Find the cheapest investment platforms in the UK and make broker comparison easier with our tables below. Investment costs are all-important, so we’ve placed the cheapest brokers at the top of each table.
Disclosure: Links to platforms may be affiliate links, where we may earn a small commission. It doesn’t affect the price you pay nor how we judge the brokers. This article and the comparison table are not personal financial advice. Your capital is at risk when you invest.
Get cashback by opening new accounts
Getting in ahead of the sign-up incentives that we always see in the ISA season, a couple of the leading investing platforms went early with their marketing efforts.
Most of these offers targeted customers transferring big existing ISAs and SIPPs to new brokers. The brokers are often more ready to pay bonuses to win chunkier accounts.
But what if rather than a transfer, you’re just looking to get started with a new platform?
Well, open an account with low-cost platform InvestEngine via our link and you can get up to £50 when you invest at least £100. (T&Cs apply. Capital at risk).
Follow the link to jump straight to the relevant pages. But please do remember that sign-up bonuses should be seen as an added bonus. They should not be the only reason to choose any broker!
How to compare brokers using our table below
Use our three broker comparison tables like this:
- Beginners – start with the percentage-fee brokers table.
- If your portfolio is worth over £12,000 (or £60,000+ in a SIPP) – consider the flat-fee brokers table.
- Active traders – compare brokers on the trading platforms table.
- Type your favourite broker into the search field and the table collapses to just that broker. (Assuming you know which table it’s in.)
- Mobile users: to see all the columns of our broker comparison table, please rotate your phone to landscape view.
Flat-fee broker comparison
Platform | Annual fee | Fee notes | Trading: Funds | Trading: ETFs, ITs, & shares | Regular investing | FX fee | Entry/exit fee | Good for |
---|---|---|---|---|---|---|---|---|
InvestEngine | £0 (DIY service) | ETFs only | n/a | £0 daily fixed times | £0 | £0 | £0 | - |
Shares ISA | £0 | n/a | n/a | As above | £0 | £0 | £0 | ETF portfolios |
Trading | £0 | n/a | n/a | As above | £0 | £0 | £0 | ETF portfolios |
SIPP | 0.15% <£133.33k, 0% >£133.33k. Max £200 | n/a | n/a | As above | £0 | £0 | £0 | - |
Interactive Investor | £143.88 Investor plan (1 free monthly trade, 2 free friends/family) | £59.88 Essentials plan for <£50k portfolios. £239.88 Super Investor (2 free monthly trades, 5 free friends/family) | £3.99 | £3.99 | £0 | 1.5% <£25k transaction. Cheaper tiers above | £0 | - |
Shares ISA | Investor/Super Investor fee includes ISAs, JISAs and trading accounts. Essentials plan includes ISAs and trading | + £60 SIPP if all accounts <£75k. Otherwise + £120 SIPP | As above | As above | £0 | As above | £0 | - |
Trading | As above | As above | As above | As above | £0 | As above | £0 | - |
