InvestEngine is an investment platform that offers its clients comprehensive investment opportunities.
It’s suitable for both experienced and novice investors.
The platform has shied away from only offering the regular robo advisor or DIY platform categories like other investment platforms; instead, it has opted to combine these two features.
Therefore, it provides investors with a one-stop where all the investment needs of their clients are met, despite their experience in the niche.
In my InvestEngine review, I look at the merits and demerits of the platform.
I give a detailed analysis of how InvestEngine compares to its major competitors. Discussing its innovative features, services, and investment products present on the platform.
Quick answer: Is InvestEngine any good? InvestEngine is a commendable investment platform known for its user-friendly interface and diversified ETF investment options. It offers a robust array of tools and resources, making it an excellent choice for both novice and experienced investors. The platform’s low fees (no fees for DIY investing) and customisable portfolios add significant value, enhancing the overall investment experience.
Which? Recommended Platform that makes ETF investing simple. DIY portfolios are commission-free while Managed portfolios charge just 0.25% a year. Both are available in a fee-free ISA and forthcoming SIPP.
- Extensive selection of ETFs (580+)
- No platform fees
- Up to £50 welcome bonus
- Limited to ETFs only
Table of Contents
Introduction to InvestEngine
InvestEngine is an investment platform that caters to the needs of new and experienced DIY investors.
It was launched in 2019 and has branded itself as “smarter, nimbler, far cheaper, and more accessible than a normal investment manager.”
InvestEngine was founded by Simon Crookall and Andrey Dobrynin. Simon Crookall co-founded Gumtree.
Investment platforms provide a wide range of investment products like investment trusts, unit trusts, share dealing services, and exchange-traded funds (ETFs) while allowing customers to create their own investment portfolios.
InvestEngine specialises in ETFs, offering a range of ways to invest in these including; ISA, General Accounts, and Business Accounts either DIY or through a Managed Portfolio.
The Managed Portfolio features 10 low-cost ETF diversified profiles.
InvestEngine provides its services and investment products at a low cost. Thanks to the various innovative features and low-cost nature of ETFs, the platform is trying to offer an elevated investment experience to its clients rather than imitate its competitors.
Product Range
The InvestEngine product range focuses on two primary products: DIY and managed portfolios.
I will cover in detail the two portfolios offered by the platform. The platform doesn’t have any restrictions on customers who want to invest in both portfolios.
Fully Managed Portfolios
The InvestEngine-managed portfolios have the same functionality as the robo-advisory services.
A team of InvestEngine experts develops and oversees an ETF profile for the client. These experts are picked based on the investment amount, risks, and goals, whether the investment is for growth or income.
The managed portfolios at InvestEngine are comprised of ETFs that align with the individual’s risk appetite when investing.
The platform prioritises the diversification of investment profiles, which ensures consistent growth.
The experts at InvestEngine will rebalance the assets on your portfolio periodically based on any changes in the market or personal preference.
Rebalancing assets ensures that the investment is optimised during the investment journey.
Currently, InvestEngine doesn’t offer its clients investment-managed ethical portfolios.
InvestEngine Growth Portfolio
InvestEngine’s Managed Portfolio offer ten different growth portfolios, which target long-term investors and have different risks.
After opening an account with InvestEngine and specifying your investment goals, you are matched with one of the ten growth portfolios.
You get full access to the ETFs available in the growth portfolio.
The platform also offers its clients future growth projections, presented in a chart form.
The data makes up for the absence of past performance data since the platform is still new in the industry.
InvestEngine DIY Portfolios
The DIY portfolios are most suited for experienced investors, or investors who are looking to learn more about managing their investments. InvestEngine allows investors to create their diversified portfolios from more than 580 ETFs.
The platform features a fully operational and very user-friendly interface. There are no set-up fees, commissions, dealing charges, or account fees. SIPP fees apply when opening this type of account.
