InvestEngine
The cheapest mainstream ETF platform in the UK — best for passive, long-term investors who want ISA or SIPP investing with zero platform fees
Fees & Charges
| Platform fee | £0 for DIY portfolios (ISA, SIPP, GIA, Business). 0.25% per year for Managed Portfolios (currently unavailable to new clients). |
| Dealing fee | £0 — commission-free on all trades |
| Fund fee | No platform fund charge. Underlying ETF costs apply (from 0.03% for DIY; average 0.12% for Managed). |
| Min investment | £1 (fractional investing available on all ETFs) |
Pros
Cons
Account Types
Key Features
InvestEngine Review: Zero Fees, Zero Frills — The ETF Purist's Dream
Published 13 February 2026
InvestEngine charges nothing. Zero platform fee on ISAs, SIPPs, and General Accounts. Zero dealing charges. Zero withdrawal fees. On a £20,000 annual ISA over 20 years at 7% growth, that translates to £852,857 in your pocket — versus £838,452 at [AJ Bell](/platforms/aj-bell) or £841,073 at [Vanguard](/platforms/vanguard). Those are InvestEngine's own figures, verified from their [costs page](https://investengine.com/costs) as of February 2026, and the maths checks out.
The trade-off is simple: you can only buy ETFs. No individual shares, no funds, no bonds, no investment trusts. And InvestEngine keeps the interest on your uninvested cash — that's how they fund the zero-fee model. If you're a passive investor who wants to own the world through a handful of trackers, this is the cheapest way to do it in the UK. If you want to pick stocks, look elsewhere.
[FCA authorised (FRN 801128)](https://register.fca.org.uk/s/firm?id=801128), [FSCS protected](https://www.fscs.org.uk/check/investment-protection-checker/) up to £85,000, Which? Recommended Provider two years running, and trusted by over 100,000 customers. Here's what £0 in fees actually looks like in practice.
The Full Fee Breakdown
Every fee claim below comes directly from InvestEngine's costs page, verified March 2026.
Platform fees — all zero:
- ISA: £0 — no annual fee, no setup fee, no withdrawal fee. The gov.uk ISA rules allow up to £20,000 per tax year.
- SIPP: £0 — identical deal. HMRC pension tax relief rules mean your contributions get 20-45% tax relief on top.
- General Account: £0
- Business Account: £0
- Managed Portfolios: 0.25% per year — currently unavailable to new clients
Dealing fees: £0 on all trades for DIY portfolios. Commission-free, no minimum.
ETF costs (every platform has these):
- DIY portfolios: depends on which ETFs you pick, starting from 0.03% per year
- Managed portfolios: average ETF charge of 0.12% per year, plus spread costs averaging 0.07-0.08% per year
Transfers: £0 to transfer in. Plus a tiered bonus of up to £5,000 for transferring existing investments — with a 12-month minimum investment period.
The hidden cost — uninvested cash: InvestEngine does not pay interest on cash sitting in your account. They retain it. This is the business model: interest on uninvested cash, plus ETF provider partnerships and operational efficiency. It's transparent, not scandalous. But it means you should activate AutoInvest or manually deploy cash quickly. With the Bank of England base rate influencing what your cash could earn elsewhere, keeping money idle here has a real opportunity cost — compare this to a savings account where idle cash at least earns interest.
What £0 in Fees Means Over 20 Years
InvestEngine publishes a comparison assuming £20,000 annual ISA contributions, invested monthly into 5 ETFs at 7% annual growth. The numbers, as at February 2026:
| Platform | Annual Fee | 10-Year Returns Lost | 20-Year Returns Lost | Portfolio After 20 Years |
|---|---|---|---|---|
| InvestEngine | Free | £0 | £0 | £852,857 |
| Interactive Investor | £5.99-£14.99/mo | £1,782 | £6,069 | £846,788 |
| Hargreaves Lansdown | 0.35% (cap £12.50/mo) | £3,528 | £7,465 | £845,391 |
| Vanguard | £4/mo or 0.15% | £4,093 | £11,783 | £841,073 |
| Fidelity | 0.35% (to £250k) | £4,132 | £9,082 | £843,775 |
| AJ Bell | 0.25% (cap £3.50/mo) | £4,844 | £14,405 | £838,452 |
| Moneyfarm DIY | 0.35% (cap £3.75/mo) | £5,652 | £13,526 | £839,331 |
The gap to AJ Bell is £14,405 over 20 years. To Vanguard, it's £11,783. Even the gap to Hargreaves Lansdown — which has significantly reduced its ETF fees — is £7,465.