SIPP | £71.88 if SIPP <£50k (Pension Essentials plan). £155.88 if SIPP >£50k (Pension Builder plan) | £0 drawdown/UFPLS. +£48 for ISA & trading if all accounts <£75k (Pension Essentials plan) | As above | As above | £0 | As above | £0 | Unrestricted fund portfolios >£60k (£115k vs Vanguard) |
Lloyds Bank Share Dealing | Single £40 fee if you hold ISA & trading account | Free if you're age 18-25 | £1.50 | £11* | £0 | 1% | £0 | - |
Shares ISA | £40 | n/a | £1.50 | £11* | £0 | 1% | £0 | Unrestricted fund portfolios >£11k, (£27k vs Vanguard) |
Trading | £40 | n/a | £1.50 | £11* | £0 | 1% | £0 | As above |
SIPP | n/a | n/a | n/a | n/a | n/a | n/a | n/a | - |
Halifax/Bank Of Scotland Share Dealing | Single £36 fee if you hold ISA & trading account | Free if you're age 18-25 | £9.50 | £9.50 | £0 | 1.25% | - | - |
Shares ISA | £36 | n/a | £9.50 | £9.50 | £0 | 1.25% | £0 | - |
Trading | £36 | n/a | £9.50 | £9.50 | £0 | 1.25% | £0 | - |
SIPP | £90 if SIPP <£50k. £180 if SIPP >£50k | +£180 p.a. drawdown, £90 per UFPLS | £9.50 | £9.50 | £0 | 1.25% | Entry: £60 per transfer. Max £300. Exit: £0 | Unrestricted ETF portfolios >£25k-50k (Check vs Vanguard, AJ Bell and Fidelity) |
iWeb | £100 one-off account opening fee. Does not apply to SIPP | Fee waived until 30 June 2024 | £5 | £5 | n/a | 1.5% | - | Large unrestricted portfolios if you rarely trade. Check vs ii and Lloyds |
Shares ISA | £0 | n/a | £5 | £5 | n/a | 1.5% | £0 | Cheapest stocks and shares ISA hack |
Trading | £0 | n/a | £5 | £5 | n/a | 1.5% | £0 | - |
SIPP | £90 if SIPP <£50k. £180 if SIPP >£50k | +£180 p.a. drawdown, £90 per UFPLS | £5 | £5 | n/a | 1.5% | Entry: £60 per transfer. Max £300. Exit: £0 | - |
Freetrade | - | Securities lending except on ISA | n/a | £0 | Standard & Plus only | 0.99% Basic, 0.59% Standard, 0.39% Plus | £0 | - |
Shares ISA | £71.88 | Free with SIPP | n/a | £0 | £0 | As above | £0 | - |
Trading | £0 | n/a | n/a | £0 | £0 | As above | £0 | - |
SIPP | £143.88 | No drawdown | n/a | £0 | £0 | 0.39% | £0 | - |
ShareDeal Active | - | - | £9.50 | £9.50 | n/a | Variable | Exit: £12 per holding +£60 per account | - |
Flexible shares ISA | £60 | £18 per cash withdrawal | £9.50 | £9.50 | n/a | Variable | As above | - |
Trading | £0 | £18 per cash withdrawal | £9.50 | £9.50 | n/a | Variable | As above | - |
SIPP | n/a | n/a | n/a | n/a | n/a | n/a | n/a | - |
X-O.co.uk | - | - | n/a | £5.95 | n/a | Variable | - | - |
Shares ISA | £0 | n/a | n/a | £5.95 | n/a | Variable | Exit: £18 per holding +£60 | Cheapest stocks and shares ISA hack |
Trading | £0 | n/a | n/a | £5.95 | n/a | Variable | Exit: £18 per holding | - |
SIPP | n/a | n/a | n/a | n/a | n/a | n/a | n/a | - |
HSBC Invest Direct | Single £42 fee if you hold ISA & trading account | n/a | No funds | £10.50* | n/a | Variable | Exit: £15 per holding | - |
Shares ISA | £42 | n/a | n/a | £10.50* | n/a | Variable | As above | - |
Trading | £42 | n/a | n/a | £10.50* | n/a | Variable | As above | - |
SIPP | n/a | n/a | n/a | n/a | n/a | n/a | n/a | - |
Flat-fee investment platforms charge a fixed cost for their services. This pricing model is typically better for investors with large portfolios.
That’s because percentage fees can carve off huge chunks of cash from your wealth if your platform doesn’t cap them.
