Ahead of the new financial year, consumer group Which? has revealed its 2025 rankings for providers of stocks and shares individual savings accounts (ISAs).

ISAs offer tax-free growth on savings and investments, with an annual allowance as to what you can save into these types of account of £20,000. That allowance resets at the start of the new tax year, which begins on 6 April.

Stocks and shares ISAs are one of four types of ISA — along with cash, lifetime and innovative finance ISAs. As the name suggests, stocks and shares ISAs allow people to invest their savings in stocks, bonds and funds.

Savers can open stocks and shares ISAs with a number of providers, including banks and investment platforms, though the fees they charges for using this service do vary.

Read more: Top ISA fund picks ahead of the new tax year

In January, Which? surveyed more than 3,600 investors about their experiences using 25 different providers over the last 12 months which they rated on criteria including value for money, ease of use and customer service. The consumer group also looked at each provider's fee structure, analysing a total of 350 fee scenarios to establish the best value platforms.

Which? looked at the impact of fees on seven different sizes of ISA portfolio, ranging from £5,000 to £500,000. The consumer group found that the differences were particularly significant for the largest portfolios, with analysis showing that investors could save as much as £2,000 per year in fees by picking a cheaper platform.

With a new financial year around the corner, Which? said that now was the perfect time for investors to review their fees to ensure that they're maximising returns on their savings.Savers can open stocks and shares ISAs with a number of providers, including banks and investment platforms, though the fees they charges for using this service do vary.·Alistair Berg via Getty Images

Top stocks and shares ISA providers

While many platforms received high customer scores this year, AJ Bell (AJB.L) and InvestEngine were the only two to be named Which? Recommend Providers (WRP). To get this title, providers need to have a customer score of 70% or more, not be in the top 25% most expensive in Which?’s fees analysis and receive a three-star rating or higher in all categories. They both had a customer score of 78%.

Which? said that AJ Bell (AJB.L) offered an "unparalleled range of investments". While AJ Bell charges £1.50 to trade funds — a fee most platforms have dropped — it still secured four stars for value for money. In addition, the consumer group's analysis found that if assuming an investor made four purchases and four sales of funds a year, those with a small pot of £5,000 would pay just £25 a year in fees, while this would amount to £887 for the biggest pot of £500,000. AJ Bell also scored four stars for overall customer service and ease of use.

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InvestEngine, which specialises in exchange-traded funds, charges no service fees and and was one of just two platforms to receive a full five stars for value for money in the Which? survey. The platform also got five stars for ease of use and four stars on customer service. However, Which? pointed out that like iWeb, Halifax and HSBC (HSBA.L), it won’t pay interest on any uninvested cash in your account.

Aviva (AV.L) got the highest customer score of 79% but Which? said it narrowly missed out on the WRP badge as it was too expensive in the fee analysis. It found that investors with the largest ISA portfolios could pay as much as £1,525 a year in fees.

Which? also awarded "great value" badges for the first time, to platforms that both received good customer scores and were among the cheapest overall options. InvestEngine (78%), iWeb (76%), Royal Bank Invest (76%), Vanguard (75%) and NatWest (NWG.L) (73%) were the five providers to receive this badge.

Which? said that Vanguard still offered good value for money, despite having recently increased fees. The consumer group found Vanguard remained in the cheapest 25% platforms, as well as earning a customer score of 75%.

The consumer group highlighted that the platform caps fees at £375 a year, "making it a particularly attractive option for investors with medium to large portfolios." By comparison, investors could pay as much as £2,254 a year with the most expensive platform.

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At the same time, Which? said that those with smaller ISA pots may want to consider their options. Vanguard's new monthly minimum fee of £4 applies to those with less than £32,000 invested but Which? said that this means the "smaller the pot, the more sharply these fee changes will be felt". For instance, a customer with £5,000 invested would incur an annual fee of £48, which works out to a 540% increase from the previous cost of £7.50.

For those with smaller savings pots, Which? said that Royal Bank Invest and NatWest (NWG.L) may be worth considering. With both platforms, investors would pay just £8 a year in fees for pots worth £5,000 and £15 for a £10,000 pot. However, these accounts are only available to current account holders, and only offer five funds each, so Which? said this means they may not be suitable for everyone.

Jenny Ross, editor of Which? Money, said: "If you’ve not recently reviewed your investment accounts, the new financial year is the perfect time to do so. Loyalty can come at a hefty price and the most expensive platforms could cost you thousands of pounds more a year in fees, so it pays to shop around."

Read more:

Why it's time to revisit the Lifetime ISA Why you shouldn’t give up on cash ISAs Seven ways to maximise your allowances before the tax year ends

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