These aren't theoretical numbers. They're the compound cost of platform fees on real money. Every pound that goes to a platform fee is a pound that isn't compounding for you.
Source: InvestEngine costs comparison, data as at 02 February 2026. Assumes £0 starting portfolio, £1,666.67/month into five UK ETFs, 7% growth per annum. Platform fees only — excludes underlying ETF charges.
830+ ETFs, Four Account Types, Nothing Else
InvestEngine offers four account types:
- Stocks & Shares ISA — flexible ISA (withdraw and replace in the same tax year without losing your allowance). The gov.uk ISA guidance confirms the £20,000 annual limit. For the full rules, see our ISA hub or read about flexible ISAs in detail.
- Personal Pension (SIPP) — tax relief on contributions (20-45% depending on your tax band). UK residents aged 18-75. Accessible from age 55, rising to 57 from 2028.
- General Investment Account (GIA) — for investing beyond your tax-free wrappers. Gains above the £3,000 annual CGT allowance are taxable.
- Business Account — for UK limited companies and LLPs wanting to invest surplus cash in ETFs
Notably absent: no Junior ISA, no Lifetime ISA, no Cash ISA. Parents saving for children need AJ Bell or Fidelity. First-time buyers wanting the 25% LISA bonus need to look elsewhere too — our Lifetime ISA deadline guide explains that opportunity.
What you can invest in: ETFs only. Over 830 ETFs from 20+ providers including iShares (BlackRock), Vanguard, Invesco, Xtrackers, JP Morgan, Amundi, HSBC, L&G, and more. Filter by asset class, provider, accumulating vs distributing, currency-hedged, and ESG criteria. A small selection of Exchange Traded Commodities (ETCs) is also available.
Fractional investing from £1 means proper diversification is possible even with small amounts. Combined with Savings Plans (weekly, fortnightly, or monthly automated investments) and AutoInvest, the platform makes drip-feeding into a diversified portfolio genuinely painless.
Managed options:
- Managed Portfolios: 0.25% per year, built and rebalanced by InvestEngine's team — currently unavailable to new clients
- LifePlan portfolios: risk-rated from cautious (40% equity) to aggressive (100% equity)
The Genuinely Useful Tools
Three features set InvestEngine apart from other zero-fee platforms like Trading 212:
Portfolio look-through shows exactly which companies, sectors, and regions you're exposed to across your entire portfolio. Own three global trackers? The look-through reveals you're 65% US tech without realising it. This transparency is surprisingly rare among consumer platforms.
One-click rebalancing lets you set target weights for your ETFs and rebalance with a single tap when allocations drift. No manual selling and buying. No spreadsheet calculations.
Savings Plans and AutoInvest automate regular contributions so your money gets invested without intervention. AutoInvest is particularly important here — since InvestEngine keeps your uninvested cash interest, minimising idle cash is how you avoid the platform's one hidden cost.
The app itself is excellent — 4.8 stars on both App Store and Google Play from thousands of reviews. Support is email-only (support@investengine.com), with a claimed 2-hour response time during operating hours (Monday-Friday 5:30am-11pm, weekends 7am-10pm). No phone support as standard, though they say they can accommodate it on request.
