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Nutmeg Review UK 2026
Now J.P. Morgan Personal Investing: returns, fees, accounts and our verdict
What will you find in this review:
Nutmeg at a glance
In this YourWalletManager Nutmeg review, we look at one of the UK's best known digital wealth managers. In November 2025 Nutmeg was renamed J.P. Morgan Personal Investing, so you may see either name used. It is the same company, the same portfolios and the same investment team.
Our verdict in brief
Nutmeg, now J.P. Morgan Personal Investing, is one of the most established ways in the UK to have your money managed for you. You pick a risk level and an investment style, and its team does the rest, from £500 or £100 for a Lifetime or Junior ISA.
Costs are clear but not cheap: 0.75% a year on your first £100,000 for most styles, or 0.45% for Fixed Allocation, plus fund costs and spread. On a £20,000 Fully Managed pot it estimates about 0.97% a year in total.
Its Fully Managed range has a 14-year published track record that has matched or beaten its industry benchmark at every comparable risk level. It suits hands-off investors; if you want to choose your own investments, a DIY platform will cost less.
Nutmeg pros and cons
Pros
- Managed portfolios from £500, or £100 for a Lifetime or Junior ISA
- Six investment styles, including a cheaper Fixed Allocation option
- 14-year track record published for every Fully Managed risk level
- ISA, Lifetime ISA, Junior ISA, pension and general account in one place
- No set-up, dealing, exit or withdrawal fees
- Free financial guidance calls for clients
Cons
- Dearer than DIY platforms: about 0.97% a year all in for Fully Managed on £20,000
- The Stocks and Shares ISA is not flexible
- You cannot choose individual shares or funds
- Income Investing needs £10,000 and is ISA or general account only
- Uninvested cash earns the Bank of England rate minus 0.75%
- The Junior ISA must be opened before your child turns 16
It's important to note that this review is tailored to UK residents.
What you will find in this review:
Nutmeg was founded in 2012 and became the UK's first online discretionary investment manager. JPMorgan Chase acquired the business in 2021, and after several years of investment it was rebranded to J.P. Morgan Personal Investing on 3 November 2025.
Setting up a portfolio takes under ten minutes. The minimum opening deposit is £500 for a General Investment Account, Stocks and Shares ISA or pension, or £100 for a Lifetime ISA or Junior ISA.
Nutmeg is now J.P. Morgan Personal Investing: what changed
On 3 November 2025 Nutmeg began trading as J.P. Morgan Personal Investing. If you held a Nutmeg account there was nothing to do: portfolios, risk levels and the investment team all carried across, and the app and online dashboard were simply rebranded. The FCA firm reference number is unchanged at 552016, so this is the same regulated company under a new name.
The change had been coming for a while. JPMorgan Chase bought Nutmeg in 2021, and the years since brought a Thematic Investing style, a much larger advice and guidance team, and a second partnership with J.P. Morgan Asset Management that produced Income Investing. The rebrand brings the platform formally under the parent brand.
Three things are genuinely new. A wealth planner tool gives you a single view of your total wealth alongside suggestions for closing the gap to your goals. Clients with more than £250,000 invested now get a dedicated relationship manager. And during 2026 a full DIY investment platform is due to launch, which will let clients buy and sell their own shares, bonds and funds for the first time.
Nutmeg key facts
| 🗺️ Supported Countries | The United Kingdom |
| 📊 Management fees | 0.75% to 0.35% managed styles; 0.45% to 0.25% Fixed Allocation |
| 💲 Market spread | About 0.04% a year |
| ⏳ Inactivity fee | £0 |
| 🏧 Withdrawal fee | £0, though LISA, JISA and pension rules apply |
| 💵 Minimum Deposit | £500 for GIA, pension and ISA / £100 for Lifetime or Junior ISA / £10,000 for Income Investing |
| 💡 Products offered | GIA, Personal Pension, ISA, LISA, JISA |
| 🎮 Demo Account | No |
| 📜 Regulatory entities | FCA (FRN 552016) |
You can start with £500 in a General Investment Account, Stocks and Shares ISA or Personal Pension, or £100 in a Lifetime ISA or Junior ISA.
There are six investment styles to choose from: Fully Managed, Smart Alpha, Socially Responsible, Thematic Investing, Income Investing and Fixed Allocation. Each is built mainly from exchange traded funds and managed for you.
Annual management fees are tiered. The managed styles cost 0.75% on your first £100,000 and 0.35% above that, while Fixed Allocation costs 0.45% on the first £100,000 and 0.25% above it (checked 11 October 2026 and subject to change).