Percentage-fee broker comparison
Platform | Annual fee | Fee notes | Trading: Funds | Trading: ETFs, ITs, & shares | Regular investing | FX fee | Entry/exit fee | Good for |
---|---|---|---|---|---|---|---|---|
Vanguard Investor | 0.15% <£250k, 0% >£250k. Max £375 | Tiered fee charged on sum of all accounts | £0 | £0 at fixed times, otherwise £7.50 | £0 | £0 | £0 | Cheapest for small investors |
Flexible shares ISA | As above | Vanguard investments only | £0 | As above | £0 | £0 | £0 | Restricted fund portfolios <£27k |
Trading | As above | Vanguard investments only | £0 | As above | £0 | £0 | £0 | As above |
SIPP | As above | Vanguard investments only. £0 drawdown/UFPLS | £0 | As above | £0 | £0 | £0 | Restricted fund portfolios <£115k, ETF portfolios <£92k |
Dodl by AJ Bell | 0.15%. Min £12 p.a. per account | Restricted fund/ETF list | £0 | £0 | £0 | 0.75% <£10k transaction. Cheaper tiers above. 0.5% dividends | £0 | - |
Shares ISA/LISA | As above | n/a | £0 | £0 | £0 | As above | £0 | - |
Trading | As above | n/a | £0 | £0 | £0 | As above | £0 | - |
SIPP | As above | No drawdown | £0 | £0 | £0 | As above | £0 | - |
AJ Bell | 0.25% <£250k, 0.1% £250k – £500k, 0% >£500k. Tiered fee per account | 0.25% on ETFs, shares, ITs, & bonds, capped as below | £1.50 | £9.95*. £5 from 1 April 2024 | £1.50 | 0.75% <£10k transaction. Cheaper tiers above. 0.5% dividends | £0 | - |
Shares ISA/LISA | As above | £42 fee cap as above | £1.50 | £9.95* | £1.50 | As above | £0 | - |
Trading | As above | £42 fee cap as above | £1.50 | £9.95* | £1.50 | As above | £0 | - |
SIPP | As above | £120 fee cap as above. £0 drawdown/UFPLS | £1.50 | £9.95* | £1.50 | As above | £0 | Unrestricted fund portfolios <£60k, ETF portfolios <£28k |
Fidelity | £90 <£25k, 0.35% £25k – £250k, 0.2% £250k – £1m, 0% >£1m | Fee not tiered below £1m, charged on sum of all accounts | £0 | £7.50 | £1.50 (£0 for funds) | 0.75% <£10k transaction. Cheaper tiers above | £0 | - |
Shares ISA | As above. 0.35% <£25K with monthly savings plan. JISAs are free | £90 fee cap ETFs, ITs, shares | £0 | £7.50 | £1.50 (£0 for funds) | As above | £0 | - |
Trading | As above. 0.35% <£25K with monthly savings plan | £0 fee for ETFs, ITs, shares | £0 | £7.50 | £1.50 (£0 for funds) | As above | £0 | - |
SIPP | As above. 0.35% <£25K with monthly savings plan. Junior SIPPs are free | £90 fee cap ETFs, ITs, shares. £0 drawdown/UFPLS | £0 | £7.50 | £1.50 (£0 for funds) | As above | £0 | Unrestricted ETF portfolios > £50k. (£92k vs Vanguard). Unrestricted fund portfolios <£24k on monthly savings plan |
Bestinvest | 0.4% <£250k, 0.2% £250k – 500k, 0.1% 500k – £1m, 0% >£1m | Tiered fee charged per account | £0 | £4.95 | £4.95 (£0 for funds) | 0.95% | £0 | |
Flexible Shares ISA | As above | n/a | £0 | £4.95 | £4.95 (£0 for funds) | 0.95% | £0 | |
Trading | As above | n/a | £0 | £4.95 | £4.95 (£0 for funds) | 0.95% | £0 | |
SIPP | As above. Min £120 charge | £0 drawdown/UFPLS | £0 | £4.95 | £4.95 (£0 for funds) | 0.95% | £0 | |
Charles Stanley Direct | 0.35% <£250k, 0.2% £250k – £500k, 0.15% £500k – £1m, 0.05% £1m – £2m, 0% >£2m. Tiered | 0.35% on ETFs, shares, ITs & bonds. Min £24. Max £240. £0 if 1+ monthly trade | £0 | £11.50 | £11.50 (£0 for funds) | 1% <£10k transaction. Cheaper tiers above | Exit: £10 per holding | - |
Flexible Shares ISA | As above. Fee charged on sum of all accounts | As above | £0 | £11.50 | £11.50 (£0 for funds) | As above | As above | Unrestricted fund portfolios <£11k |
Trading | As above | As above | £0 | £11.50 | £11.50 (£0 for funds) | As above | As above | As above |
SIPP | As above +£120 - waived if all accounts sum £30k+ | +£60 p.a. drawdown | £0 | £11.50 | £11.50 (£0 for funds) | As above | As above +£150 | - |
