Interactive Investor* is one of the largest investment platforms in the UK. Rather than charging a platform fee based on a percentage of an investor's portfolio, it charges a flat monthly subscription fee. It is trusted by over 400,000 UK investors and there is no doubt that it can work out incredibly cheap, particularly for investors who are happy to simply buy and hold their investments.
There are some scenarios, however, where it may be worth looking at alternative investment platforms and so in this article, we highlight 5 of the best alternatives to Interactive Investor, giving our reasons, as well as highlighting any cashback offers and deals available.
Best all-round alternative to Interactive Investor
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Cheaper than Interactive Investor if investing less than £17,000
No service fee for investing in a Junior ISA or Junior SIPP
Fees on shares and ETFs are capped at £7.50 per month
Check out our Fidelity review
Best alternative to Interactive Investor if investing in ready-made portfolios
Annual charge on its 'smart' and 'expert' ready-made portfolios of 0.20% up to £500,000 and 0.10% up to £1m with no extra charge over £1m
No dealing charges for funds (compared to £3.99 per trade with Interactive Investor)
Free coaching sessions with a qualified financial planner
Check out our full independent Bestinvest review
Best alternative to Interactive Investor if investing via an app
- App-only platform ensuring it is user friendly and simple to use
Annual charge of just 0.15% (cheaper than Interactive Investor if investing less than £40,000)
While there are fewer investment options, there are no fees for buying and selling investments (compared to £3.99 per trade with Interactive Investor)
Check out our full independent Aj Bell Dodl review
Best alternative to Interactive Investor if investing in shares
- Get a FREE SHARE worth up to £100* when you deposit at least £50 into a Freetrade ISA (capital at risk) or Freetrade basic account (capital at risk)
No charge for trading shares (compared to £3.99 per trade with Interactive Investor)
Simple user-friendly app
Check out our full independent Freetrade review
Best alternative to Interactive Investor for holding cash
Good for investors who want to get the best return on their cash
Pays 4.35% interest on uninvested cash (compared to 2.00% on the first £10,000 on uninvested cash in a Stocks and Shares ISA with Interactive Investor)
Offers a flexible ISA meaning you can re-deposit any cash you have withdrawn from your account without it contributing towards your annual limit (Interactive Investor's ISA is not flexible)
Check out our full independent Bestinvest review
If you want to secure the best savings rates on the market, then check out our article, 'Best savings accounts in the UK'.
Summary
Interactive Investor* offers a fixed-price subscription model and can be a cost-effective option for those with more than £50,000 to invest and who are happy to simply buy and hold their investments. It has an excellent rating of 4.8 out of 5.0 on independent customer review site Trustpilot and many of the positive reviews mention high levels of customer service.
There are however some cheaper alternatives for those investing smaller amounts, particularly those who regularly trade. Freetrade* and Aj Bell Dodl* are two such options that are worth considering. Bestinvest* could work well for those keen to get the best interest rate in uninvested cash and Fidelity could offer a good all-round alternative to Interactive Investor, especially those with less than £17,000 to invest. If you are still not sure which is the best platform for you, check out our article 'The best investment platform: Which is best for you?'.
If a link has an * beside it this means that it is an affiliated link. If you go via the link, Money to the Masses may receive a small fee which helps keep Money to the Masses free to use. The following link can be used if you do not wish to help Money to the Masses or take advantage of any exclusive offers - Interactive Investor, AJ Bell Dodl, Fidelity, Bestinvest, Freetrade