Nutmeg investment styles compared
There are six investment styles, all built mainly from exchange traded funds and managed for you. Five of them work inside any account, from a General Investment Account to a Stocks and Shares ISA, Lifetime ISA, Junior ISA or Personal Pension. Income Investing is the exception: it is only available in a Stocks and Shares ISA or General Investment Account. The table below shows what each style costs.
| Investment style | Management fee | Fund costs | Market spread | Est. total a year |
|---|---|---|---|---|
| Fully Managed | 0.75% (0.35% above £100k) | 0.18% | 0.04% | 0.97% |
| Smart Alpha | 0.75% (0.35% above £100k) | 0.34% | 0.04% | 1.13% |
| Socially Responsible | 0.75% (0.35% above £100k) | 0.23% | 0.04% | 1.02% |
| Thematic Investing | 0.75% (0.35% above £100k) | 0.25% | 0.04% | 1.04% |
| Income Investing | 0.75% (0.35% above £100k) | 0.39% | 0.04% | 1.18% |
| Fixed Allocation | 0.45% (0.25% above £100k) | 0.14% | 0.04% | 0.63% |
Totals are J.P. Morgan Personal Investing’s own estimate for a £20,000 pot over 12 months, assuming 0% returns, including VAT where applicable. Source: Our fees, checked 11 October 2026.
Nutmeg Fully Managed
The flagship option, with ten risk levels to choose from. A team of investment professionals monitors markets and adjusts your asset mix over time, so you are not left holding a portfolio that quietly drifts away from its target. J.P. Morgan estimates the total yearly cost on a £20,000 pot at about 0.97%.
Nutmeg Smart Alpha
Built in partnership with J.P. Morgan Asset Management for investors who want to try to beat the market rather than simply track it. It blends index funds with actively managed J.P. Morgan funds, which is why its underlying fund charges run higher than the Fully Managed range. Smart Alpha is a trade mark of Schroders plc and is used under licence. J.P. Morgan estimates the total yearly cost on a £20,000 pot at about 1.13%.
Nutmeg Fixed Allocation
A lower cost, rules based option. The asset mix is set in advance and rebalanced automatically rather than actively adjusted, which is why it carries the cheapest management fee on the platform at 0.45% falling to 0.25%. J.P. Morgan estimates the total yearly cost on a £20,000 pot at about 0.63%.
Nutmeg Socially Responsible Investing
For investors who want their money to reflect their values. It tilts towards companies with stronger environmental, social and governance practices and screens out several controversial sectors. J.P. Morgan estimates the total yearly cost on a £20,000 pot at about 1.02%.
Nutmeg Thematic Investing
Added after the JPMorgan acquisition, Thematic Investing targets the long-term structural trends reshaping the economy rather than tracking the market as a whole. It sits at the same 0.75% management fee as the other managed styles, though because it launched relatively recently it has a shorter performance record than the longer-established options. J.P. Morgan estimates the total yearly cost on a £20,000 pot at about 1.04%.
Nutmeg Income Investing
The newest style, launched through a second partnership with J.P. Morgan Asset Management. Rather than aiming purely for capital growth, it holds dividend-focused ETFs and pays you a monthly income while still seeking to grow your capital. It is also the most restricted option on the platform: the minimum investment is £10,000 rather than £500, and it is available only inside a Stocks and Shares ISA or General Investment Account, not a pension, Lifetime ISA or Junior ISA. Income is not guaranteed. J.P. Morgan estimates the total yearly cost on a £20,000 pot at about 1.18%.
Nutmeg accounts: ISA, Lifetime ISA, Junior ISA and pension
Every investment style except Income Investing works inside each of the accounts below, so you choose the account for your goal and then how the money is managed. Here is what each one offers.
Nutmeg Stocks and Shares ISA
Open with £500 and pay in up to your £20,000 annual ISA allowance. All six styles are available, including Income Investing. The catch is that the ISA is not flexible: money you withdraw still counts towards that year’s allowance if you pay it back in. You can transfer existing ISAs in.
Nutmeg Lifetime ISA
A stocks and shares Lifetime ISA you can open with £100 if you are 18 to 39. You can pay in up to £4,000 a year until you turn 50, and the government adds a 25% bonus worth up to £1,000 a year. Withdrawals are free for a first home costing £450,000 or less, from age 60, or if you are terminally ill; otherwise a 25% government charge applies. You can transfer an existing Lifetime ISA in through the website, though not the app, and transfers usually take around three weeks.
Nutmeg Junior ISA
A stocks and shares Junior ISA you can open with £100, with up to £9,000 a year paid in on top of your own allowance. J.P. Morgan Personal Investing requires the child to be under 16 when the account is opened. The money belongs to the child, cannot be withdrawn until 18, and the account then becomes an adult Stocks and Shares ISA in their name. Child Trust Funds can be transferred in.
