of around 4% a year, though of course the yield is not guaranteed. The annual charge for the income fund is capped at 1.00%.
The AJ Bell income and growth fund invests mainly in aggressive assets such as shares (to earn dividends). The aim is to deliver modest growth to keep in line with inflation while delivering income of around 4% a year. Again, the yield is not guaranteed. The annual charge for the income and growth fund is capped at 1.00%.
AJ Bell Favourite Funds
Alternatively, if you want to choose your investments yourself, but want some suggestions to consider, then AJ Bell Favourite Funds is a shortlist of around 85 funds across a range of assets and sectors. It is essentially AJ Bell's equivalent of the Hargreaves Lansdown's Wealth 50 list. Both lists are reportedly chosen based on a range of criteria including fund performance, the investment team, investment philosophy and cost. AJ Bell offers investors a useful filter tool which, once completed, will provide a selection of funds that fit the chosen criteria. The filter tool allows investors to choose whether they want to invest for growth or income, active funds or tracker funds and in which sectors they want invest. Once the filter tool has been completed a list of funds are presented showing charges, 3 year returns and the yield for each fund.
AJ Bell Starter Portfolios
The AJ Bell starter portfolios are designed to give investors a helping hand when it comes to choosing their initial investments. Previously called ‘ready-made' portfolios, AJ Bell offers a total of four ‘Starter Portfolios', each made up of around 5-9 funds selected from AJ Bell's ‘favourite funds' list. The portfolios are designed to be held for 5 years or more and investors can choose a portfolio that suits their investing goals.
Below we list the AJ Bell Starter Portfolios you can choose from:
- Cautious – aims to grow your money modestly over time – beating cash returns – while keeping ups and downs to a minimum
- Balanced – aims for a steady, reliable return on your investment over the longer term, without too many ups and downs
- Adventurous – aims for strong investment growth over the long term – though with a greater likelihood of ups and downs along the way
- Income – looks to provide regular share dividends and bond interest payments, while delivering steady investment growth too
When you select a Starter Portfolio, you have the option of tailoring it to your specific goals, easily adding additional funds from AJ Bell's ‘favourite funds' list. If you choose not to amend your Starter Portfolio, a selection of 5-9 funds will appear in your investment account. From that point on, it's up to you to manage them. Those not confident in managing their own portfolio may wish to look at the AJ Bell Funds mentioned above.
What are AJ Bell charges?
AJ Bell ISA costs
| Amount invested | Annual platform charge |
| £0 – £250,000 | 0.25% |
| £250,000 – £500,000 | 0.10% |
| £500,000 + | No charge |
Investments in shares, investment trusts and ETFs is 0.25%, capped at £42 per year.
| Other charges | Cost |
| Funds | £1.50 per deal |
| Shares (including ETFs, investment trusts, gilts & bonds) | £5 per deal |
| Shares (10 or more deals in previous month) | £3.50 per deal |
| Regular online investment | £1.50 |
| Cash transfer to another ISA manager | No charge |
| Transfer of underlying assets | No charge |
AJ Bell Junior ISA costs
| Amount invested | Annual platform charge |
| £0 – £250,000 | 0.25% |
| £250,000 – £500,000 | 0.10% |
| £500,000 + | No charge |
Investments in shares, investment trusts and ETFs is 0.25%, capped at £30 per year.
| Other charges | Cost |
| Funds | £1.50 per deal |
| Shares (including ETFs, investment trusts, gilts & bonds) | £5 per deal |
| Shares (10 or more deals in previous month) | £3.50 per deal |
| Regular online investment | £1.50 |
| Cash transfer to another ISA manager | No charge |
| Transfer of underlying assets | No charge |
AJ Bell Ready-made Pension
| Fund | Risk Level | Platform Fee | Fund fee |
| AJ Bell Ready-made ‘Cautious' fund | 3 out of 10 | N/A | 0.45% |
| AJ Bell Ready-made ‘Balanced' fund (This is referred to as the ‘Pension builder' fund) | 5 out of 10 | N/A | 0.45% |
| AJ Bell Ready-made ‘Adventurous' fund | 7 out of 10 | N/A | 0.45% |
| AJ Bell Ready-made ‘Responsible Growth' fund | 7 out of 10 | N/A | 0.60% |
AJ Bell SIPP
| Amount invested | Annual platform charge |
| £0 – £250,000 | 0.25% |
| £250,000 – £500,000 | 0.10% |
| £500,000 + | No charge |
Investments in shares, investment trusts and ETFs is 0.25%, capped at £10 per month.
| Other charges | Cost |
| Funds | £1.50 per deal |
| Shares (including ETFs, investment trusts, gilts & bonds) | £5 per deal |
| Shares (10 or more deals in previous month) | £3.50 per deal |
| Regular online investment | £1.50 |
| Cash transfer to another ISA manager | No charge |
| Transfer of underlying assets | No charge |
| Tax free lump sum payment | No charge |
| Regular income drawdown payment | No charge for flexi-access |
| Annuity purchase | £150 |
| Review of capped drawdown | £75 |
| Transfer out in cash | No charge |
| Transfer out to another UK pension scheme | No charge |
| Transfer out to an overseas pension scheme | No charge |
AJ Bell Junior SIPP
Same charges as shown for AJ Bell SIPP
AJ Bell Lifetime ISA
Same charges as shown for AJ Bell ISA. Investments in shares, investment trusts and ETFs is 0.25%, capped at £42 per year.
