Beginner investors looking for an easy way to get started without breaking the bank may be considering investing via an app-only option, such as Freetrade or AJ Bell Dodl. Both offer a relatively low-cost way to invest straight from your phone and claim to simplify the investing process through a stripped-back platform that does away with the calculators, guides or research on offer from bigger-name investing platforms.
In this article we weigh up the key features of both Freetrade* and AJ Bell Dodl*. We also show you how you could get a free share worth between £10 and £100* with our reader offer with Freetrade (capital is at risk).
Freetrade vs AJ Bell Dodl - which is better?
| Freetrade | AJ Bell Dodl | |
| Services | Accessed through smartphone app
Stock performance information 6,500+ Global equities, ETFs, and investment trusts Access to 700+ mutual funds across all plans |
Investing app
Ready-made investment portfolios managed by AJ Bell Choice of 37 funds and 80 UK & US stocks |
| Products | ISA, JISA, GIA, SIPP | ISA, GIA (General Investment Account), Lifetime ISA, SIPP |
| Minimum investment | No minimum investment requirement | £100 or £25 monthly investment |
| Fees | Basic account - Free (Includes ISA, JISA & SIPP)
Standard account - £5.99 per month or £59.88 annually Freetrade Plus - £11.99 per month or £119.88 annually |
0.15% annually (minimum £1 per month per product)
Additional underlying fund charges |
| Interest on cash | 1% to 3.5% AER depending on plan (capped at £1k-£3k) | 3.80% AER variable on ISA and LISA cash (0% on GIA/SIPP). |
| Customer reviews (Trustpilot) | 4.3 out of 5.0 | 4.6 out of 5.0 |
| Money to the Masses Offer | Receive a free share worth between £10 and £100* when you sign up for a basic account and deposit a minimum of £50 (Terms and conditions apply) | See our full independent review for latest offer |
Freetrade vs AJ Bell Dodl - services
Freetrade* is a platform designed solely for buying and selling shares, ETFs and bonds. Following its acquisition by IG Group, it has significantly expanded its range. While it remains a streamlined app-based service, it now offers access to over 700 mutual funds and UK government bonds (Gilts), which were previously restricted or unavailable. It offers tools for users to find shares, see performance data, and monitor their portfolios. Freetrade's investment range is broad, offering access to over 6,500 stocks and ETFs.
Similarly, AJ Bell Dodl* is an investing app with a streamlined selection of potential investments. It is a scaled-down and simplified version of what is offered by the main AJ Bell brand. It offers eight ready-made, risk-rated funds and a range of 29 themed funds managed by AJ Bell. Alternatively, there are 37 funds and around 80 UK and US shares available for users to build their own portfolios. This differentiates it from the main AJ Bell proposition, which has a far broader range of investments. The Freetrade range is also wider, offering access to around 6,500 stocks and ETFs.
Freetrade vs AJ Bell Dodl - products
Freetrade's* offering has expanded recently and it now offers a Stocks and Shares ISA, Junior ISA, General Investment Account (GIA) and SIPP. It recently made changes to its subscription plans, allowing investors to access its ISA, JISA and SIPP via its 'Basic' free tier without a monthly subscription fee. Those wishing to access lower FX fees and get paid higher interest on their cash can upgrade to the 'Standard' (£5.99 per month) or 'Plus' (£11.99 per month) plan.
AJ Bell Dodl* offers stocks and shares ISAs, GIAs, Lifetime ISAs and SIPPs as standard. While it does not offer a Junior ISA (unlike Freetrade), its inclusion of the Lifetime ISA is a major advantage for those saving for a first home or retirement. AJ Bell Dodl pays 3.80% AER variable interest on uninvested cash held in the ISA and LISA, though no interest is currently paid on cash in the GIA or SIPP.
AJ Bell Dodl's fee structure is different from Freetrade's, so there is no monthly subscription fee to pay in order to access any particular type of account. While it doesn't charge a 'subscription' fee, it does charge a minimum fee of £1 per month per product.
Freetrade vs AJ Bell Dodl - minimum investment
Freetrade's* credentials as a top option for beginners are boosted by its low minimum investment. You can start investing without any minimum investment requirement.
In contrast, AJ Bell Dodl* has a much higher minimum opening investment at either a £100 lump sum or a £25 monthly commitment. This could be an obstacle for users looking to dip their toes into investing, though the same could be argued for the need to pay a subscription to get an ISA through Freetrade.
Both platforms compare well on this front with Vanguard, which requires a £500 lump sum.
Freetrade vs AJ Bell Dodl - fees
Freetrade* fees are structured differently to those of other investment platforms, including AJ Bell Dodl. As its name suggests, buying and selling shares is free, even with its basic account. The cost is in the form of a monthly subscription should you upgrade to a Freetrade Standard account (£5.99 per month) or to a Freetrade Plus account (£11.99 per month). Upgrading to the 'Plus' account gives you access to additional features, including lower FX fees, priority customer support and 3.5% interest on up to £3,000 of uninvested cash.
AJ Bell Dodl's* fee model goes down the more traditional percentage route, but its pricing makes it one of the cheapest platforms in the UK, alongside Vanguard. It charges just 0.15% a year, per account. There is no subscription fee or commission for buying or selling. However, one factor to keep in mind is the minimum payment of £1 per month per product. This means that you would need to invest more than £8,000 to avoid the minimum fee and get the 0.15% rate.
Freetrade vs AJ Bell Dodl - customer reviews
Based on the results on customer review site Trustpilot, both AJ Bell Dodl* and Freetrade* are rated mostly positively by their customers. Freetrade is rated 4.3 out of 5.0 based on just over 7,300 reviews. Of those, 69% gave Freetrade five stars . Freetrade tended to get good reviews of the ease-of-use and low-cost nature of its platform. However, 13% of reviews gave only one star. These customers complained of poor communication and slow transfer times.
AJ Bell Dodl is out ahead with a strong Trustpilot score of 4.6 out of 5.0, albeit based on just over 540 reviews. Approximately 80% of reviewers gave AJ Bell Dodl a five star score, highlighting its excellent customer service and ease of use. However, 6% rated it at one star with some citing a slow complaints process.
Summary: Freetrade vs AJ Bell Dodl
Freetrade* and AJ Bell Dodl* are both attractive options for beginner investors looking for a low cost platform that is easy to manage directly from your phone. However, the app-only nature of both platforms will not suit everyone. What's more, in comparison to more traditional platforms, both are missing the wide range of products and services that will be essential features for most experienced DIY investors.
While Freetrade has some basic research tools where you can get ideas for what to invest in and AJ Bell Dodl has a range of risk-rated, ready-made funds, there is a chance that some beginners may find it hard to reach an optimum level of diversification with the limited tools available. If you are happy that you have the research skills and experience to build your own portfolio, then AJ Bell Dodl and Freetrade could both work out cheaper than some of the big-name platforms.
When it comes to the head-to-head, your deciding factors should be how you want to invest, how much you want to invest and how much choice you want to have. AJ Bell Dodl does not have the range of stocks and ETFs that Freetrade can boast, which will be limiting to some. However, it does have ready-made portfolios, which can be a good jumping-off point for beginners. When it comes to cost, you will need to decide if the monthly cost of Freetrade (if accessing its Standard or Plus plans) outweighs the percentage fee of AJ Bell Dodl.
For more detailed explanations of each of the platforms, read our Freetrade review and AJ Bell Dodl review.
When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results.
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