Saving held on direct to consumer fund supermarkets are now estimated to be over £116bn up from £94.3bn in 2012 as more people move to cut the cost of advice.

The average amount of savings held on a direct platform is £28,700 and it is crucial to maximise every penny.

Choosing the right fund supermarket is an important task for the growing army of DIY investors. The prices of platforms vary and high fees will dramatically erode your returns. One investor could pay thousands of pounds more than another for running exactly the same portfolio.

But it’s not all about price – it’s also important to access quality research.

Here’s how to work out the best fund supermarket for your needs:

All-rounder

Hargreaves Lansdown was recently ranked the number one fund supermarket because of its customer service and the information and research available on the site.

Holly Mackay, managing director at The Platforum, the analyst that rated the firms said: “Hargreaves were given high scores for brand strength and customer service – key areas for consumers. They also delivered solid scores across investment choice, content and usability. They are just better at this than anyone else – the phone is answered by a typically knowledgeable helpful human being within 10 seconds, we get personalised emails and communications and it’s just easy to engage with them.”

The firm recently unveiled its new prices for investing that will apply from April and was heavily criticised for penalising those in investment trusts. A week later it cut the fees. Yet it is still not the cheapest service and so it’s important to weigh up the costs.

Mackay also says Barclays Stockbrokers offers a wide breadth of investment choice and is a solid proposition for all round investors.

New to investing

The Platforum awarded second place to Fidelity. Mackay says: “For less confident investors, this ISA season Fidelity could be a good solution for anyone needing a helping fund in putting an Isa together because it is strong on guidance.”

If you’re a less confident investor looking for some help, check out Bestinvest too, says Mackay. “Bestinvest is rated highly for content, usability and guidance on their website as well as strong customer service which can handle the more technical investment queries.”

Smaller investors

A cheap way to invest is to use a no-frills fund supermarket. Newcomer Strawberry Invest launched a low-cost offering this week targeting beginner investors. Experts say it is good value for those with smaller sums to invest.

Justin Modray, a financial adviser and founder of website Compareplatforms.com, says: “For larger amounts then fixed cost platforms will likely prove much cheaper.”

Charles Stanley Direct represents a low-cost solution for many consumers with good usability and a wide range of investment choice, according to Mackay.

“Its brand new website is slick and modern,” she said. “If you are getting started and have £10,000 to put into an ISA this year, we suggest you look at Charles Stanley.”

Saving in a pension

If you have £50,000 spread between an ISA and a self investment personal pension (SIPP) and all in funds, Barclays Stockbrokers, Fidelity and Hargreaves Lansdown are the top choices, according to The Platforum.

Those with larger SIPP accounts in excess of £100,000 should consider a platform with a fixed fee structure such as Alliance Trust Savings or Interactive Investor, it said.

Know what you’re paying

Whichever you choose, costs should be more transparent from April when new rules surrounding the way investors are charged will change.

Some brokers and platforms rebate all or part of the commission on funds, under the old pricing structure, to customers. From April. instead of rebates, a single platform service charge that has been agreed with the investor will need to be disclosed. Then commission-free or ‘clean’ funds will be sold that do not include any commission for intermediaries, or any fees to pay platforms – only the fees from the fund manager.

While some services already operate this way, the regulator – the Financial Conduct Authority – said current mixed rebate practices made it difficult to compare prices and products available on different platforms, with a risk that the payments could lead to product bias.