AJ Bell Dealing Dealing Account
Same charges as shown for the AJ Bell ISA. Investments in shares, investment trusts and ETFs is 0.25%, capped at £42 per year.
What investment tools and research do AJ Bell offer?
Alongside the aforementioned Passive funds and the AJ Bell favourite funds below is a selection of the AJ Bell research and tools available for investors
- Latest market news
- Shares magazine
- Top buys and sells
- Investment articles
- Investment videos
- Investment alerts
- Award-winning mobile app
Does AJ Bell pay interest on cash held in its accounts?
Yes, AJ Bell pays interest on cash held in its ISA, Lifetime ISA, Junior ISA, Trading Account, SIPP and Junior SIPP. Interest is paid quarterly in arrears. See the below tables for the interest payable.
Interest paid on cash held in an AJ Bell ISA, Lifetime ISA or Junior ISA and Trading Account
| Cash Balance | Gross interest payable |
| Up to £10,000 | 2.05% |
| £10,000 – £100,000 | 2.40% |
| Over £100,000 | 3.05% |
Interest paid on cash held in an AJ Bell SIPP / Junior SIPP
| Cash Balance | Gross interest payable |
| Up to £10,000 | 2.75% |
| £10,000 – £100,000 | 3.25% |
| Over £100,000 | 3.50% |
Interest paid on cash held in Trading Account
| Cash Balance | Gross interest payable |
| Up to £10,000 | 1.80% |
| Above £10,000 | 2.00% |
AJ Bell Stocks and Shares ISA review
The AJ Bell ISA* charging structure, investment options and ease of use make it a popular choice among investors. From a pure cost perspective, AJ Bell isn't the cheapest but perhaps offers among the best value across a range of portfolio sizes (from £15,000 to £200,000). If you read our analysis of the Compare the cheapest (and best) investment ISA platforms we include a cost heatmap analysis for the leading Stocks and Shares ISA providers in the UK. From that you can see that the AJ Bell Stocks and Shares ISA is cost-effective as your portfolio grows, reducing the need to switch ISA providers at a later date.
Overall the AJ Bell ISA* platform fee is cheaper than many of its peers, including Hargreaves Lansdown, but it does charge a fee for fund switches (£1.50 per fund transaction) whereas many platforms offer free unit trust fund switches. However, the cost analysis we carried out in the aforementioned article does take this into account and allows for 10 fund switches a year. Overall it isn't a surprise that the AJ Bell ISA won the ‘Best self select ISA provider of the year' at the 2022 ADVFN International Financial Awards.
AJ Bell SIPP review
AJ Bell really comes into its own with its AJ Bell SIPP* product. Rated as the Best SIPP provider in a number of industry awards in 2021, 2022 and 2023, it allows you to invest in a wide range of shares, unit trusts, investment trusts and ETFs. In our analysis of the Best Value SIPP providers it is the best value for most people and especially when your portfolio hits £100,000 and you are investing in funds. If you want to hold both ISAs and a SIPP with the same platform in order to benefit from cost savings (and for ease of use) then AJ Bell again works out among the most effective for fund investors as shown in the third table of our article looking at the cheapest investment stocks and shares ISAs. Customers can manage their SIPP either online or by using their smartphone app.
AJ Bell Ready-made pensions
In 2024, AJ Bell launched ‘ready-made' pensions, allowing investors to access four diversified, low-cost funds of varying risk levels. In addition, investors can choose to use AJ Bell's pension finding tool to find existing pension pots with the aim of consolidating them into one low-cost plan.
AJ Bell's four ready-made pension portfolio options are as follows:
- AJ Bell Ready-made ‘Cautious' fund
- AJ Bell Ready-made ‘Balanced' fund (This is referred to as the ‘Pension builder' fund)
- AJ Bell Ready-made ‘Adventurous' fund
- AJ Bell Ready-made ‘Responsible Growth' fund
AJ Bell commission-free mobile app ‘Dodl' review
AJ Bell launched the investment app AJ Bell Dodl* in April 2022, a simple, low-cost app that allows investors to buy and sell investments commission-free. It comes with an annual charge of 0.15%, with a minimum monthly fee set at £1. You can read more in our full independent Dodl review.
AJ Bell customer reviews
AJ Bell is rated as ‘Excellent' on independent review site Trustpilot with a score of 4.8 out of 5.0 from over 7,100 reviews. Many of the reviews state that the platform is easy to use and that communication is clear, however, some of the reviews have stated that buying and selling shares can work out expensive.
Below is a selection of reviews posted online by AJ Bell customers:
‘I would recommend and I continue to use them. Web interface is simple to navigate and fees are very reasonable. Administration again is efficient and no fuss. Sometimes hard to contact them by phone (but I rarely need to do so)' – Brendan
‘AJ Bell has dealt promptly with all my dealings and queries with them since I opened my account six years ago. No problems at all and I have no hesitation in recommending them' – Malcolm
‘Very good service – generally I can do what I want on the website and when I can't, there are helpful people to get the job done. Relatively complicated things like pension transfers have gone flawlessly, Good value for money' – Robert
‘AJ Bell produce a very useful Shares Magazine every week which is free to all members with £4,000 in their account. This magazine is full of great ideas & companies worth considering investing in. I have opened positions on a few companies listed on the Shares Magazine & they have performed really well' – Nazrul
‘Efficient and cost effective. Very easy to use, wide range of options' – Phillip
Summary – AJ Bell review – Should you use them?
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