J.P. Morgan Personal Investing (formerly Nutmeg)

J.P. Morgan Personal Investing charges three layers of cost as of August 2026. The headline rates haven't moved — but the competitive landscape keeps shifting.

1. Management fee

• Fully Managed, Smart Alpha, SRI, Thematic, and Income portfolios: 0.75% per year on the first £100,000, dropping to 0.35% above £100,000
• Fixed Allocation: 0.45% per year on the first £100,000, dropping to 0.25% above £100,000

2. Underlying fund charges

The ETFs your money sits in carry their own ongoing costs: roughly ~0.20% for Managed portfolios and ~0.32% for Smart Alpha, which uses actively managed J.P. Morgan ETFs.

3. Market spread

Approximately 0.03% — the buy/sell spread on ETF trades. J.P. Morgan batches orders to minimise this.

What you actually pay, in pounds:

For comparison: a £100,000 portfolio in Vanguard's FTSE Global All Cap (0.23% OCF) on Vanguard's own platform with its 0.15% platform fee (capped at £375/year) would cost roughly £375 + £230 = £605/year — and that includes the fund charge. On Scottish Widows Share Dealing, formerly iWeb, with no percentage platform fee, you'd pay just the fund cost of £230/year plus £5 per trade.

Source: J.P. Morgan Personal Investing pricing page.

For that fee premium, you get one of the most comprehensive managed-account lineups in UK retail investing:

• Stocks & Shares ISA — £500 minimum (or £100/month), £20,000 annual allowance. Not flexible — withdrawals count against your allowance even if re-deposited.
• Lifetime ISA — £100 minimum, for 18–39 year olds, 25% government bonus on up to £4,000/year.
• Junior ISA — £100 minimum, £9,000 annual allowance per child.
• Personal Pension (SIPP) — £500 minimum, 20% basic-rate tax relief added automatically.
• General Investment Account — £500 minimum, no limits, but subject to capital gains and dividend tax.
• Income Investing — available in ISA and GIA only, £10,000 minimum, pays monthly income with income smoothing to even out the lumps.

Having ISA, LISA, JISA, SIPP, and GIA under one login is genuinely rare. Most robo-advisors offer two or three of these. Dodl by AJ Bell, for comparison, offers only ISA, LISA, SIPP, and GIA — no JISA.

Six investment styles sit beneath these accounts:

• Fully Managed — the original Nutmeg approach: actively managed passive ETF portfolios, rebalanced automatically
• Fixed Allocation — cheaper, rebalanced with an annual review rather than continuous monitoring
• Smart Alpha — powered by J.P. Morgan Asset Management's actively managed ETFs, higher fund costs (~0.32%)
• Socially Responsible (SRI) — ESG-screened ETFs, managed portfolios
• Thematic Investing — tilted toward themes like AI, healthcare, or resource transformation (risk level 5+, not available for pensions)
• Income Investing — designed for monthly income from dividends, ISA and GIA only

You cannot pick individual stocks, funds, or ETFs. You get the portfolio J.P. Morgan builds. That's the trade-off. For a complete guide to how ISAs fit into a broader tax strategy, see our tax-efficient investing guide.

Cash held in investment pots earns the Bank of England base rate minus 0.75% — at the current 3.75% base rate, that's 3.00%. The BoE held rates at 3.75% for the seventh consecutive meeting on 30 July 2026. Not terrible, but you can get 4.5%+ in an easy-access savings account. Our savings hub tracks the best rates.

The J.P. Morgan backing is worth something. Assets are held by State Street Corporation and Barclays Bank, separate from the platform's own balance sheet. FCA-authorised under FRN 552016. FSCS protection covers investments up to £85,000 per person — the standard investment protection limit, unchanged from previous years. (The £120,000 FSCS limit applies to cash deposits at banks, not investment platforms.)

