UK Investment Platform Comparison 2026

Types of Platforms

UK investment platforms broadly fall into two categories: percentage-fee platforms and fixed-fee platforms. Percentage-fee platforms (Vanguard, Fidelity, Hargreaves Lansdown) charge a percentage of your portfolio value annually, typically 0.15% to 0.45%. These are cheap for small portfolios but become expensive as your portfolio grows. Fixed-fee platforms (Interactive Investor, AJ Bell's fixed-fee option) charge a flat monthly or annual fee, typically £10–£13 per month. These become cheaper once your portfolio exceeds about £30,000–£50,000. Some platforms also offer tiered pricing — Hargreaves Lansdown charges 0.45% on the first £250,000, then lower rates above that. There are also execution-only brokers like Freetrade and Trading 212 which offer commission-free dealing on shares and ETFs, funded by foreign exchange fees, payment for order flow, or subscription tiers. Robo-advisors like Nutmeg and Moneybox offer automated portfolio management at higher fees (0.45–0.75% plus fund costs) but require minimal investor involvement. The platform must be FCA-authorised, and your assets are typically held in a nominee account, providing FSCS protection up to £85,000 if the platform fails.

Platform Fees Compared

Platform charging structures vary significantly. Vanguard charges 0.15% per year capped at £375 for ETFs and shares — one of the cheapest for funds but limited to Vanguard's own products. Hargreaves Lansdown charges 0.45% on the first £250,000 (uncapped for ETFs/shares at £200/year max on shares) plus dealing costs. Their fund dealing costs are free, but share dealing costs £11.95 per trade. Fidelity charges 0.35% on the first £250,000, with regular investing from £25 per month free of dealing charges. AJ Bell charges 0.25% capped at £42 per quarter for ETFs and shares, or a fixed-fee option. Interactive Investor charges a flat £11.99 per month (includes one free trade) plus £3.99 per additional trade. Over a 10-year period on a £50,000 portfolio with one fund trade per month, total costs would be approximately: Vanguard £750, Fidelity £1,750, AJ Bell £1,250, Hargreaves Lansdown £2,250, Interactive Investor £1,440. Always check each platform's latest charges on their website, as fees change. Remember that fund ongoing charges (OCF) of 0.05–0.25% are separate from platform fees and apply regardless of provider.

Fund Dealing Costs

In addition to platform fees, dealing costs vary by platform. Most platforms offer free fund dealing (buying and selling OEICs and unit trusts) — Vanguard, Fidelity, Hargreaves Lansdown, and AJ Bell all offer free fund trades. This makes fund-based investing cost-effective regardless of trading frequency. For ETF and share dealing, costs vary: Vanguard charges £0 for buying its own ETFs; Hargreaves Lansdown charges £11.95 per trade (£5.95 for regular monthly investing); Fidelity charges £7.50 per trade (£1.50 for regular investing); AJ Bell charges £4.95 per trade (£1.50 for regular investing); Interactive Investor includes one free trade with its flat fee then £3.99 per trade; Freetrade and Trading 212 offer free ETF and share dealing. If you trade frequently (e.g., monthly ETF purchases), choose a platform with low regular dealing costs. A monthly ETF purchase costing £1.50 vs £5.95 saves £53 per year — significant over time. Some platforms offer regular investing plans that automate purchases for lower fees. For a typical buy-and-hold investor making 12 purchases per year, annual dealing costs range from £18 (AJ Bell regular) to £143 (Hargreaves Lansdown standard).

