There are a few main differences that may help investors choose between these very closely matched providers.
First up, is to consider how much you plan to invest. This is because each platform has a minimum investment, as you can see from the table below. Handily, Wealthify customers can open an account with just £1, whereas Nutmeg and Moneyfarm require a minimum of £500. Ouch. Interestingly, Moneyfarm dropped the minimum investment from £5,000 to just £500 in September 2021.
If you are just starting out, or don’t feel comfortable investing £500, then Moneyfarm or Nutmeg may not be for you. If you feel this way, it’s best to start with smaller amounts and gradually get used to investing.
You can invest from as little as £1 with Wealthify so this may be the best platform to get you started. You can read our full Wealthify Review here (plus there is a £25 bonus for opening an account and investing £250 for at least three months).
If you can stretch to £100, then InvestEngine offers a £50 sign up bonus if you use this link.
However, if you are more experienced, then choosing between providers may be tougher. All of them offer help in choosing and managing a portfolio based on your personal profile and attitude to risk.
Interestingly, one key difference is that Moneyfarm can offer you a real person to speak to. This service is built into the platform cost. For some, this is what they really need to gain confidence; a little personal, human assistance.
Nutmeg, by contrast, is a little cheaper for portfolios £10,000 and under. Additionally, its highest risk portfolio has outperformed Moneyfarm’s. Furthermore, we have secured a deal that gives you the first six months of platform fees for free with Nutmeg using this link.
Both Nutmeg and Moneyfarm are competent platforms, so choosing between the two is like splitting hairs. Remember, neither platform ties you in. So you can always try out a platform and change if it is not for you.