Account charge
Dodl likes to keep things simple so their fee model is similarly straightforward: you’ll pay one annual account fee of 0.15% on the value of your invested money. It’s collected from the cash in your account once a month so divided over 12 months. There is a minimum monthly fee of £1, which makes that annual fee higher, in reality, than 0.15% for some with small amounts invested. For example, if you only had £500 invested, that £1 per month fee would represent 2.4% annually. That’s 2.4% growth you’d need to see on your investment just to break even.
Dealing fees
There are no dealing charges to buy and sell your investments. But bear in mind the investments you choose will have their own charges to buy/sell or hold them:
- Funds have ongoing charges and transaction costs.
- UK shares have stamp duty (0.5%) which you’ll pay when you buy them.
- US shares will have an A foreign exchange (FX) fee is added to all trades involving foreign currencies. If you buy a stock that trades in US dollars, for example, and your home account is in GB pounds, you’ll need to pay an FX fee.FX charge
taken when you buy or sell them (0.75% for transactions up to £10,000). - There are no fees to open an account or deposit money. And there are no inactivity fees which is great.
Interest paid on cash
Dodl pays the highest interest rate on uninvested cash of any Lifetime ISAs (Individual Savings Accounts) (LISAs) are designed to help you save for your first home or retirement and come with an automatic 25% government bonus on all contributions up to the value of £4,000. There are stocks and shares LISAs – where you invest your savings – and cash LISAs – where you earn interest on your savings. You must be between 18 and 40 to open a LISA and all income, capital gains and interest earned within LISAs is tax-free, although these funds can only be used to purchase your first home or for retirement. Ensure you are familiar with the rules surrounding this account before utilising itLifetime ISA
provider, and one of the highest Sometimes called an investment ISA, a stocks and shares ISA is an individual savings account that allows you to invest in shares, unit trusts, investment funds, and bonds. You will not need to pay tax on any income or capital gains earned on investments within an ISAstocks and shares ISA
rates in the UK market. At 4.58% AER , it’s a clear top performer. However, and it’s a big however, this rate only applies to Dodl’s investments ISAs and the LISA – not to the General investment account (GIA) is an account designed to provide access to investments. You may be liable for tax on any income or capital gains earned within a general investment account but this can be a useful vehicle for anyone who has maxed out their ISA allowancegeneral investment account
or A self-invested personal pension (SIPP) is a type of private pension that allows you to control the specific investments that make up your pension fundSIPP
. In stark contrast, Dodl pays nothing in interest on uninvested cash in these accounts, which is a shame.
Transfer fees
There are no fees for transferring in or out of your Dodl account.
Deposit fees
There are no charges for depositing money into your Dodl account.
Minimum deposit
The minimum amount you can deposit into a savings account is £100 if you want to make a lump sum payment, or £25 for regular deposits via Direct Debit.
Withdrawal fees
There’s no charge for withdrawing your cash from your Dodl accounts. Though it’s important to invest over the long term, you can withdraw cash anytime from your general investment account and Stocks and Shares ISA (but remember you can only pay back the amount that is unused from your annual ISA allowance.)
You can withdraw cash from A Lifetime ISA, charge-free, when you’re buying your first home or from age 60. Otherwise, you’ll have to pay the 25% government withdrawal charge on the amount you withdraw.
Read more about Lifetime ISAs
You can’t withdraw cash from your Dodl pension as the account is designed to build your pension savings only.
It can take up to five working days for the cash you’ve withdrawn to reach your bank account.
A foreign exchange (FX) fee is added to all trades involving foreign currencies. If you buy a stock that trades in US dollars, for example, and your home account is in GB pounds, you’ll need to pay an FX fee.FX fees
A foreign exchange charge is levied when trading in an international currency. Dodl’s FX fees are pretty competitive: 0.75% for the first £10,000, 0.50% for the next £10,000, and 0.25% on values over £20,000.
Managing your accounts
Dodl will send you an annual tax summary for your GIA after the end of the tax year (usually around the end of April to early May).
The verdict?
Dodl’s fees are about as low as you’re likely to find anywhere, with the possible exception of Freetrade’s basic account. (Read my comparison of the two brands here.)
Low account fees and zero dealing fees make this platform a very attractive option. Of course, the ‘price’ you pay is limited investment choice, but if the platform has the stocks and funds you want, that’s not a problem.
Please note: all published fees are correct at time of publishing. However, we suggest checking Dodl’s website for the most up-to-date figures.