Last month, we asked MoneyWeek readers to tell us which brokers, banks and other financial firms they rated most highly. The results are in…
Choosing a broker or a bank is neither fun nor easy. We can spend ages comparing fees, but that doesn’t tell us how good the service is. We can search for online reviews, but unhappy customers are more likely to leave reviews than satisfied ones, so these may be skewed. It’s no wonder that many of us stick with the same provider for years even if we’re not satisfied, because we can’t face the hassle of finding a new one.
That’s why we asked MoneyWeek readers to tell us their experiences of the firms they use, so that we could see which ones you rate most highly and help other readers decide what should be on their shortlist. More than 2,000 of you answered our survey, giving us your views on their costs, the breadth of their services, their ease of use and customer support.
Based on your scores, we’ve put together the MoneyWeek Readers’ Choice Awards, highlighting the firms that you ranked highly in 21 categories from individual savings accounts (Isas) and self-invested personal pensions (Sipps) to bank accounts and credit cards.
Best broker: AJ Bell
For this award, we were looking for a very strong all-rounder: a broker that offers access to a full range of investments (including government bonds and smaller UK stocks) as well as the option to deal by telephone (some MoneyWeek readers prefer this). We asked you to assess providers based on their Isa products and gave a separate award for Sipps, since Sipps often have different fees and terms. AJ Bell came top, slightly ahead of rivals such as Halifax, Charles Stanley Direct and Interactive Investor. It scored well on all criteria (fees, services, ease of use and support), while a recent reduction in dealing charges shows that it is conscious of the need to stay competitive. “Low cost, smart staff, good service,” says a reader.
Best low-cost broker: Trading 212
Low-cost brokers often offer a more restricted range of investments, but Trading 212 can deal in more than 13,000 global stocks and exchange-traded funds (ETFs) through its app or website. The main limitation is that since Trading 212 doesn’t access the market makers that provide most of the liquidity for smaller UK companies, trading in these stocks can be more difficult, note some users. There are no dealing or account fees and the currency conversio
