J.P. Morgan Personal Investing (formerly Nutmeg)

J.P. Morgan Personal Investing charges three layers of cost. The headline rates are unchanged since the J.P. Morgan rebrand, and I've verified them against the current schedule of fees and charges.

1. Management fee

• Fully Managed, Smart Alpha, SRI, Thematic and Income portfolios: 0.75% a year on the first £100,000, dropping to 0.35% above £100,000 (both inclusive of VAT)
• Fixed Allocation: 0.45% a 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 (all-in on the first £100,000):

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 a year) costs roughly £375 + £230 = £605 a year — including the fund charge. On iWeb, with no percentage platform fee, you'd pay just the fund cost of £230 a year plus £5 per trade.

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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 still 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 a 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 smoothing to even out the lumps.

ISA, LISA, JISA, SIPP and GIA under one login is genuinely rare. Dodl by AJ Bell, for comparison, offers only ISA, LISA, SIPP and GIA — no JISA.

Six investment styles sit beneath those 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
• Thematic Investing — tilted toward themes like AI or healthcare (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. 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 Bank Rate has been held at 3.75% through the summer, with the next decision due 17 September 2026, and CPI at 2.9%. 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 and Barclays Bank, separate from the platform's own balance sheet. The firm is authorised and regulated by the Financial Conduct Authority (FRN 552016), and FSCS protection covers investments up to £85,000 per person — the standard investment protection limit. (The £120,000 FSCS limit applies to cash deposits at banks, not investment platforms.)

A free wealth planner is available 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 most robo-advisors don't offer.

After a quiet spell, J.P. Morgan Personal Investing is running a new-client offer again: earn £100 when you invest £1,000 and keep it invested for six months. The reward is paid up to 55 days after the six-month mark, and it's for new clients with no other joining offer.

This is a meaningful shift from August, when there was no active promotion. Promotions have historically been part of the platform's appeal — Nutmeg ran a 1% cashback transfer offer in early 2025, then a six-month fee-free period, then an Avios deal. This £100 reward is smaller than some of those, but it's real money and easy to claim if you were planning to invest at least £1,000 anyway.

What it means for the decision: £100 is a rounding error against the lifetime impact of a 0.75% management fee on a £50,000 portfolio — about £490 a year in year one alone. Take the reward if you're set on the platform, but don't let it override the fee maths. A one-off incentive shouldn't decide a decades-long relationship with a fee structure.

Source: J.P. Morgan Personal Investing.

It's easy to pile on about fees — and this review does, 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. Behavioural research consistently shows 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. If paying 0.75% stops you from selling your global tracker in a crash, that fee paid for itself many times over.

2. The account range is hard to match. ISA, LISA, JISA, SIPP and GIA under one login with one fee structure. If you're a family with children, that's 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 — 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.

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 day-to-day experience is good.

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

Even assuming zero portfolio growth, the Fully Managed tier extracts £9,800 in fees on a flat £50,000 over 20 years — versus £3,800 for a Vanguard DIY approach and £2,500 for InvestEngine's managed portfolios at 0.25%. Add growth and the gap widens further, because percentage fees scale with your balance.

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% a year, every year, after costs. Most active managers 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 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. J.P. Morgan's own fee page confirms its ISA is not flexible. Not having this on a platform charging premium fees is hard to justify.

In-specie transfers cost £20 per line of stock. If you 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:

• Vanguard Investor: 0.15% platform fee (capped at £375 a year) plus low fund charges (~0.07–0.22%). Total cost on a £50k portfolio roughly £190 a year. Much cheaper, but DIY — you pick your own funds. Limited account types (no LISA, no JISA).
• 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 for shares/ETFs), free regular investing. Vast investment choice — funds, shares, ETFs, investment trusts. But you manage everything.
• iWeb: £0 ISA fee, £5 trades. The cheapest platform for buy-and-hold investors. But no managed portfolios and a basic interface.
• Wealthify: 0.60% management fee plus 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) plus fund costs. Comparable pricing, also offers financial advice.

The Fixed Allocation at 0.45% is where J.P. Morgan gets interesting. At £340 a year on £50,000 (including fund costs) it's more expensive than InvestEngine's managed portfolios at £125, 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 ISA, LISA, JISA and SIPP simultaneously
• You value the J.P. Morgan brand and institutional backing
• You have £100k+ invested, where the fee drops to 0.35% on the increment above £100k
• You want monthly income without managing a dividend portfolio yourself — Income Investing 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 or iWeb
• 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 — nearly 1% on £5,000 is £49 a year, not ruinous, but you're still paying more than you need for what's essentially a tracker in a managed wrapper

For beginners weighing a robo-advisor against doing it yourself, our investing hub walks through both paths.