A free wealth planner is now available exclusively for clients — build a view of your total wealth, get tailored suggestions, and simulate scenarios. It doesn't provide regulated advice, but it's a useful addition that most robo-advisors don't offer.

The summer 2026 Avios promotion — 10,000 Avios points for investing £500+ by 31 July 2026 — has ended. Unlike the earlier six-months-fee-free offer that expired in May 2026, this one has not been replaced. As of August 2026, there is no active new-client promotion on the J.P. Morgan Personal Investing platform.

This is worth flagging because promotions have historically been part of the platform's appeal. Nutmeg ran a 1% cashback transfer offer in early 2025. Then came the six-month fee-free period. Then the Avios deal. Now — nothing.

What this means for you: the decision comes down to the core product, not a short-term incentive. That's arguably healthier. A one-off £150 of Avios shouldn't override 0.75% recurring fees anyway. But if you were specifically waiting for the next promotion, there isn't one. The fee structure is what it is.

If J.P. Morgan launches a new promotion — which given the competitive pressure from platforms like InvestEngine and Vanguard seems likely — we'll note it in a future update. For now, you're buying the platform at list price.

Source: J.P. Morgan Personal Investing.

It's easy to pile on about fees — and we do, because fees compound against you just as powerfully as returns compound for you. But there are genuine reasons to choose this platform.

1. You will actually invest, and you won't meddle. Behavioral finance research consistently shows that DIY investors underperform the funds they own because they trade too much, chase hot sectors, or panic-sell in downturns. A managed portfolio removes that risk entirely. If paying 0.75% stops you from selling your global tracker in a March 2020-style crash, that fee paid for itself many times over.

2. The account range is hard to match. ISA, LISA, JISA, SIPP, GIA — all under one login with one fee structure. If you're a family with children, this is meaningfully convenient. For more on children's investing, see our guide to Junior ISAs and beyond.

3. Income Investing is genuinely clever. Monthly payouts with income smoothing — where J.P. Morgan evens out the lumps so you get a predictable income stream — is useful for retirees who don't want to think about dividend schedules. At the lowest risk level, their example yield was 4.9%, which is competitive with bond ladders without the admin.

4. Free guidance calls. You can book a call with their wealth experts at no charge. That's unusual for a robo-advisor and has real value if you're unsure about risk levels or account types.

5. The app experience is polished. Clean, intuitive, with portfolio tracking and fee breakdowns. The main limitation — you can't sell investments or withdraw from the mobile app, you need the desktop site — is a persistent annoyance, but the day-to-day experience is good.

The counter-argument is brutal in its simplicity: fees are guaranteed, outperformance is not.

These are approximate cumulative costs — not a perfect model, but directionally right. Over 20 years, the Fully Managed tier could cost about £16,000 in fees on a £50,000 portfolio growing at 5%, versus about £8,350 for a Vanguard DIY approach and roughly £4,080 for InvestEngine's managed portfolios at 0.25%.

What would J.P. Morgan's portfolios need to deliver to justify that? They'd need to outperform a simple global tracker by roughly 0.5%–0.6% per year, every year, after costs. That's a tall order. Most active managers — even good ones — don't sustain that over multi-decade periods.

The lack of investment choice is a feature for some, a dealbreaker for others. If you want to buy Scottish Mortgage Investment Trust or a specific Vanguard LifeStrategy fund, you can't. You're buying J.P. Morgan's portfolios and nothing else.

The ISA isn't flexible. In 2026, this is a genuine competitive gap. AJ Bell, Vanguard, and most major platforms now offer flexible ISAs where you can withdraw and re-deposit within the same tax year without using extra allowance. Not having this feature on a platform charging premium fees is hard to justify.

In-specie transfers cost £20 per line of stock. If you ever want to leave — and take your holdings rather than cash — each ETF position costs £20 to transfer. A typical portfolio might hold 8–12 ETFs, so you're looking at £160–£240 just to leave. Cash transfers are free.