HSBC Global Investment Centre | 0.25% on all investments | Index funds are HSBC only | £0 | n/a | £0 | n/a | £0 | - |
Shares ISA | As above | n/a | £0 | n/a | £0 | n/a | £0 | - |
Trading | As above | n/a | £0 | n/a | £0 | n/a | £0 | - |
SIPP | n/a | n/a | n/a | n/a | £0 | n/a | n/a | - |
Close Brothers | 0.25% <£500k, 0.2% £500k – £1.5m, 0% >£1.5m | Tiered fee charged on sum of all accounts | £0 | £8.95 | £8.95 (£0 for funds) | Not mentioned | £0 | - |
Shares ISA | As above | n/a | £0 | £8.95 | £8.95 (£0 for funds) | Not mentioned | £0 | - |
Trading | As above | n/a | £0 | £8.95 | £8.95 (£0 for funds) | Not mentioned | £0 | - |
SIPP | As above +£180 | £0 drawdown bar £60 set up, £60 per UFPLS | £0 | £8.95 | £8.95 (£0 for funds) | Not mentioned | £0 | - |
Santander Investment Hub | 0.35% <£50k, 0.2% £50k – £500k, 0.1% >£500k | Tiered fee charged per account | £0 | n/a | £0 | n/a | £0 | - |
Shares ISA | As above | n/a | £0 | n/a | £0 | n/a | £0 | - |
Trading | As above | n/a | £0 | n/a | £0 | n/a | £0 | - |
SIPP | As above | n/a | £0 | n/a | £0 | n/a | £0 | - |
Hargreaves Lansdown | 0.45% <£250k, 0.25% £250k – £1m, 0.1% £1m – £2m, 0% >£2m | Tiered fee charged per account. Fee cap on ETFs, shares, ITs, & bonds | £0 | £11.95* | £0 | 1% <£5k transaction. Cheaper tiers above. 1% dividends | £0 | - |
ISA | As above except LISA is 0.25% <£250k. JISAs are free | £45 fee cap as above | £0 | £11.95* (£0 for JISAs) | £0 | As above. £0 for JISAs on standard trades | £0 | - |
Trading | As above | £0 fee cap as above | £0 | £11.95* | £0 | As above | £0 | - |
SIPP | As above | £200 fee cap as above. £0 drawdown/UFPLS | £0 | £11.95* | £0 | As above | £0 | - |
Aviva | 0.4% <£50k, 0.35% £50k – £250k, 0.25% £250k – £500k, 0% >£500k. Tiered fee charged on sum of all accounts | 0.4% on ETFs, shares, and ITs, capped as below | £0 | £7.50 | £7.50 (£0 for funds) | n/a | £0 | - |
Flexible Shares ISA | As above | £45 fee cap as above | £0 | £7.50 | £7.50 (£0 for funds) | n/a | £0 | - |
Trading | As above | £45 fee cap as above | £0 | £7.50 | £7.50 (£0 for funds) | n/a | £0 | - |
SIPP | As above | £120 fee cap as above. £0 drawdown/UFPLS | £0 | £7.50 | £7.50 (£0 for funds) | n/a | £0 | - |
Plum | Varies by account type | £119.88 for 25 funds + UK shares, Premium plan | £0 | £0 | Ultra & Premium only | 0.45% | Exit: £25 per holding | Simplicity |
Shares ISA | 0.45% + £35.88 | 16 funds + US shares, Pro plan | £0 | £0 | £0 | 0.45% | As above | - |
Trading | 0.45% + £35.88 | 16 funds + US shares, Pro plan. £0 US shares only, Basic plan | £0 | £0 | £0 | 0.45% | As above | - |
SIPP | 0.45% | Choice of 3 funds. No drawdown | £0 | £0 | £0 | 0.45% | As above | - |
Wombat Invest | 0.1% + £12 per account, Standard plan | Very restricted ETF list | n/a | £0 at fixed times | £0 | 0.75% Standard plan | £0 | - |
Shares ISA | As above | Also JISA | n/a | As above | £0 | As above | £0 | - |
Trading | As above | £0 for US shares only, Instant plan | n/a | As above | £0 | As above. 0.65% Instant plan | £0 | - |
SIPP | n/a | TBC | n/a | n/a | £0 | n/a | n/a | - |
Barclays Smart Investor | 0.2% on funds. Min £48. Max £1.5k | 0.1% on ETFs, shares, ITs, & bonds. Min £48. Max £1.5k | £3 | £6 | £1 | 1% <£5k transaction. Cheaper tiers above | - | - |
Flexible Shares ISA | As above | As above | £3 | £6 | £1 | As above | £0 | - |
Trading | As above | As above | £3 | £6 | £1 | As above | £0 | - |
SIPP | As above +£150 | As above +£120 p.a. drawdown, £90 per UFPLS | £3 | £6 | £1 | As above | Entry: £90 per transfer, £450 max. Exit: £90 | - |
Percentage-fee platforms are best for people starting out with relatively little invested. That’s because you’re only losing a modest amount of actual cash when a percentage charge is skimmed from your small pot.