With complete control of the investment profile, one can easily personalise their investment strategy while setting targets for the ETFs on their investment portfolio.
The platform also provides investors with a one-click rebalancing feature, allowing customers to make timely adjustments based on market fluctuations and changing investment goals.
Even though the ETFs might be slightly limited compared to its competitors, InvestEngine still stands out when offering low-cost options. Unfortunately, investors don’t get direct share dealing after building their portfolio.
Due to the limited ETFs, InvestEngine won’t meet the needs of investors who want to have a highly diversified portfolio.
However, investors who want to create a profile without risking their money will find InvestEngine the ideal platform since it allows the creation of portfolios without investing any money.
Portfolio Sharing
InvestEngine introduced a portfolio-sharing feature in 2022. The feature allows investors to share details about their investment profile with their family and friends.
The information transmitted is limited and doesn’t include the portfolio’s overall value and personal information. This ensures users’ information is safe at all times.
The “Share portfolio outline” feature is available on the DIY portfolios, and with just one click, one can easily share their profile with their preferred recipient.
Additionally, if an individual opens an InvestEngine account using the shared link, you both get a referral bonus of between £10 and £50.
InvestEngine Minimum Investment
The minimum investment required by InvestEngine is £100.
Nevertheless, customers can still create their portfolios without investing money and learn how to make sound investment decisions.
InvestEngine Fees
InvestEngine fees are its key selling point. The platform is associated with having the most affordable cost in the market.
Customers aren’t charged platform fees, or exit fees when transferring their funds from InvestEngine to another investment platform.
The current charges placed by InvestEngine are based on where you are using the DIY or the managed portfolios.
Below is a detailed breakdown of the costs based on the type of investment profile.
| Type of Fee | Amount |
|---|---|
| Annual Platform Fee | £0 |
| Market Spread | 0.07% |
| Annual fee for Managed Portfolio | 0.25% |
DIY Portfolio Fees
| Type of Fee | Amount |
|---|---|
| Annual platform fee | Free |
| Cost per trade | Free |
The InvestEngine fees are very competitive. Clients with DIY portfolios should pay attention to unavoidable costs like market spread costs and ETF charges.
The platform also doesn’t charge customers any set-up, dealing, or withdrawal fees.
The platform is affordable and suitable for investors seeking minimised costs and near-to-zero fees.
Transferring funds to InvestEngine from other providers is free.
Personal & Business Accounts
Opening an account is very simple and speedy.
Thanks to the platform’s streamlined service, I opened an account within a few minutes.
When opening a managed portfolio account, you will complete a questionnaire so that the experts at InvestEngine can match the ideal ETFs based on your responses.
Customers opening a DIY profile account will be directed to a tool by the InvestEngine platform.
They will use the tool to select their preferred ETFs available on the platform. InvestEngine has two account types for investors: business and personal accounts.
These accounts are designed to meet an investor’s various needs and goals.
InvestEngine General Account
Investors who have used their ISA allowance are most suited for the InvestEngine personal account.
The account gives customers access to low-cost features, DIY, and managed portfolios.
Investors also have the chance to use the £2,000 dividend allowance and capital gains tax allowance (£12,300). This is dependent on personal tax circumstances.
Thus, reducing the overall liability of their investments. The personal accounts are for individual investors.
InvestEngine Business Account
Businesses can also use the InvestEngine investments vehicles by opening a business account.
They can invest their extra cash and get impressive returns by earning interest from the business savings accounts while taking advantage of all of the InvestEngine features.
The number of investment platforms that provide business accounts is limited, giving InvestEngine an upper hand in the market.
InvestEngine Savings Plans
Any InvestEngine investment account can be added to with their Savings Plan feature. The InvestEngine savings plans feature was introduced in June 2023 and allows users to use Open Banking software (VRPs) to add to their investment account.
The investors can choose the frequency and amount they want to invest. The available options are weekly, fortnightly, and monthly payment schedules, from just £10.
