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AJ Bell launches ‘low cost’ Dodl investment app charging 0.15%

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20/04/2022
AJ Bell has launched an alternative investment app – Dodl – aimed at new investors which offers a limited number of funds and shares with a low cost 0.15% annual charge.

The mobile app aims to make investing easier and accessible to everyone with a select investment range for new and long-term investors.

Dodl, which is execution only so doesn’t offer advice, allows users to invest in a stocks and shares ISA, pension, general investment account or a Lifetime ISA.

There are 30 funds to choose from. These include 23 aimed at specific markets or themes such as emerging markets, technology and healthcare, one AJ Bell fund for those who want to invest in companies committed to the environment, and six multi-asset funds based on an investor’s risk appetite, ranging from cautious to adventurous (see below for the full list).

There are also 50 shares listed in the FTSE 350, including big names from banking, housebuilders, energy, retailers and consumables.

AJ Bell said Dodl is “amongst the lowest cost investment platforms in the market”, with an annual charge of 0.15% (minimum £1 per month, but no annual cap) and no commission for buying or selling investments. These can be traded once a day.

The cost of the underlying funds range from 0.05% to 0.4%, with an average 0.19% charge.

Investors can set up a regular savings amount (minimum £25 a month), or money can be paid in to accounts via Apple and Google pay, as well as debit card and direct debits (minimum £100).

AJ Bell already runs DIY platform Youinvest with 395,000 investors. It charges 0.25% plus trading fees on funds, ETFs, investment trusts, shares from 24 worldwide markets and bonds, so Dodl offers a ‘streamlined’ investment range.

It is also cheaper than Youinvest and is on par with investment giant Vanguard’s 0.15% annual charge.

Dodl doesn’t currently allow ISA transfers but AJ Bell said this feature will be made available soon. It is also looking to offer US shares in the near future.

It comes as research from the regulator, the Financial Conduct Authority (FCA), found that 8.6 million adults hold more than £10,000 of investible assets in cash because they find investing scary.

Dodl features ‘friendly monster characters’ and a ‘learn tab’ which includes articles and hints to help get people investing. It is available to download for free for iOS 13 or later (the app states 11.0 but AJ Bell said it requires 13 to work properly) and android devices version 9 and up.

Andy Bell, chief executive of AJ Bell, said: “Investing needn’t be scary. In developing Dodl we’ve focused on removing jargon, making it quick and easy to open an account and narrowing the range of investments customers have to choose from. It also has a simple, very low annual charge, with no commission for buying or selling investments.

“This combination of simplicity and value make Dodl a great option for anyone looking for a low-cost, easy-to-use investment app to help them meet their investment goals. The simple investment journey and streamlined investment range will appeal particularly to those that are new to investing and want an easy way to manage their investments.”

Fund and stock range

This is the list of themed funds and stocks offered via Dodl:

AJ Bell Cautious
AJ Bell Moderately Cautious
AJ Bell Balanced
AJ Bell Moderately Adventurous
AJ Bell Adventurous
AJ Bell Global Growth
AJ Bell Responsible Growth

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