Conversely, flat fees take a disproportionately large bite out of a diminutive portfolio. That sets you back because you’ve got less wealth compounding.
We’ve previously explained how to calculate whether or not you should use a flat-fee or percentage-fee broker.
Trading fees are also typically charged at a fixed rate. Try to keep these costs under 1% of your monthly investment contributions. Look out for cheap regular investing plans and zero commission trading in funds or ETFs to staunch your percentage loss to dealing fees.
Trading platform comparison
Platform | Annual fee | Fee notes | Trading: Funds | Trading: ETFs, ITs, & shares | Regular investing | FX fee | Entry/exit fee | Good for |
---|---|---|---|---|---|---|---|---|
Degiro | - | - | - | - | - | - | - | - |
Shares ISA | n/a | n/a | n/a | n/a | n/a | n/a | n/a | - |
Trading | £0 with securities lending. 0.2% for funds | No securities lending: €1 + 3% (max 10%) per dividend distribution | €4.90 | €1 core ETFs, €3 other ETFs, £2.75 UK shares, €1 US shares | n/a | 0.25% | Entry/exit: €20 per holding | - |
SIPP | n/a | n/a | n/a | n/a | n/a | n/a | n/a | - |
Interactive Brokers | - | £1 per monthly BACs cash withdrawal after first | Varies | UK shares: 0.05% of trade, £3 minimum. Rates vary by country. Also see tiered option | UK shares: 0.05% of trade, £3 minimum. Rates vary by country. | - | £0 | International shares |
Shares ISA | £3 monthly inactivity fee | £3+ monthly trades = £0 inactivity fee | As above | As above | As above | 0.03% | £0 | - |
Trading | £0 | As above | As above | As above | As above | 0.02%. Min $2 | £0 | - |
SIPP | Varies | n/a | As above | As above | As above | 0.02%. Min $2 | £0 | - |
IG | £96 (£24 per quarter minus trade fees) | 3+ quarterly trades = £0 fee | n/a | £8* | n/a | 0.5% | £0 | - |
Flexible Shares ISA | As above | As above | n/a | £8* | n/a | 0.5% | £0 | - |
Trading | As above | As above | n/a | £8* | n/a | 0.5% | £0 | - |
SIPP | As above +£210 | As above +£150 p.a. drawdown, £300 per UFPLS | n/a | £8* | n/a | 0.5% | Entry: £240 | - |
Trading 212 | £0 | - | n/a | £0 | £0 | 0.15% | £0 | - |
Shares ISA | £0 | n/a | n/a | £0 | £0 | 0.15% | £0 | - |
Trading | £0 | Securities lending scheme | n/a | £0 | £0 | 0.15% | £0 | - |
SIPP | n/a | n/a | n/a | n/a | £0 | n/a | n/a | - |
We define a trading platform as a stock broker that encourages its users to buy and sell frequently.
