These guys are now a big fish
The costs are super low for larger accounts and this service suits more affluent, engaged investors. However, the whole service feels dated
What we say
Holly's View
Holly has accounts with all the providers on our website and independently reviews all of them.
Interactive Investor is on steroids, gobbling up smaller trading firms and getting bigger. The service is getting gradually better. And from a cost perspective, for larger portfolios it’s hard to beat. The research on funds and shares is helpful. But behind the scenes it still doesn’t hang together as smoothly as we’d like and it’s a bit clunkier than some competitors. Drawdown reviews are mixed suggesting an inconsistent customer experience.
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Overall Summary
Mobile and Apps
The mobile app is cleaner and easier to use than the desktop site and there is two-factor authentication as well. Users are able to research, trade and add money to their portfolio which is not common across all apps - there's good depth. There are features to appeal to those who trade regularly such as watchlists and in-depth market research. OK to use for the average retail investor, but would appeal more to experienced investors.
Behind the scenes
The fund research is outsourced to Morningstar which is fine if undistinguished. It’s been coded and designed by a linear thinker and is bare but functional which some will like. Trading is straightforward enough and a nice feature is that a graph and key data is shown to the right of the screen as you enter the share’s name and trade instruction. This service is still more comfortable with shares than funds. They have a helpful price alert which will notify users of changes to specific investments they are tracking.
The 'Geeky' Details
Provider details
Interactive Investor is one of the few groups that has a fixed £ fee, rather than a %. The platform launched a new SIPP specific 'Pension Builder' plan in February 2022, which provides users with a pension for £12.99 per month.
For investors looking to combine an ISA with a SIPP, the standard plan is the best option, with a £19.99 monthly charge, which also includes one free trade per month. This makes it much cheaper for larger portfolios, but expensive for smaller ones. If you have more than about £90,000 or you regularly buy and sell shares, the costs advantage will usually kick in.
abrdn is a globally renowned asset manager that announced plans to acquire Interactive Investor in December 2021, for around £1.5 billion. Prior to this, Interactive Investor had themselves acquired multiple providers in recent years, including EQi, The Share Centre, Alliance Trust Savings and TD Direct Investing. This makes them one of the largest groups in the market, second only to Hargreaves Lansdown.
There is a wide range of investments from which to choose. It's likely to suit more confident investors and those more interested in share dealing.
Investors approaching retirement will be pleased to know that it removed any additional drawdown admin fees in October 2020, now offering this service at no extra cost. ii are also waiving the first 6 months' SIPP fees for new users who open a pension.
Important Facts & Figures
Provider Size:
The second-largest platform for investors, administering over £18bn of investments
Minimum amounts:
£25 minimum monthly investment
Interactive Investor