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Why invest?

Choosing an investment account

Firstly, what's an investment account?

An investment account is like a savings account, with a key difference: Instead of just watching your money sit there, you can use it to buy investments like shares and funds. The goal? To potentially grow your money over the long term (ideally at least five years).

Investment accounts come in a few different varieties, four of which are offered by Dodl:

  • Investment Individual Savings Accounts (ISAs)
    ISA: grow your money tax-efficiently and free from hassle. Choose from a streamlined range of investment options, with a maximum investment limit of £20,000 per year. You can also earn interest on your cash while you work out where to invest it.
     
  • Lifetime Individual Savings Accounts (LISAs)
    LISA: ideal for first-time home buyers or retirement savers aged 18-39. Invest up to £4,000 and benefit from a government bonus (25% of what you pay in) and potential investment growth. You can also earn interest on your cash while you decide how to invest it.
     
  • Pensions
    Pensions: designed for the long term, allowing you to invest and grow a nest egg for your retirement.
     
  • General Investment Accounts (GIA)
    GIA; flexibility to invest and withdraw any amount at any time, without the tax benefits that come with ISAs and pensions.

Each investment account can be used in different ways.

Certain investment accounts, namely ISAs and pensions, also have tax benefits which set them apart. But with those benefits come some restrictions on who and how they can be used.

 

How to choose the right account

Use the comparison table below to see which account type meets your financial needs.

Are you looking for investment tax benefits? Have you used up your ISA allowance and need another account for your money? Keen to start saving for your first home or retirement?

It all boils down to what’s important to you now – and in the future.

 

Comparing the accounts  

Within the app, you’ll have access to Dodl’s streamlined range of investment options, regardless of which account you go for. And all of our accounts have the same Dodl charge, which is 0.15% (min £1 per month) of the value of your investments. Making investing a doddle and affordable.

 
Dodl Investment ISA
Dodl Lifetime ISA
Who's it for?
  • Age 18+
  • UK residents
  • Financial goal: building wealth over the long term
  • Age 18-39 (or 40+ if you've got an existing Lifetime ISA you're transferring to Dodl)
  • UK residents
  • Financial goal: investing for first home or retirement
Paying in
  • Max: £20,000 per year across all your ISAs (inc. Lifetime ISA). It’s called the annual ISA allowance.
  • Competitive interest rate on univested cash
  • Max: £4,000 per year (part of overall £20k ISA allowance)
  • Competitive interest rate on univested cash
  • +25% govt bonus (max £1,000 per year)
  • Can pay in until age 50
Investment options
  • AJ Bell funds
  • Themed investments
  • Shares
  • AJ Bell funds
  • Themed investments
  • Shares
Tax on investments

  • No capital gains tax or income tax to pay

  • No capital gains tax or income tax to pay
Withdrawing cash

  • Anytime, no charges

  • You can’t pay withdrawn amount back in if you don’t have enough ISA allowance left

  • Cash withdrawn is no longer wrapped safely away from tax.

  • No charge when buying your first home (solicitor instructs this) or from age 60

  • Govt withdrawal charge of 25% for any other withdrawal

  • You can't pay withdrawn amount back in if you don't have enough ISA allowance left.

 

 
Dodl Pension
Dodl GIA
Who's it for?
  • Age 18+
  • UK residents
  • Financial goal: investing for retirement
  • Age 18+
  • UK residents
  • Financial goal: building wealth over the long term, outside the ISA/pension allowance
Paying in
  • Max: your yearly earnings up to £60,000 (could be less so be sure to check!)
  • Tax relief from government (basic rate = 20%)
  • No maximum
Investment options
  • AJ Bell funds
  • Themed investments
  • Shares
  • AJ Bell funds
  • Themed investments
  • Shares
Tax on investments
  • No capital gains tax or income tax to pay
  • Gains and income are subject to tax
  • You need to declare these on your tax return
Withdrawing cash
  • From age 55 (increasing to 57 from 2028)
  • 25% of your pension is withdrawn tax-free
  • 75% subject to income tax at your usual rate (pension rules apply)
  • Dodl doesn’t currently offer the option to withdraw your pension, just to build it up. Transfer required for withdrawals.
  • Anytime, no charges

 

Close to deciding?

Amazing! You can open your account in minutes in the app. Invest as and when you like or set up handy monthly investments to automate your investment journey. From there, you can sit back and relax – we’ll handle the rest.

 

Still unsure?

Feeling overwhelmed is natural! Head to our website for detailed information on each account type. You can also chat with our friendly team directly within the app for quick answers.

Alternatively, you can always drop by the Dodl learn centre in the app. You'll find everything you need to grow your investing knowledge – from glossaries of key terms to explainers breaking down tricky topics into easy-to-understand steps.

Browse accounts

Read more in our:

Learn centre

🔔 Remember investing carries risk and nothing in this article should be taken as advice - Dodl doesn't give advice, but we do hope the info is helpful!