Nutmeg pension (Personal Pension)
The Personal Pension opens with £500 and adds 20% tax relief to your contributions, up to £60,000 a year or 100% of your earnings, whichever is lower. Higher and additional rate taxpayers can claim more through their tax return. It is managed in the same styles as the ISA rather than being a self-select SIPP, so you choose a style and risk level, not individual funds. You can transfer in old workplace and personal pensions, and take money out flexibly from 55, rising to 57 from April 2028, with up to 25% tax free. The scheme is operated and administered by Embark Services Limited.
Nutmeg General Investment Account
A taxable account with the same £500 minimum, useful once your ISA allowance is used up. You can withdraw whenever you need to.
Nutmeg performance: annualised returns by risk level
J.P. Morgan Personal Investing publishes the full track record of its Fully Managed portfolios, the original style Nutmeg launched with, for each of its ten risk levels. The figures below come from that track record and run from launch on 30 September 2012 to 30 September 2026.
They are composite returns: the average of every client account at each risk level, weighted by account size, after management fees, fund costs and market spread. In other words, charges have already been taken off.
| Risk level | Annualised since launch | Total since launch | Annualised, last 10 years | Last 12 months |
|---|---|---|---|---|
| 1 (lowest) | 1.4% | +20.8% | 1.3% | +4.1% |
| 2 | 2.5% | +41.6% | 2.2% | +5.3% |
| 3 | 3.2% | +54.8% | 2.8% | +7.0% |
| 4 | 3.9% | +71.0% | 3.4% | +8.3% |
| 5 | 4.8% | +92.3% | 4.3% | +10.5% |
| 6 | 5.7% | +117.0% | 5.4% | +12.5% |
| 7 | 6.9% | +155.0% | 6.7% | +14.5% |
| 8 | 8.0% | +194.5% | 7.9% | +16.8% |
| 9 | 9.2% | +241.0% | 9.1% | +18.9% |
| 10 (highest) | 9.8% | +270.7% | 9.7% | +18.9% |
Past performance is not a reliable indicator of future returns. The value of your investments can go down as well as up, and you may get back less than you put in. These are average client returns; your own result depends on when you invested, how much you paid in or took out, and the fee rate on your account.
Source: J.P. Morgan Personal Investing (formerly Nutmeg), Fully Managed track record, figures to 30 September 2026, accessed 10 October 2026. Annualised returns are shown as a compound yearly rate. ° Figures from Asset Risk Consultants (ARC), as published by J.P. Morgan Personal Investing.
Higher risk levels have grown faster, with bigger falls along the way. Risk level 10 has returned 9.8% a year since launch, against 1.4% a year at risk level 1. The ride has been bumpier than the long-run averages suggest: risk level 6, the middle of the range, lost 12.6% in 2022 and 7.1% in 2018 before recovering.
Every level with a comparable industry benchmark has matched or beaten it. J.P. Morgan Personal Investing compares each level with indices from Asset Risk Consultants (ARC), which track discretionary wealth managers after fees. Since launch, risk level 6 returned 5.7% a year against 4.8%° for the ARC Sterling Balanced Asset index, and risk level 10 returned 9.8% a year against 7.2%° for the ARC Sterling Equity Risk index. Risk level 5 matched its benchmark at 4.8% a year, and ARC has no equivalent index for risk levels 1 and 2.
ARC indices measure traditional wealth managers rather than low-cost index funds, so they are a useful yardstick but not the only one. The track record also covers Fully Managed only. Smart Alpha, Socially Responsible, Thematic Investing and Fixed Allocation each have their own track record, so these figures do not apply to them.
Nutmeg fees: what you actually pay
Management fee
J.P. Morgan Personal Investing charges an annual management fee that falls as your pot grows. For the managed styles, meaning Fully Managed, Smart Alpha, Socially Responsible, Thematic Investing and Income Investing, you pay 0.75% on your first £100,000 and 0.35% on anything above that. Fixed Allocation is priced separately at 0.45% on the first £100,000 and 0.25% above it.
The fee is calculated daily and taken automatically from your account on the first working day of each month. There are no set-up fees, no dealing commissions, no exit fees and no charge to withdraw your money.
Fund cost
Your money is invested largely through exchange traded funds, and those funds carry their own annual charges set by the fund providers rather than by the platform. J.P. Morgan Personal Investing’s own estimates put them at 0.14% a year for Fixed Allocation, 0.18% for Fully Managed, 0.23% for Socially Responsible, 0.25% for Thematic Investing, 0.34% for Smart Alpha and 0.39% for Income Investing. Fund costs are reflected in your portfolio’s performance rather than billed to you separately.
