With interest rates sitting pretty low at the moment, the money sitting in our savings accounts is gathering little more than dust. As a result, more and more people are turning to investing to get more from their money.
Digital “robo-advisors” are starting to pop up all over the place, allowing newbies to get involved with investing without a huge amount of knowledge, research or even money.
Two examples are Moneyfarm and Wealthify, digital investment platforms that aim to make investing easy and jargon-free.
But how do they compare against one another? We’ve pitted them against each other to find out who comes out on top.
 |  | |
| Finder score | ★★★★★ | ★★★★★ |
| Customer satisfaction survey | ★★★★★ | ★★★★★ |
| Fees score | ★★★★★ | ★★★★★ |
| Stocks and shares ISA available? | ||
| FSCS protected? | ||
| Go to site More Info | Go to site More Info |
Wealthify and Moneyfarm are really similar platforms. You can invest in a stocks and shares individual savings account (ISA) with both providers. These let you invest up to £20,000 tax free (in the 2024/2025 tax year).
They’re also both protected by the Financial Services Compensation Scheme (FSCS). This gives you protection for up to £85,000 of deposits if the companies go bust.
In the Finder 2021 customer survey, Wealthify’s customers found its platform to be easy to use, to have low fees and praised its great customer service.
Meanwhile, Moneyfarm’s customers were just as complementary, saying that it’s easy to use, has low fees and great value.
| | |
| General investment account | ||
| Stocks and shares ISA | ||
| Lifetime ISA (LISA) | ||
| Pension (SIPP) | ||
| Junior ISA (JISA)/Junior SIPP (JSIPP) | ||
| Interest on cash balances | ||
| Keep in mind | Capital at risk | Capital at risk |
| Go to site More Info | Go to site More Info |
Looking at products, these providers have the same ones on offer. You can invest in a stocks and shares ISA with both providers as well as a private pension.
You can’t get a lifetime ISA (LISA) with either provider. This lets you save up up £4,000 per year for your first home or for retirement. The government contributes £1,000 for every £4,000 invested. If this is what you’re looking for, consider Hargreaves Lansdown or Nutmeg. We’ve got a comparison of these platforms too.
Winner: Tie
| | |
| Portfolios rating | ★★★★★ | ★★★★★ |
| Risk assessment quiz | ||
| Number of portfolios on offer | 10 | 5 |
| Ethical portfolios on offer | ||
| Managed portfolios on offer | ||
| Go to site More Info | Go to site More Info |
The portfolio offering for Wealthify and Moneyfarm are pretty similar, but there are some key things to consider. Wealthify has the most portfolios available, with a huge 10 to choose from, including ethical choices and fully managed portfolios.
Moneyfarm has a risk assessment quiz. This is where it asks you a range of questions about your investment knowledge, your goals, your savings and how you feel about risk. At the end, it suggests a portfolio for you to invest in.
Moneyfarm doesn’t have any ethical options, and only has 7 portfolios. They are all fully managed, though.
Winner: Wealthify
| | |
| Fees score | ★★★★★ | ★★★★★ |
| Annual cost of investing £10,000 | £82.00 | £104.00 |
| Annual cost of investing £100,000 | £820.00 | £640.00 |
| Annual cost of investing £1m | £8,200.00 | £6,400.00 |
| Go to site More Info | Go to site More Info |
Moneyfarm has something called “tiered charging” – this just means that you are charged at different rates based on how much you invest.
Moneyfarm charges 0.75% for investments up to £10,000, 0.60% on investments between £10,001 and £50,000, 0.50% on investments between £50,001 and £100,000 and 0.35% for investments over £100,000. There are also fund fees charged by the ETF providers of 0.20% and a market spread fee of up to 0.09%.
Wealthify charges a flat rate of 0.6% on your investment amount, plus fund fees of around 0.22% (0.66% for ethical investing).
If you want to check these kinds of stats out yourself with the amount of money you have to invest, then you can do so on both provider websites.
Winner: Wealthify
| | |
| Features rating | ★★★★★ | ★★★★★ |
| Desktop or web access | ||
| iPhone app | ||
| Android app | ||
| In-app news and research | ||
| In-app top-up | ||
| Keep in mind | Capital at risk | Capital at risk |
| Go to site More Info | Go to site More Info |
Another category where both providers are virtually the same features. They both tick all of our boxes – you can see your investments both on desktop and in a mobile app (both Android and iPhone are available).
Both providers have in-app news and research and they let you top up in the app too.
Winner: Tie
| | |
| Resources rating | ★★★★★ | ★★★★★ |
| Guides | ||
| Videos and walkthroughs | ||
| In-depth learning tools (training courses, etc.) | ||
| Demo account | ||
| Advice | ||
| Go to site More Info | Go to site More Info |
If you’re interested in learning about investing, you’ll want a provider that has some decent learning resources available. Moneyfarm has guides, videos and walkthroughs to help you learn how to invest. It’s also got an advisory service available, at a cost.
Wealthify doesn’t have as much. It’s got a few guides, but that’s all.
Winner: Moneyfarm
These two platforms have very similar features, so no matter which one you go with, you’ll have a pretty similar experience. Wealthify’s fees tend to be lower for investments up to £100,000. If you’re investing more than £100,000 then Moneyfarm will cost you less.
If you’re set on ethical investing, Moneyfarm doesn’t have this option available, so you’ll want to look further into Wealthify or explore other platforms. One major thing Moneyfarm has that Wealthify doesn’t is the ability to give financial advice. Moneyfarm has a blend of automation and real advice, which means that you can ask an actual human being for help with your investments.
All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest. Past performance is no guarantee of future results. If you’re not sure which investments are right for you, please seek out a financial adviser. Capital at risk.
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