To this end, some trading platforms promote speculative instruments such as Contracts For Difference (CFDs), currencies, and crypto.
They also provide a fast-moving, information-saturated environment that emphasises hyperactivity.
Platform fees are low-to-zero in this space. Revenue is instead generated by trading fees, spreads, and other methods.
Stick to the top two tables if your focus is on investing for the long-term in funds and ETFs.
Investment platforms comparison notes
Charges may actually be due per month, quarter, six-monthly, or annually. Our broker comparison tables simplify that into an annual cost of service, including VAT.
Other charges may be applicable that aren’t included.
Asterisked trading fees indicate that a frequent trader rate is available.
Zero commission brokers generally make money from spreads, foreign exchange fees, and cross-selling of other services. (You’re not getting something for nothing!)
Accounts held with Halifax / Bank Of Scotland, Lloyds Bank, and iWeb count as one for the purposes of the Financial Services Compensation Scheme (FSCS).
Like other price comparison websites, we may be paid a bonus if you sign-up via a link. This does not affect what you pay.
This table is edited by fallible human beings. Do your own research. We fix mistakes as soon as possible but we cannot be held liable or accountable for any errors. Please add updates or erratas in the comments below.
Cheap investment platforms: Good for column
The Good for column indicates the cheapest investment platform for each account type (ISA, Trading and SIPP) depending on whether you invest in funds or ETFs.
The cheapest percentage-fee broker for funds is Vanguard. However, it only stocks Vanguard funds.
If you’d prefer a broker that also offers non-Vanguard funds, then look out for the Unrestricted fund portfolios label in the Good for column.
The portfolio value (e.g. £18k) indicates the approximate threshold at which an investment platform is cheaper than its rivals. In each scenario:
- The flat fee broker is cheaper than its percentage fee competitor above the given value (e.g. £18k).
- The percentage fee platform is more cost effective below the given value.
This broker comparison is offered for ISAs, SIPPs, and trading accounts. We also show the breakpoint vs Vanguard’s cheaper rate.
Our calculations assume one purchase per month and four sales per year. And also that you take advantage of lower-priced regular investment schemes when available.
The investing platform comparison threshold shifts, depending on how much you trade.
Cheapest broker FX fees
Foreign exchange charges are paid for trading in securities that are listed in currencies other than sterling (GBP). Typically those securities are international shares and some ETFs.
FX fees are also due when a broker converts overseas dividends and interest into GBP.
- These costs are levied as a percentage of each transaction.
- Assume they’re layered on top of the FOREX spot price.
- If we list an FX fee of £0, you’ll still pay the spot price where FX fees are applicable.
Please see our tips for avoiding FX fees. If your fund’s base currency is GBP then this cost won’t apply at the broker level.
Variable FX fees means you’ll have to contact the broker for its in-house rate before every trade if you want to know exactly how much you’ll pay in advance.
Not mentioned in the table means the platform does not disclose FX fees prominently on its website. It has also not responded to our enquiries about its rates.
FX fees aren’t an issue if a broker only stocks funds with a GBP base currency. This should be noted on a fund’s factsheet.
Some brokers use a tiered FX fee rate card. In other words, the percentage rate decreases on the amount of a transaction that falls into higher tiers. Please refer to your broker’s website for its full schedule where our table indicates it operates tiered pricing.
What matters when comparing brokers
Investment platforms, stock brokers, and share dealing services are interchangeable names for websites or apps that enable you to trade and manage your portfolio of shares, funds, ETFs, and other investments online.
When you compare brokers, bear in mind that there isn’t a best investment platform out there that suits everybody. The stock broker market is competitive. Players try to standout by offering different pricing models and market niches.
The total price you pay for brokerage services is critical. That’s because controlling costs is a crucial factor in determining your long-term investment performance.
As investing luminary John Bogle said:
The two greatest enemies of the equity fund investor are expenses and emotions.
Our UK stockbrokers list can’t take the emotion out of investing but it can help you find the cheapest investment platform.
The best UK broker for you is likely to provide:
- Low fees for the services you use most.
