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Review of the Moneyfarm, Stocks and Shares ISA:

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Cheap service with a good app and a personal feel

The app is good making it is easy to see all the details of your investments, add money and set-up monthly direct debits, which is certainly not the case at most investment banks, especially older firms (notably, Vangaurd doesn't even have an app!). The customer service is good and you are able to speak to the same advisor each time which gives the process a personal feel. When I have asked questions, Geordie has been great and when he didn't know the answer, he got back to me promptly with the information requested. One downside (and the reason that I haven't given 4 stars overall) is that for money held in cash within the portfolio (admittedly a very small percentage), you do not receive any interest, despite the fact that Moneyfarm will be investing this money and benefiting from it. This is common across many platforms who pass on varying degrees of interest from cash, but I believe you should be getting the full benefit of YOUR money if it is invested, be that in cash or equities. They were up front and honest when asked, which I appreciate. The amount I am missing out on is not enough to cause me to remove my money, but it is an important window into the ethics of the company as a whole. Perhaps if you have millions in savings, it would be worth considering! Reviewed on: 29th March 2024

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