InvestEngine vs the Competition
vs Vanguard: Vanguard now charges £4/month or 0.15% (capped at £375/year). On a £50,000 portfolio, that's £75/year versus £0. Vanguard restricts you to its own funds; InvestEngine gives access to 830+ ETFs from 20+ providers. InvestEngine wins on both cost and choice.
vs Trading 212: Both offer commission-free investing, but Trading 212 adds individual shares and pays interest on uninvested cash. If you want shares and ETFs, Trading 212 is more versatile. But InvestEngine's dedicated ETF tools — portfolio look-through, one-click rebalancing, automated savings plans — are more polished for the pure ETF investor.
vs Freetrade: Freetrade offers a free ISA and SIPP plus individual shares, mutual funds, and gilts. Broader range, but InvestEngine's automation and rebalancing tools are superior for passive ETF portfolios. See our detailed Freetrade review for the full comparison.
vs AJ Bell: AJ Bell charges 0.25% (capped at £3.50/month) plus £5 per trade. Much broader investment range — shares, funds, investment trusts, bonds. Over 20 years, InvestEngine saves you £14,405 according to InvestEngine's own comparison.
vs Hargreaves Lansdown: HL charges 0.35% (capped at £12.50/month) with free ETF dealing. HL has cut its fees since early 2025 — the 20-year gap has narrowed to £7,465 from InvestEngine's figures. HL's advantage is breadth, research, and phone support.
vs Interactive Investor: ii charges £5.99/month (rising to £14.99/month above £100k). For larger portfolios, ii's flat fee can work out cheaper than percentage-based platforms. But for ETF portfolios under £100k, InvestEngine's zero fee is unbeatable.
Who Should Use InvestEngine — and Who Shouldn't
Use InvestEngine if you are:
- A passive investor buying global index trackers and holding them
- Cost-conscious and want every penny working in your ISA or SIPP
- Happy with ETFs only — you don't need individual shares
- A regular investor who'll use Savings Plans and AutoInvest
- Building a portfolio from small amounts (fractional shares from £1)
- A business owner wanting to invest company cash in ETFs
Look elsewhere if you:
- Want individual shares — try Trading 212 or Freetrade
- Need a Junior ISA for your children — AJ Bell or Fidelity offer these
- Want a Lifetime ISA for the 25% bonus — not available here
- Need phone support as standard
- Prefer managed portfolios — the managed option is closed to new clients
- Want real-time trading — InvestEngine batches orders once daily, which is fine for long-term investors but rules out day trading
- Need everything under one roof — shares, funds, investment trusts, and bonds in one account
Safety, Regulation, and the Fine Print
InvestEngine (UK) Limited is authorised and regulated by the Financial Conduct Authority (FRN 801128). Client funds are held in segregated accounts at trusted UK banks and custodians — your money never mixes with InvestEngine's own funds. Investments are protected up to £85,000 per eligible person under the Financial Services Compensation Scheme. For details on how UK investment protection works, see the MoneyHelper guide to investing.
The FSCS protection applies to cash held in your account. It does not protect against investment losses — the value of your ETFs can and will fluctuate.
Capital at risk. This article is for informational purposes only and does not constitute financial advice. The value of investments can go down as well as up, and you may get back less than you invest. Past performance is not a reliable indicator of future results. You should seek independent financial advice before making any investment decisions.
Conclusion
InvestEngine is the cheapest way to invest in ETFs in the UK. That's arithmetic, not opinion. Zero platform fee, zero dealing charges, zero transfer fees. On a maxed ISA over 20 years, the fee saving versus AJ Bell is £14,405 and versus Vanguard is £11,783 — real money that compounds in your favour.
The trade-offs are clear and manageable. ETFs only, no phone support, no interest on cash, once-daily order execution, and managed portfolios closed to new clients. For a buy-and-hold passive investor, none of that is a deal-breaker.
The verdict: for an ETF-focused ISA or SIPP, InvestEngine is the default choice. I'd keep a second account at [AJ Bell](/platforms/aj-bell) or [Interactive Investor](/platforms/interactive-investor) if I wanted shares or investment trusts. But for the core of a passive portfolio, InvestEngine earns its place as the first platform to recommend to any cost-conscious UK investor.
Sources
Frequently Asked Questions
This review is based on publicly available information from the platform's website. Fees and features may change — always verify on the platform's website before making investment decisions. GiltEdge is not authorised or regulated by the Financial Conduct Authority (FCA). This is not regulated financial advice. Past performance is not a reliable indicator of future results.