The low cost service, to be launched in the first half of 2022, will compete with the growing popularity of app tools provided by firms such as Hargreaves Lansdown.

The new investment apps have proved particularly popular with younger and less experienced investors, particularly during lockdown.

Dodl's costs include a single, all-in annual charge of 0.15% of portfolio value for each investment account (for example a pension). There is a £1 per month minimum per account.  

There will be no commission for buying or selling investments and no tax wrapper charges. AJ Bell says an investor with £10,000 invested in an ISA would pay a charge of £15 a year.

Using the app investors can buy and sell investment via a full range of tax efficient wrappers. Investments include a range of UK equities and funds with overseas shares to follow.

AJ Bell says Dodl will be an “easy to use, jargon free investment app.”

The app will be available for smartphones and via leading social media apps including Facebook, Instagram, TikTok and Twitter.

Wrappers which can be used include Individual Savings Account (ISA), Lifetime ISAs, pensions and general investment accounts. Customers can set up regular investments and consolidate existing ISAs and pensions onto the platform. 

People will be able to pay money in to accounts via Apple and Google pay, as well as debit card payments and direct debits. 

Dodl will use ‘friendly monster’ characters to guide people through the application process, as well as providing information to help people make investment decisions.

The app will give investors access to a simplified investment range which AJ Bell believes will meet the needs of most investors. 

There will be a range of ‘themed investments’ which include funds focusing on core areas such as technology, robotics, healthcare and responsible investing.

The fund range will include AJ Bell’s low-cost multi-asset funds, which cater for six different risk levels, along with AJ Bell’s Responsible Growth fund.

The Dodl mobile app will sits alongside AJ Bell’s existing consumer platform AJ Bell Youinvest.   

Andy Bell, chief executive of AJ Bell, said: “Dodl by AJ Bell is for anyone looking for a low-cost, easy-to-use investment app to help them meet their investment goals such as saving for a house deposit, holidays or retirement. The intuitive investment journey and streamlined investment range will appeal particularly to those that are new to investing and want a simple way to manage their investments.”