Market spread
There is also a small gap between the price to buy and the price to sell each fund, known as the market spread. J.P. Morgan Personal Investing estimates this at about 0.04% a year, and the platform combines client orders and favours funds with tighter spreads to keep it down.
One further point worth knowing: uninvested cash sitting in your pots earns interest at the Bank of England base rate minus 0.75%. Cash-only pots and money in transit earn nothing, so it pays to stay invested.
Is Nutmeg safe? Regulation and protection
The platform is operated by J.P. Morgan Personal Investing Limited, which is authorised and regulated by the Financial Conduct Authority under firm reference number 552016. It is registered in England and Wales as company number 07503666, with its registered office at 25 Bank Street, Canary Wharf, London E14 5JP.
Worth noting for anyone worried about the rebrand: the firm reference number is unchanged. This is the same regulated entity that traded as Nutmeg, under a new name, rather than a new company you are moving to.
Client money and investments are held separately from the firm’s own assets, and holdings are registered through a nominee arrangement so your ownership stays clearly recorded. If the firm were to fail with a shortfall in client assets, the Financial Services Compensation Scheme protects eligible investment claims up to £85,000 per person.
That protection covers the platform failing, not market losses. The value of your portfolio can still fall as well as rise, and you may get back less than you put in.
What Nutmeg does well
Backed by J.P. Morgan
Now trading as J.P. Morgan Personal Investing, the platform combines a decade of Nutmeg's technology with the scale and oversight of one of the world's largest investment firms.
Excellent set up options for beginners
A user-friendly interface and comprehensive setup options cater to novice investors, easing them into the investment process seamlessly.
Smooth and easy-to-use mobile app and desktop version
The intuitive mobile and desktop platforms provide a hassle-free experience, allowing users to manage their investments effortlessly.
Six investment styles and ten risk levels
Between the six investment styles and the ten Fully Managed risk levels, there is a good range of choice without the paralysis of picking individual funds yourself.
ISA, Lifetime ISA, Junior ISA, pension and GIA
The account range is broader than most robo-advisors, and the Lifetime ISA and Junior ISA are genuinely useful additions that several rivals do not offer at all.
Start your investing journey with J.P. Morgan Personal Investing, formerly Nutmeg today!
Why Nutmeg may not be suitable for you
Nutmeg is well established and FCA regulated, but a managed service is not the right fit for everyone. These are the limits worth weighing before you open an account.
£500 first deposit required to open an account
A minimum initial deposit requirement of £500 may pose a barrier for some investors, limiting accessibility.
Fees are higher than DIY platforms
At 0.75% on the first £100,000 plus fund costs, you pay noticeably more than on a self-directed platform. You are paying for the management, so the question is whether you want that service.
The Stocks and Shares ISA is not flexible
Money you withdraw from the ISA still counts towards your annual allowance for that tax year, so replacing it later uses up more of your allowance. Several rivals now offer a flexible ISA instead.
A few smaller points are also worth knowing. Uninvested cash earns the Bank of England rate minus 0.75%, and cash-only pots earn nothing. Income Investing needs £10,000 and is only available in an ISA or general account. The Junior ISA must be opened before your child turns 16. J.P. Morgan has said a DIY investing service is on the way, but it had not launched when we checked in October 2026.
If any of these rule Nutmeg out for you, the alternatives below or our Find My Broker quiz can point you to a better fit.
Who Nutmeg is best for
Nutmeg is likely to suit you if you:
- want your money managed for you rather than choosing investments yourself
- would like an ISA, Lifetime ISA, Junior ISA and pension in one place
- value a long, published track record and free guidance calls
- are investing for the long term and are comfortable paying for management
You may be better served elsewhere if you:
- want to pick your own shares, funds or ETFs
- want the lowest possible running cost; see our best stocks and shares ISAs
- need a flexible ISA so you can withdraw and replace money in the same year
- want to open a Junior ISA for a 16 or 17-year-old
Nutmeg customer support
Available customer support channels:
In our examination of the customer service available, it’s evident that accessibility is a top priority. They’ve strategically placed a customer service option on every page of their website which is available during regular business hours, providing multiple channels for communication including phone, email, and in-app chat.
Customer service has long been a weak spot across the investment industry, and it is one area where this platform has generally scored well with users. Support is weekday only, so there is no cover at weekends, but response times during the week are usually quick and the team can handle account level queries rather than just general questions.
