Updated September 28, 2026 · BrokerCue Editorial Team
AJ Bell vs Nutmeg
Where AJ Bell and Nutmeg differ
| Compare |  AJ Bell |  Nutmeg |
|---|---|---|
| Minimum deposit | £25Lower | £500 |
| Stock trade fee | £5 | £0Lower |
| Regulators | Financial Conduct Authority (FCA) | Financial Conduct Authority |
| Deposit and withdrawal fees | Free withdrawals | no set-up, trading or exit fees |
| Platforms | Web platform, Mobile app | Web, Mobile app |
| Account types | ISA, SIPP, Lisa, JisaCovers more | ISA, SIPP |
| Account fee | £3.50 | Not confirmed |
| Currency conversion fee | 0.75% | Not confirmed |
Same on both: Markets (Stocks, ETFs, Bonds, Funds), Investor protection (FSCS up to GBP 85,000).
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Key differences
- Nutmeg scores higher overall: 9.2 vs 8.7.
- Regulators: only AJ Bell offers Financial Conduct Authority (FCA).
- Regulators: only Nutmeg offers Financial Conduct Authority.
- Minimum deposit is lower at AJ Bell: £25 vs £500.
- Stock trade fee is lower at Nutmeg: £0 vs £5.
- Platforms: only AJ Bell offers Web platform.
- Platforms: only Nutmeg offers Web.
- Account types: only AJ Bell offers Lisa, Jisa.
- Support channels: only Nutmeg offers Email, Phone.
- Pricing model: only AJ Bell offers Low fees.
Our verdict on each
AJ Bell
AJ Bell pairs a flat £3.50 with FCA regulation and FSCS up to GBP 85,000 of cover, so it suits UK savers who want four wrapper types. Deals in shares cost £5 and currency conversion adds 0.75%, which leaves it short of the cheapest names on our data.
Nutmeg
Nutmeg suits UK investors who want a managed portfolio held in an ISA or SIPP rather than a self-directed dealing account. The cost of that convenience is a single management fee of 0.25% to 0.75%, with a £0 stock trade fee and FSCS protection of FSCS up to GBP 85,000 in place.
Score breakdown
| Area | AJ Bell | Nutmeg |
|---|---|---|
| Cost | 8.4A flat annual fee of £3.50 and £5 a dealing sit mid-table, while currency conversion costs 0.75%. | 9.0HigherManagement fees of 0.25% to 0.75% run above the robo-adviser median of 0.35%, and the entry floor is high. |
| Offer | 9.2 | 9.6Higher |
| Trust | 8.6 | 9.1Higher |
Side by side, item by item
| Markets | AJ Bell | Nutmeg |
|---|---|---|
| Stocks | Yes | Yes |
| ETFs | Yes | Yes |
| Bonds | Yes | Yes |
| Funds | Yes | Yes |
| Account types | AJ Bell | Nutmeg |
|---|---|---|
| ISA | Yes | Yes |
| SIPP | Yes | Yes |
| Lisa | Yes | No |
| Jisa | Yes | No |
Availability and regulation
| Country | AJ Bell | Nutmeg |
|---|---|---|
| United Kingdom | Financial Conduct Authority 552016 |
Available in 1 country for both.
How they place
| Ranking | AJ Bell | Nutmeg |
|---|---|---|
| Stock and ETF brokers | 185 of 490 | 92 of 490 |
| Investment platforms and apps | 40 of 85 | 20 of 85 |
| Stocks and shares ISA providers | 12 of 21 | 3 of 21 |
| SIPP providers | 11 of 22 | 3 of 22 |
| Lifetime ISA providers | 6 of 13 | 2 of 13 |
| Junior ISA providers | 8 of 14 | 2 of 14 |
Every fact side by side
| Fact | AJ Bell | Nutmeg |
|---|---|---|
| Features | Mobile app | Mobile app |
| Pricing model | Low fees | Commission free |
| Legal entity | AJ Bell | J.P. Morgan Personal Investing Limited |
| Headquarters | United Kingdom | United Kingdom |
| Founded | Not confirmed | 2012 |
| Support channels | Chat, Help centre | Email, Chat, Phone, Help centreCovers more |
Where each stands against the rest
| Fact | AJ Bell | Nutmeg | Median |
|---|---|---|---|
| Minimum deposit | £25at the median | £500highest quarter | £25 |
| Stock trade fee | £5highest quarter | £0at the median | £0 |
| Account fee | £3.50above the median | Not confirmed | £0 |
| Currency conversion fee | 0.75%highest quarter | Not confirmed | 0.4% |
Median across 25 listed brokers.
