Manchester-based AJ Bell is to launch an app-only commission-free investing platform with an annual charge of just 0.15%.
The new service, called Dodl by AJ Bell, will compete with the lowest cost investment platforms in the market, offering jargon-free access to an Individual Savings Account (ISA), Lifetime ISA, Pension and General Investment Account. For a monmthly fee of £1, users will be able to set up regular investments and consolidate existing ISAs and pensions onto the platform.
People will be able to pay money in to accounts via Apple and Google pay, as well as debit card payments and direct debits.
Upon launch in H1 2022, Dodl will feature a range of popular shares in UK listed companies, with US companies being added at a later date. In addition, there will also be a range of ‘themed investments’ which include funds focusing on core areas such as technology, robotics, healthcare and responsible investing.
The fund range will also consist of AJ Bell’s low-cost multi-asset funds, which cater for six different risk levels along with AJ Bell’s Responsible Growth fund, for people who want to invest with a responsible focus.
Andy Bell, chief executive of AJ Bell, comments: “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.
With a low annual charge of 0.15%, no trading commissions and all the main tax efficient products, Dodl will be amongst the cheapest and best value investment platforms in the market."