- The shares, funds, ETFs, and other investments you want. Platforms do not all carry the same range of products.
- The right level of customer service for your needs – don’t expect the lowest-cost platform to respond like lightning when you want it to handle complicated arrangements over the phone.
- The right user experience – if you want a flashy website and app then you’ll be able to tell who provides that from its home page. A broker with a clunky website and dirt-cheap fees is unlikely to prioritise investing in cutting-edge tech.
Check your investment platform is authorised by the FCA
If your investment platform is authorised by the Financial Conduct Authority (FCA) then you may be entitled to compensation using the Financial Services Compensation Scheme (FSCS). Check a broker’s status using the FCA register.
Some platforms are owned by the same financial group. You do not diversify your risk by splitting assets across brands owned by the same group. Our investor compensation scheme guide (linked to above) explains how you can identify these brands.
Some brokers are based abroad – especially those listed in the Trading platforms table. Double-check they’re eligible for the FSCS compensation scheme.
Broker comparison: costs and fees
The annual fee category is intended to capture the various types of service fee typically levied by investment platforms. For example custody fees, platform charges, administration fees, inactivity fees and so on, until the end of time / your tether.
Fee notes includes extra charges, options, inclusions, and exclusions that make a material difference to the price you pay.
A tiered fee means you’ll pay different amounts depending on the total value of your account(s).
For example:
- 0.25% <£250,000 (tier 1)
- 0.1% £250,000 – £500,000 (tier 2)
If your account was worth £250,500 then you’d only benefit from the lower charge on the £500 that fell into tier 2. The remaining £250,000 would still be charged at the tier 1 rate of 0.25%.
Some brokers add up the total value of all your accounts with them when applying their tiers.
However others assess each account separately.
In this scenario (still using our tiered example rate above), you’d pay the tier 1 rate of 0.25% on your entire balance if you had £200,000 in an ISA and £200,000 in a SIPP.
Assume brokers count joint accounts separately from your individual account balances.
SIPP charges on the table don’t include all the various additional fees levied for services once you’re in drawdown.
The drawdown figure we do include is the annual charge you’ll pay for flexi-access drawdown. We’ll also include the fee for taking 25% tax-free uncrystallised funds pension lump sum (UFPLS) payments, if available.
Platforms levy various additional costs for extras such as telephone trading.
Check their full rates and charges schedule before committing.
Brokers also run temporary offers and discounts from time-to-time. Don’t let these sway your decision.
(Obviously they’re a lovely “How Do You Do?” if you were going to choose that brokerage anyway.)
Investment fees for funds, ETFs, and other products
Stockbroker charges come on top of the investment fees you pay to fund providers for the management of their funds, ETFs, and investment trusts.
To ensure you’re paying competitive management fees compare:
- Low cost index funds and ETFs
- Best global tracker funds
- Best bond funds and ETFs
- Best multi-asset funds
- Vanguard LifeStrategy funds
Certain big name brokers sometimes negotiate small discounts on fund charges. If you’re tempted by those ‘bargain’ offers then make sure that your total cost of investment isn’t more expensive once you load on the investment platform’s fees.
This post shows you how to calculate a total portfolio cost for all the products you own.
Understanding account names
Accounts names vary across the online broker universe. However they typically conform to the following types:
- Trading – a taxable account often known as a General Investment Account (GIA) or brokerage account. Your investments are not tax-sheltered as they would be in a stocks and shares ISA or a SIPP. You will incur dividend income tax and capital gains tax on your investments if you exceed your allowances.
- Shares ISA / Flexible Shares ISA – a stocks and shares ISA. Tax-sheltered. Sometimes known as a Self-select ISA. A Lifetime ISA (LISA) is a special variant of a stocks and shares ISA.
- SIPP – Self-Invested Personal Pension. Tax-sheltered.
Switching investment platform
Once you’ve decided to move, it’s fair to say that switching investment platforms isn’t as simple as it is with bank accounts.
For starters, beware of entry and exit fees when transferring your investments. These charges are shown in our broker comparison tables.
Entry fees may be charged by your new platform and exit fees may be charged by your old one.