Pros and cons
AJ Bell
Pros
- Four account types in one place: isa, sipp and lisa.
- Regulated by the Financial Conduct Authority (FCA), with FSCS up to GBP 85,000 of cover on eligible money.
- A flat £3.50 annual charge against a market median of €0.
Cons
- Dealing shares costs £5, where eToro charges $0.
- The account fee places AJ Bell 111 of 138 brands on our data.
- Support runs on chat and help centre only, with no phone line listed.
Nutmeg
Pros
- One ongoing charge to read: management fees of 0.25% to 0.75%, with no set-up, trading or exit fees on top.
- Holdings span etfs, funds and stocks, so a managed basket can still cover a wide spread of asset types.
- Regulated by the Financial Conduct Authority, with FSCS protection of FSCS up to GBP 85,000 behind the account.
Cons
- Management fees of 0.25% to 0.75% sit above the robo-adviser median of 0.35%, and the cost rises as the balance grows.
- The opening deposit is £500 and later money goes in from £100 to £500, higher than the robo-adviser median of €60.06.
- The portfolio range is etf, esg and cash only, so there is no crypto or thematic option to tilt towards.
Who each suits
AJ Bell
Who it suits
- You want an FCA-regulated broker with FSCS up to GBP 85,000 behind the account and do not need the lowest dealing cost.
- Your saving changes shape over time and you want ISA, SIPP, LISA and Junior ISA under one roof, since isa, sipp and lisa all sit here.
- You are a regular UK investor who prefers a flat £3.50 to a percentage-based platform charge.
Who should look elsewhere
- You trade very often, because eToro charges $0 on stock deals against £5 here.
- You are starting with almost nothing, since Vantage takes $5 and CFI takes $0 against the £25 asked for here.
- You want phone support, as AJ Bell lists chat and help centre and nothing wider.
Nutmeg
Who it suits
- UK investors who want a managed portfolio inside an ISA or a SIPP and accept a single ongoing charge for the service.
- People who would rather not research individual funds, since the holdings run to etf, esg and cash approaches chosen and held for you.
- Investors who want a phone line as well as written support, since email, chat and phone includes phone, chat, email and a help centre.
Who should look elsewhere
- Anyone starting with a small first payment, since the £500 deposit is well above the robo-advisor lower quartile of €0, and Axos Invest begins at $100 in US dollars.
- Shoppers who want the lowest ongoing charge, since eToro runs a 0% management fee and Vivid Standard charges 0.5% to 1.5%, against Nutmeg's 0.25% to 0.75%.
- Investors who want accounts in US dollars, because Axos Invest takes $100 in dollars while Nutmeg's £100 to £500 sits in pounds.
Current offers
Nutmeg
Current offer
Bonus
Earn £100 when you invest £1,000: GBP 100 cash reward
Invest at least £1,000 in one payment into a General Investment Account, Stocks and Shares ISA, Lifetime ISA, Junior ISA or Personal Pension and keep it invested for at least 6 months; new contributions only, transfers excluded; reward paid as unallocated cash within 55 days; new clients only, cannot be combined with other new-client offers
Source, checked September 26, 2026
Country by country
| Country | AJ Bell | Nutmeg |
|---|---|---|
| United Kingdom | Yes | Yes |
Questions about each
AJ Bell
What does AJ Bell charge to hold an account?+
The account fee is a flat £3.50 a year. That sits above the market median of €0 and well below the €219.24 at the expensive end of our data, so it is a mid-range holding cost rather than a free account.
How much does it cost to buy shares?+
A dealing in shares costs £5. The market median is €0 and the highest figure on our data is €17.54, so frequent dealing adds up quickly and investors who trade rarely feel it least.
Nutmeg
What does Nutmeg charge to manage my money?+
The charge is a single management fee of 0.25% to 0.75%, which sits above the robo-adviser median of 0.35% in this group. There are no set-up, trading or exit fees to add on top. Money can go in from £100 to £500, so the cost is a percentage of what you hold rather than a price per deal.
How much do I need to open an account?+
The minimum deposit is £500, and once the account is open money can go in from £100 to £500. That first payment is the step most readers notice, and it sits above the lower quartile of €0 across robo-advisers here.