The VRP systems make it easy for customers to make a timely investment in the form of fractional shares. They can adjust the payment schedule at any time based on their investment needs and goals.
The minimum weekly investment for the InvestEngine savings plan is £10.
Stocks & Shares ISA
InvestEngine offers a Stocks and Shares ISA, which features tax-free access* to all the low-cost investment vehicles on the platform. (Tax treatment dependent on personal circumstances)
The platform allows investors to start investing tax-free, up to £20,000 per financial tax year. You can still access both the managed and DIY investment profiles from the Stocks and Shares ISA section.
Remember the £20,000 tax-free allowance is across all ISAs you hold per financial year, please seek financial advice if you’re not sure about your personal circumstances.
There is a free transfer of existing ISAs into the new InvestEngine ISA section. Additionally, there are no account and exit fees.
However, investors are encouraged to confirm if there are any exit fees with their current providers.
Platform & Mobile App
InvestEngine is relatively basic, which makes it very user-friendly, especially for DIY investors.
It has all the required functionality of an investment platform with super-fast and straightforward navigation tabs. From the dashboard, one can easily track the performance of their investments 24/7.
They can also take several actions from the dashboard, like funding their accounts.
Customers with DIY profiles can use the dashboard to view investment projections, fund accounts, and withdraw funds. The platform provides one-click rebalancing and smart top-ups, making it easy to stick to their investment strategy.
InvestEngine can be accessed from the web version and mobile app options. The mobile application is very functional and provides users with the same experience they would get when using the web version.
It has been optimised to ensure customers who prefer both web and mobile applications don’t face any challenges.
The mobile app is compatible with both iOS and Android devices.
Research & Insights
InvestEngine has an insights section that provides customers with more information regarding various topics.
Unlike the other insights and resource centres featured by top competitors, the InvestEngine insights section is simply a blog section.
The blog section (https://blog.investengine.com/) has written insights from the InvestEngine experts and has been divided into the following categories:
- Investments
- InvestEngine News
- ISA
- Market Commentary
- Hot Topics
- Investing 101
- Thematic Investing
The content is also provided by third parties who give their professional and expert opinions and advice on the market.
The lack of substantial data on the insights section can be attributed to the fact that the platform is relatively new and therefore needs more historical data investors might seek.
Customer Service
When interacting with InvestEngine customer support, I found them to be very responsive and interactive. The customer support team is available via:
- Email ([email protected] )
- Mail: InvestEngine (UK) Limited, 57-59 Great Suffolk St, London, SE1 0BB
- Online form
- Facebook (https://www.facebook.com/InvestEngine/)
- Twitter (https://twitter.com/InvestEngine/)
- LinkedIn (https://www.linkedin.com/company/investengine/)
You can contact the customer support team from Monday-Friday 5:30 am to 9:00 pm and Saturday-Sunday 8:30 am to 5:30 pm
InvestEngine also has a help centre where customers can access various topics related to the services and products offered by the platform.
Customers can also join the InvestEngine community (https://community.investengine.com/) and interact with other investors using the platform. Additionally, there is more information on the InvestEngine blog (https://blog.investengine.com/).
So far InvestEngine has an impressive rating on Trustpilot of 4.5/5 from more than 800 customer reviews.
InvestEngine Promotions
InvestEngine currently runs a welcome bonus promotion that awards new customers a variable bonus of up to £50.
Customers who share their portfolios with friends and family and sign up with the shared link also get up to £50, just like the new customers.
Pros
- Low fees
- Responsive customer service support
- Portfolio rebalancing with one click
- Auto invest timely amounts using the savings account
- DIY portfolio has zero platform fees
- Freedom to create investment portfolios with no investment obligation
Cons
- There is no self-invested personal pension (SIPP)- coming soon!