Best for Small Portfolios

For portfolios under £25,000, Vanguard is often the cheapest option for fund investors. The 0.15% platform fee on £10,000 costs just £15 per year. However, you are limited to Vanguard's own funds. Fidelity charges 0.35% (£35 on £10k) but offers a wider fund range including third-party funds. Freetrade and Trading 212 offer free ETF and share dealing with no platform fee on their basic tiers — perfect for small portfolios investing in ETFs. Freetrade's Standard account costs £0 (no ISA, no platform fee) or £5.99/month for the ISA. Trading 212's ISA is free with no platform fees, making it the cheapest option for small ETF portfolios. Moneybox and Nutmeg are robo-advisors with higher fees (0.45–0.75%) but provide hands-off investing — suitable for beginners who want automated portfolio management. For someone investing £100 per month, a free or cheap platform is essential because percentage fees on small amounts can consume a significant portion of returns. A £10,000 portfolio growing at 6% with 0.45% annual fees vs 0.15% fees costs £180 extra over 5 years. Consider the total cost including platform fee, fund OCF, and dealing charges when choosing.

Best for Large Portfolios

For portfolios over £100,000, fixed-fee platforms become significantly cheaper than percentage-fee platforms. Interactive Investor charges £11.99 per month (£143.88/year) regardless of portfolio size. On a £200,000 portfolio, that is 0.07% effective fee — far cheaper than Vanguard (0.15%, £300) or Fidelity (0.35%, £700). AJ Bell's capped pricing charges a maximum of £42 per quarter for ETFs and shares (£168/year), giving 0.08% on £200,000. Hargreaves Lansdown is the most expensive for large portfolios at 0.45% unlimited on funds (£900/year on £200k), though their share dealing has a £200 annual cap. If you hold primarily ETFs and shares, choose a platform with a cap or fixed fee. iWeb charges a one-off £100 opening fee then £0 annual platform fee (dealing costs at £5 per trade) — exceptionally cheap for large buy-and-hold portfolios. X-O.co.uk charges £0 platform fee with dealing from £5.95. For very large portfolios (£500,000+), a bespoke service through a wealth manager or discretionary fund manager may be appropriate, though fees are higher (0.5–1.0%). Always check whether the platform offers nominee or safeguarding arrangements for larger holdings, and confirm FCA authorisation on the register.

Special Features and Tools

Beyond fees, platforms differentiate on features. Hargreaves Lansdown offers the most extensive research — award-winning fund analysis, share research, market commentary, and the Wealth Shortlist of recommended funds. This is valuable if you enjoy research, but you pay for it via higher fees. Fidelity provides good research and a Select 50 list of preferred funds. AJ Bell offers comprehensive tools including model portfolios and a dividend calendar. Interactive Investor has excellent portfolio tools, a magazine, and expert-managed model portfolios. Vanguard keeps it simple — low costs, basic tools, and a limited fund range. All major platforms offer ISAs, SIPPs, and general investment accounts. Mobile apps are increasingly important — Freetrade, Trading 212, and Moneybox lead on app quality, while traditional platforms like Hargreaves Lansdown and AJ Bell have improved their mobile offerings. Regular investing features are available on most platforms, often with reduced dealing charges. Some platforms offer fractional shares (Freetrade, Trading 212, Hargreaves Lansdown) allowing you to invest in high-priced shares with small amounts. For pension savers, check whether the platform offers SIPP drawdown facilities, as not all platforms support flexible drawdown. The FCA's consumer duty requires platforms to offer fair value, so compare total cost and service quality before choosing.

FAQs

Which UK platform is cheapest for an ISA with £10,000?

For a £10,000 ISA investing in ETFs, Vanguard (0.15%, £15/year) or Trading 212 (free ISA) are the cheapest. For funds, Vanguard at 0.15% is hard to beat. Freetrade also offers a free ISA tier for ETFs.

Are my investments protected if the platform goes bust?

Yes, up to £85,000 under FSCS protection if the platform is FCA-authorised. Your investments are typically held in a nominee account, separate from the platform's own assets, providing additional protection through the client money and asset rules.

Can I transfer my ISA from one platform to another?

Yes, you can transfer your ISA to any other provider at any time. The new provider handles the transfer, which typically takes 7–30 days. Cash ISAs transfer faster than Stocks and Shares ISAs, which may need to sell holdings before transferring.