What is the cheapest investment platform?
The cheapest investment platform for you will depend on how much money you want to invest and what you want to invest in.
We’ve estimated the cost of investing various sums in investment platforms over the course of a year.
- The fees in the first table apply if you buy funds; the second if you buy shares (investment trusts, gilts and bonds are usually subject to the same charges as shares); the third if you buy exchange-traded funds (ETFs)
- We assume you make four purchases and four sales each year, spaced out over different months, in a stocks and shares Isa. We don’t include fees charged by fund managers.
- You can sort platforms by cost for each portfolio size using the three horizontal lines icon.
Please note: the content contained in this article is for information purposes only and does not constitute financial or investment advice.
Investment fund fees
Shares and investment trusts fees
ETF (exchange-traded funds) fees
Note: Fees correct as of 1 March 2026. Assumes four purchases and four sales in a year, spread across months.
Doesn’t include ongoing fund charges, foreign exchange or other additional charges. Not all platforms offer each of funds, shares and trusts, ETFs, so may not be present in all tables.
Assumes the basic tier of subscription; cheaper fees may be available if you subscribe to premium tiers.
‘One platform, but two very different fees’
Megan Thomas, Which? investing expert says:
Some platforms charge wildly different fees depending on what type of assets you’re investing in.
If you have less than £50,000 invested, it’s cheaper to invest in mutual funds than shares, investment trusts and ETFs. At the extreme end of differences, you’d pay just £12.50 to invest £5,000 in funds with HSBC Global Investment Centre for a year, but £126 to invest with HSBC InvestDirect.
But, once you get a portfolio with more than £50,000 in it, the opposite is true on a lot of platforms, and you’d pay far less if you were investing in shares, investment trusts and ETFs.
On Hargreaves Lansdown, for instance, you’d save £1,310 in account fees by having a £500,000 portfolio in shares, investment trusts and ETFs rather than mutual funds.
AJ Bell, Fidelity, and HSBC showed the same pattern, although the difference on Hargreaves Lansdown is the largest.
On Aviva, Barclays, Bestinvest, and Lloyds Bank, it’s cheaper to invest in funds, no matter your portfolio size.
What is the cheapest platform for portfolios under £50,000?
Investors with less than £50,000 should generally look for platforms with a low percentage-based annual fee and no fixed fees.
The cheapest platforms for investors investing in funds with less than £50,000 were Freetrade, Trading 212 and NatWest.
For those investing in shares, exchange-traded funds or investment trusts, the cheapest platforms for less than £50,000 were Freetrade, Trading 212 and InvestEngine.
- Find out more: Best investment platforms in the UK 2025
What is the cheapest platform for portfolios over £50,000?
Fixed-fee platforms usually work out cheapest for investors with the largest portfolios, particularly over £50,000.
But don’t rule out percentage-fee providers, as many percentage-fee providers cap fees.
The cheapest platforms for investors investing in funds with more than £50,000 were Freetrade, Trading 212, eToro, Lloyds Bank, Halifax Share Dealing and Scottish Widows.
For those investing in shares, exchange-traded funds, or investment trusts, the cheapest platforms for more than £50,000 were Freetrade, Trading 212, AJ Bell, eToro, Lloyds Bank, Halifax Share Dealing and Scottish Widows.
The Financial Services Compensation Scheme (FSCS) only protects sums up to £85,000 in the event of platform failure, so you may wish to divide large pots between platforms.
- Find out more: Are your investments protected?
What is the cheapest platform for frequently buying and selling shares?
If you frequently buy or sell investments – particularly shares, exchange-traded funds (ETFs) or investment trusts – pay close attention to the cost per trade.
Freetrade and Trading 212 charge no commission on trading.
You should also pay attention to foreign exchange fees if you’re trading regularly, as they can range from nothing to 1.5% of the value of your trade.
Do investment platform fees matter?
Yes, platform fees make a huge difference to returns.
For a start, they apply whether your investments perform well or badly. Reducing the sum you pay your platform is one of the few ‘guaranteed’ ways to improve your returns.
Every £1 you pay your investment platform is money that could have been reinvested for future growth. Over time, the cumulative cost of an expensive platform will increase – as will the benefit of a cheaper one.
How can you save on fees?
Some investment platforms offer their own incentives for you to put a little bit away into your Isa every month through regular investing services, whether that’s lower transaction or account fees.
Regular investment services also have a lower minimum amount – often £25 a month – compared to what you need to make a lump sum, which can ask for as much as £1,000.
For example, AJ Bell reduces share trading costs for regular investing from £5 to £1.50, while someone with £5,000 invested with Fidelity International could save £72.50 on account fees by using its regular savings plan.
Some platforms, including Hargreaves Lansdown and Scottish Widows, waive dealing fees entirely if you set up a regular direct debit.
Should you only consider fees?
Investment platforms aren’t just divided by price, but also by customer service, investment choice, investment information and ease of access.
We’ve ranked stocks and shares Isas provided by investment platforms based on customer score, and picked Which? Recommended Providers.
We’ve also compiled in-depth reviews of platforms covering aspects of what you can invest in, with more information about their fees.
- Find out more: Best investment platforms in the UK 2026