- DIY portfolios have no service tools
- There are no lifetime ISA, Junior ISA, and pensions
InvestEngine Alternatives
Investors have different investment needs and goals. Even though InvestEngine offers plenty of perks to investors, other popular alternatives can meet the needs of investors who are looking for more ETFs and lower minimum investments:
eToro
eToro is one of UK investors’ most popular and best investment platforms. It caters to the needs of both novice and experienced investors, featuring a wide variety of products.
Customers can directly trade forex, invest in stocks, ETFs, indices, NFTs, commodities, and cryptocurrencies.
They can also invest in these assets using contracts for difference (CFDs). With more than 40 investment profiles focusing on different market segments, the platform offers investors a hands-off approach.
Popular balanced investment portfolios on the platform include BitcoinWorldWide, MetaverseLife, Diabetes-Med, GoldWorldWide, Driverless, and many more. The portfolios are highly diversified, with several assets and investors based on the predetermined strategy or theme. Opening an account is free.
Registered users get US$100,000 demo funds which they can use to practise their investment skills on the platform. Once an investor is confident in their investment skills, they can make real money investments on the forum.
Read my full eToro review UK.
MoneyBox
Investors have a golden opportunity to invest in various tracker funds, exchange-traded commodities, exchange-traded funds, and stocks when they use MoneyBox. Customers have two primary ways of investing on the platform based on their investing savviness, strategy and risk.
Newbie investors are recommended to pick one of the three readymade portfolios: Adventurous (higher risk), Balanced (medium risk), and Cautious (lower risk).
Experienced investors can select their preferred investment vehicle on the platform. The platform also rounds up card transactions, thus empowering one to invest in their spare change.
Apart from having a minimum investment of £1, the platform provides commission-free trading. Investments on the platforms have an annual fund management fee of 0.12% to 0.61%.
Hargreaves Lansdown
It is an award-winning investment platform and one of the best in the UK. Investing with the platform gives customers access to more than 2500 funds. Investors can create their own investment portfolio depending on one’s investment savviness.
Beginner investors can use the read-made investment portfolios, assisted by the Hargreaves Lansdown experts. More advanced investors can create their investment profiles using the various assets available on the platform.
Even though there are no annual fees on the Fund and Share Accounts, Hargreaves Lansdown has a yearly fee of 0.45% (SIPP- capped at £200) and 0.45% (ISA- capped at £45). Most of the investment products available on the platform include Fund and Share Accounts, Lifetime ISA, Stocks and Shares ISA, SIPP, and Junior ISA.
There are also additional services and resources offered by the platform, which help in ensuring the investors make well-informed decisions.
Read my full Hargreaves Lansdown review.
InvestEngine Review – Final Thoughts
InvestEngine is a reliable investment platform for novice and experienced investors.
It brings a new proposition to investors by offering managed and DIY investment portfolios.
Despite being a new service provider in the industry, it has managed to attract positive traction regarding online asset management.
While keeping its cost-fee structure affordable, the platform competes with other long-standing and top online investment platforms.
It’s the only platform that allows customers to create a portfolio without investing any amount, thus making it easy for one to learn and master the skills in online investment.
The main downfall of the platform is that it has fewer ETFs than its top competitors.
Which? Recommended Platform that makes ETF investing simple. DIY portfolios are commission-free while Managed portfolios charge just 0.25% a year. Both are available in a fee-free ISA and forthcoming SIPP.
- Extensive selection of ETFs (580+)
- No platform fees
- Up to £50 welcome bonus
- Limited to ETFs only
FAQs
Is InvestEngine safe?
Yes, InvestEngine is safe to use. It is authorised and regulated by the Financial Conduct Authority, and client investments are covered by the FSCS up to £85,000 in case of the company’s insolvency. Client funds are also held in segregated accounts with NatWest Bank Plc.
Is InvestEngine any good?
InvestEngine is a reputable investment platform with positive user feedback. Their features, customer support, and competitive offerings make them a popular choice among investors.