You can expect a transfer to take several weeks and involve some form filling.
- Always tick the box that requests your investments are transferred ‘in specie’ rather than sold down to cash as part of the switch.
- Make a record of everything you own in your portfolio, including how many shares / units you have.
- Finally, double-check your instructions have been carried out to the letter. Mistakes are surprisingly common.
Take a look at our specialised guides before you make a move:
Why are there only links to some brokers?
Links to brokers and investment platforms are affiliate links, where we may be paid a fee if you go on to open an account with them.
However we do not choose to include platforms in our table based on whether such affiliate fees are on offer, nor does the existence of such an arrangement change the fees you pay. It is a marketing payment made by the companies as an incentive for websites to drive traffic to their site.
We’d like more brokers to pay us when we introduce new customers. It helps us pay our way on Monevator!
Including all brokers – but only linking where an affiliate agreement is in place – is the best compromise we could come up with.
What this UK stockbrokers list won’t tell you
For in-depth customer feedback on individual platforms, ask away in our comments or at Money Saving Expert’s Savings & Investments board, the ex-Motley Foolers on the Lemon Fool board, or reddit for a broader opinion.
Where is my missing trading platform?
We haven’t included every last option in our broker comparison table but we have included the most competitive players in the market.
We filter out any broker that:
- Is too expensive
- Excludes index funds and London Stock Exchange ETFs
- Provides an extremely narrow investment range to the point that diversification is hampered
We also don’t currently include platforms that exclusively provide managed investment services such as ‘robo-advisors’.
That’s because we believe most people are better off managing their own investments at a lower cost using a DIY passive investing strategy.
Do let us know if you think we’ve missed anyone or anything important.
@The Accumulator I cannot see Chip in the list. They have 0% Platform and Trading fees. A Stocks and Shares ISA with Chip is included as part of a ChipX membership (£65.05 paid annually, or £5.99 / 28 days).
https://www.barclays.co.uk/smart-investor/investments/investment-costs/
Barclays Smart Investor has removed minimum £4 per month fee. Its just 0.1% pa for stocks and 0.2% pa for funds.
@Fiz: I clicked on the link and it asks for a platform fee of 0.25% for the first quarter mil. Trades are £6.
It states:
Customer fee
The customer fee applies to all investments held across your individual Barclays Smart Investor accounts. This fee is 0.25% up to £200,000 and 0.05% on investments over £200,000.
Am I missing something? Thanks.
You are correct @Onedrew
It will be the existing customer vs new customer differences. @Fiz must be an existing customer, as for them it is:
“No minimum monthly fee – We’re removing the £4 minimum monthly fee.
We are freezing Customer fees for existing customers: 0.2% pa for funds. 0.1% pa for all other investments. The maximum monthly fee remains capped at £125.
New trading fees: Existing customers will be charged the same as new customers for any investments they buy or sell.”
Would be good to indicate whether SIPP platform fees are deducted from within the tax-sheltered SIPP environment, or paid out of net cash. Might make a big difference on how cheap different brokers look for SIPPs. For a higher rate tax payer, AJ Bell fees might work out to net income of £72/year or less, making them significantly cheaper than Freetrade, which will only collect platform fees via a debit card.
This platform comparison page is brilliant, I make regular use of it.
But I have a question: shouldn’t you add another column, namely the “bid-ask spread” policy/practice? I have accounts with Lloyds Investment (where I normally buy OEIC funds) and HL (GIA, ETFs) … but recently I have discovered the amazing, seemingly-too-good-to-be-true “free” platforms InvestEngine and Trading212. In addition to the “no annual fee” and “no transaction charge”, it appears that, on ETFs at least, they also have a zero bid-ask spread. At least that’s what my experience this morning (of initiating first a SELL and then a BUY at Trading212) seems to show.
Love to know what you might have to say about this.
Does anyone know of any UK broker that specifically accepts a transfer of a matured SAYE employee share scheme (“sharesave”) into a SIPP? Doesn’t seem to be an issue for transferring into a S&S ISA, but certainly interactive investor won’t do that going into a SIPP. Has anyone successfully done this and who did you use?