It'll be a 'Dodl': AJ Bell launches commission-free app to 'make investing more straightforward and accessible'

Asia's Tech News Daily

It'll be a 'Dodl': AJ Bell launches commission-free app to 'make investing more straightforward and accessible'
© Provided by This Is Money MailOnline logo

Financial services group AJ Bell is to launch a new app-based platform that will allow Britons to buy and sell investments with no commission charges.

Dodl will provide pensions, shares in UK-listed businesses, and a range of ‘themed investments’ centred on industries such as technology, responsible investing, robotics 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.

It'll be a 'Dodl': AJ Bell launches commission-free app to 'make investing more straightforward and accessible'
© Provided by This Is Money (

They will be able to pay into their accounts through popular digital wallet services such as Apple and Google Pay, as well as through the more traditional methods of direct debit and credit card payments.

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.

It hopes to get the platform up and running in the first half of next year and is designed to ‘make investing more straightforward and accessible for retail investors.’

Chief executive Andy Bell said the new platform would suit ‘anyone looking for a low-cost, easy-to-use investment app to help them meet their investment goals such as saving for a house deposit, holidays or retirement.

‘The intuitive investment journey and streamlined investment range will appeal particularly to those that are new to investing and want a simple way to manage their investments.’

He additionally claimed that Dodl would be ‘amongst the cheapest and best value investment platforms in the market’ and will give customers ‘an investment range that is easy to choose from and caters for the investment needs of the majority of people.’

It'll be a 'Dodl': AJ Bell launches commission-free app to 'make investing more straightforward and accessible'
© Provided by This Is Money (

AJ Bell has already enjoyed a very successful coronavirus pandemic, gaining a multitude of new customers, many of whom are young and came to investing for the first time during the 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.

It admitted that since pandemic restrictions have eased, retail trading has started returning to more normalised levels from its peak.

Holly Mackay, the head of financial research company Boring Money, believes that most of the people who are reading about this new app today will be ‘curious, affluent 40 and 50-somethings, with a relatively mainstream buy and hold portfolio.’

Shares in AJ Bell were up 1.6 per cent to 403.4p in early trading today, though their value has fallen by about 8 per cent so far this year.

DIY INVESTING ISA CHARGES

Admin charge Charges notes Fund dealing Standard share, trust, ETF dealing Regular investing 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 0.2% on funds, 0.1% on other investments  Min monthly fee £4, max £125   £3  £6  £1  Free  More Details 
Charles Stanley Direct 0.25%  Platform charge waived on shares if one trade in that month. Annual min £24 and max of £240 on shares. Free £11.50 n/a n/a More details
Fidelity 0.35% on funds £45 flat fee up to £7,500. Max £45 per year for trusts and ETFs (Some shares) Free £10 Free funds £1.50 shares, trusts ETFs £1.50 More details
Hargreaves Lansdown 0.45% Capped at £45 for shares, trusts, ETFs Free £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) Shares, ETFs and trusts only (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 Free £0.99 More details
iWeb £100 one-off £5 £5 n/a 2%, max £5 More details
Tilney Bestinvest 0.40% n/a Free £7.50 n/a n/a More details
Vanguard  0.15% 

No fee above £250k (£365 cap)

Only Vanguard funds

Free  Free only Vanguard ETFs  Free  n/a  More details 

(Source: ThisisMoney.co.uk Aug 2021 Admin charges quoted annually, may be collected monthly or quarterly)

 

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