Restricted advice only. The paid financial advice service only covers J.P. Morgan's own products. If you need holistic planning that considers your workplace pension, property, and other investments, you'll need an independent financial adviser. For free guidance, MoneyHelper's investing resources is an excellent starting point.

Here's how J.P. Morgan Personal Investing stacks up against the main alternatives, updated for the current market:

• Vanguard Investor: 0.15% platform fee (capped at £375/year) + low fund charges (~0.07–0.22%). Total cost on a £50k portfolio: roughly £255/year. Much cheaper, but DIY — you pick your own funds. Limited account types (no LISA, no JISA). For the full analysis, see our Vanguard Investor review.
• InvestEngine: 0.25% for managed portfolios, 0% for DIY. The cheapest managed option with a solid ETF range, but fewer account types (no LISA or JISA).
• AJ Bell: 0.25% platform fee capped at £42/month (£504/year), free regular investing. Vast investment choice — funds, shares, ETFs, investment trusts. But you manage everything. Our deep-improved review breaks down exactly who AJ Bell suits.
• Scottish Widows Share Dealing (iWeb): £0 ISA fee, £5 trades. The cheapest platform for buy-and-hold investors. But no managed portfolios, basic interface, and three groups should walk away — see the full review.
• Wealthify: 0.60% management fee + fund costs. Similar robo-advisor concept, slightly cheaper than Fully Managed, but fewer investment styles.
• Moneyfarm: 0.35–0.75% management fee (tiered by portfolio size) + fund costs. Comparable pricing, also offers financial advice.

The Fixed Allocation at 0.45% is where J.P. Morgan gets interesting. At £340/year on £50,000 (including fund costs), it's more expensive than InvestEngine's managed portfolios at £125/year, but the J.P. Morgan brand, comprehensive account range, and free guidance calls might justify the gap for the right person. The Fully Managed tier at 0.75% is a harder sell against a DIY Vanguard approach at roughly half the cost.

For independent comparison tools, see MoneyHelper's investing guidance. Our ISA hub and pensions hub cover the tax-wrapper side in detail.

Pay the 0.75% (or 0.45%) if:

• You want genuinely hands-off investing and know you'd otherwise neglect your portfolio or trade emotionally
• You need multiple account types under one roof — especially if you're using ISA, LISA, JISA, and SIPP simultaneously
• You value the J.P. Morgan brand and institutional backing — not nothing, especially in a market where fintech platforms come and go
• You have £100k+ invested, where the fee drops to 0.35% on the increment above £100k, making it more competitive at scale
• You want monthly income from investments without managing a dividend portfolio yourself — the Income Investing style is genuinely differentiated
• You'd benefit from free guidance calls with a wealth expert

Walk away if:

• You're fee-conscious above all else — InvestEngine or Vanguard will save you hundreds annually
• You want to pick your own stocks, funds, or ETFs — you need AJ Bell, Scottish Widows (iWeb), or Hargreaves Lansdown
• You need a flexible ISA — J.P. Morgan's ISA isn't flexible
• You're an experienced investor who wants control over asset allocation — this platform will frustrate you within weeks
• You have a small portfolio — 0.98% on £5,000 is £49/year, not ruinous, but you're still paying more than you need to for what's essentially a tracker fund in a different wrapper. For beginners, our complete investing guide walks through the decision framework.

Source: J.P. Morgan Personal Investing pricing page | FCA Register (552016) | FSCS investment protection checker.

Capital at risk. This article is for informational purposes only and does not constitute financial advice. You should seek independent financial advice before making any investment decisions. The value of investments can go down as well as up, and you may get back less than you invest. Past performance is not a reliable indicator of future results. Tax treatment depends on individual circumstances and may change in the future. J.P. Morgan Personal Investing (Nutmeg Saving and Investment Limited) is authorised and regulated by the Financial Conduct Authority (FRN 552016). Investments are protected by the FSCS up to £85,000 per eligible person.