An intriguing feature observed on the website is the opportunity for investors to schedule face-to-face meetings with advisors at their London office. While the logistics of scheduling such meetings remain unclear, it underscores the dedication to enhancing customer satisfaction through personalized interactions.
Alongside the usual channels, every client can book free financial guidance sessions, and clients with more than £250,000 invested are given a dedicated relationship manager. Paid-for restricted financial advice is available separately if you want a formal recommendation.
How to open a Nutmeg account
At first glance, the account setup process may seem a bit more involved compared to other platforms.
You start by entering your email address and creating a secure password that meets their requirements. Personal details like name, address, and National Insurance number are required afterwards.
It is important to note that, unfortunately, Nutmeg accounts are only available to UK residents.
Nationality and bank details must also be provided, although no charges are incurred; this information is solely for identity verification and withdrawal processing.
Users must read and accept the terms and conditions, with key points highlighted for clarity.
Following this, a series of questions helps determine a suitable risk level for the investment portfolio, which can be adjusted later. For instance, with a stocks and shares ISA, users can invest up to £20,000 tax-free annually, with no setup or exit fees.
The minimum deposits as mentioned above for each account type are as follows:
- £100 for Junior ISA
- £100 Lifetime ISA
- £500 Stocks & Shares ISA
- £500 for a Personal Pension
- £500 for GIA
Once personal details and risk assessment are complete, users can name the investment pot, set a target amount, and choose a timeline for investment.
They can also select an investment style, such as fully managed, smart alpha, socially responsible, or fixed allocation, each with its unique fee structure.
The risk and reward balance are then set, which users can manually edit if desired. A plot summary provides a comprehensive overview of the investment pot, including contributions, timeline, styles, and risks.
Users can view projections of their investment’s value over time and understand the associated costs and charges. Additionally, they can monitor the portfolio’s allocation and historical performance from the dashboard.
Nutmeg alternatives worth considering
A managed service is not the only way to invest, and a cheaper or more hands-on platform may suit you better. These are the alternatives we would look at first, depending on what matters most to you.
Best low-fee alternative
Trading 212
No commission or platform fee on shares and ETFs, plus an ISA and a SIPP. Best if you are happy to choose your own investments.
Visit broker →
Capital at risk.
Best for beginners
InvestEngine
No platform fee on DIY ETF portfolios, with ready-made managed portfolios if you would rather have help.
Visit broker →
Capital at risk.
Closest like-for-like alternative
Hargreaves Lansdown
A wide fund range and ready-made portfolios across ISAs, pensions and Junior ISAs, with far more choice than Nutmeg.
Visit broker →
Capital at risk.
Low-cost ready-made funds
Vanguard
Vanguard’s own LifeStrategy and target retirement funds in an ISA, SIPP or Junior ISA, from one of the world’s largest fund managers.
Visit broker →
Capital at risk.
For experienced investors
Interactive Brokers
A Nasdaq-listed global broker with low dealing costs and access to markets worldwide, better suited to confident, hands-on investors.
Visit broker →
Capital at risk.
Every platform here is authorised by the FCA. For a direct head-to-head on cost and choice, see our Nutmeg vs Hargreaves Lansdown comparison, or answer a few questions in our Find My Broker quiz.
Frequently Asked Questions
Our verdict on Nutmeg
Nutmeg built its reputation on making managed investing simple, and as J.P. Morgan Personal Investing that core proposition is intact while the resources behind it have grown. If you want a diversified portfolio looked after for you, across a genuinely broad set of tax wrappers including a Lifetime ISA and Junior ISA, it remains one of the strongest options in the UK.
The trade-offs are straightforward. At 0.75% on your first £100,000 plus fund charges, you pay more than on a self-directed platform, the Stocks and Shares ISA is not flexible, and until the DIY platform arrives during 2026 you cannot pick individual shares. If you would rather choose your own investments, a low cost DIY platform will serve you better. Our Nutmeg vs Hargreaves Lansdown comparison sets that choice out side by side on fees, account types and investment range. If you want the decisions handled, the fee buys you a well run service. As always, only invest money you can afford to leave alone for the long term.
Other recommended brokers
How we review brokers
This review follows the same process we apply to every broker, so you can see what the verdict above is actually based on.
- What we assessCost, safety and regulation, investment range, platform experience, account options, and support.
- Where it comes fromFee schedules, key features documents, terms and conditions, and the FCA Register.
- How often we checkAt least quarterly, and sooner when a broker changes its charges or accounts.
- IndependenceCommercial relationships do not change our verdict, or what we write about a broker.
Every broker we review is authorised by the Financial Conduct Authority.Our review methodology
Don't forget to visit our Knowledge Hub for more useful information on all things personal finance
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