Hargreaves Lansdown Review (2026):
New fees, accounts, and who it fits
HL made its biggest fee overhaul in over a decade on 1 March 2026 — cutting the platform fee from 0.45% to 0.35%, dropping dealing to £6.95, but adding a new £1.95 fund charge and tripling the ISA custody cap. This review covers what changed, who benefits, who pays more, and whether HL is still the right fit for your strategy.
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TL;DR
- UK investors wanting ISA, SIPP, Cash ISA, and LISA all in one place.
- Larger portfolios — the £150/year ETF cap delivers a very low effective rate.
- Investors who value research depth, the Wealth Shortlist, and phone support.
- Monthly regular investors — shares and ETFs are now free to buy this way.
- Pension investors — Ready-Made Pension is now 0.15% all-in, one of the cheapest on the market.
- New £1.95 fund dealing fee — active fund switchers pay more than before.
- ISA share/ETF custody cap tripled from £45 to £150 — mixed news for ISA investors.
- GIA (Fund & Share Account) now charges 0.35% on shares — previously free.
- Fund platform fee (0.35%) still uncapped — Vanguard UK wins on funds above ~£43k.
- No fractional shares — you need enough for a full unit.
What is Hargreaves Lansdown?
Founded in Bristol in 1981 and listed on the London Stock Exchange, HL is the UK’s dominant retail investment platform. Size and longevity matter here — the regulatory track record, account breadth, and fund selection depth are genuine differentiators that newer platforms have not matched. The March 2026 fee overhaul, its first major pricing revision since 2014, came amid growing competition from app-based brokers and the arrival of new entrants including JP Morgan’s UK DIY platform and Robinhood’s UK expansion.
HL is authorised and regulated by the Financial Conduct Authority (FCA). Client assets are held separately from company assets and are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per eligible person.
The platform covers stocks, ETFs, funds, investment trusts, and bonds — across ISA, Cash ISA, SIPP, Lifetime ISA, Junior ISA, and a taxable Fund and Share Account. That account breadth is the strongest case for HL over newer alternatives that offer only one or two account types.
ISA, SIPP, Cash ISA, and everything in between
HL’s account range is one of its strongest arguments. Most UK investors start with a Stocks and Shares ISA — HL offers that, plus SIPP, Cash ISA, Lifetime ISA, and Junior ISA, all on one platform under one login. Very few platforms match this breadth.
| Account type | Who it’s for | Annual allowance (2025/26) |
|---|---|---|
| Stocks and Shares ISA | All UK investors wanting tax-free growth on investments | £20,000 |
| Cash ISA | Tax-free savings; HL’s own Cash ISA backed by Shawbrook Bank, FSCS-protected | £20,000 (shared with S&S ISA) |
| SIPP | Self-invested pension with tax relief on contributions; includes flexi-access drawdown | Up to £60,000 |
| Ready-Made Pension | Managed pension plan within the SIPP; 0.15% all-in from March 2026 — among the cheapest on the market | No separate limit |
| Lifetime ISA (LISA) | First home buyers and retirement — 25% government bonus on contributions | £4,000 |
| Junior ISA | Parents investing for children under 18, tax-free; dealing is free for Junior ISA accounts | £9,000 |
| Fund and Share Account (GIA) | Taxable general account — no contribution limits; note: 0.35% custody now applies from March 2026 | No limit |
The fee structure — and where it gets complicated
HL made its first major fee revision since 2014 on 1 March 2026. The headline is good: lower platform fee, lower dealing cost. The detail is more nuanced — a new fund trading charge, a tripled ISA cap, and a new GIA custody fee all change the maths depending on your situation.
| Asset type | Fee rate (tiered) | Annual cap |
|---|---|---|
| Funds (OEICs) — all accounts | 0.35% up to £250k · 0.25% to £1m · 0.10% to £2m · 0% above | No cap |
| Shares, ETFs, investment trusts — ISA | 0.35% (same tiered rate applied before cap) | £150 / year |
| Shares, ETFs, investment trusts — SIPP | 0.35% (same tiered rate applied before cap) | £200 / year |
| Shares, ETFs, investment trusts — GIA | 0.35% — new from March 2026; previously free | £150 / year |
| Ready-Made Pension (SIPP) | 0.15% all-in (reduced from 0.45%) | Included in 0.15% |
| Trade type | Cost | Notes |
|---|---|---|
| Shares / ETFs — online (0–19 trades/month) | £6.95 | Down from £11.95 |
| Shares / ETFs — online (20+ trades/month) | £3.95 | Down from £5.95 |
| Shares / ETFs — regular monthly investing | Free | Previously £1.50 per deal — a meaningful improvement |
| Funds (OEICs) — online | £1.95 | New charge — previously free; waived for regular monthly investing |
| Funds — regular monthly investing | Free | Waived for Direct Debit regular investors |
| Dividend reinvestment | Free | No dealing charge |
| Trade value (GBP equivalent) | FX charge |
|---|---|
| Up to £5,000 | 0.99% |
| £5,001 – £10,000 | 0.75% |
| £10,001 – £20,000 | 0.50% |
| Above £20,000 | 0.25% |
Who wins, who loses under the new fees
HL says 8 in 10 clients are better off or pay the same under the new structure. The full picture depends on what you hold, which accounts you use, and how you invest.
- Fund investors in ISA/SIPP: 0.35% vs 0.45% saves money on fund-only portfolios at most sizes.
- Monthly regular investors: shares and ETFs via Direct Debit are now free — the previous £1.50 charge is gone.
- Active share traders: £6.95 (or £3.95 for 20+) is a meaningful reduction from £11.95.
- Ready-Made Pension holders: 0.15% all-in makes this one of the cheapest managed pension options in the UK.
- Junior ISA investors: no platform or dealing fee changes affect Junior ISA — largely unaffected.
- ISA ETF investors (portfolio above ~£13k): the ISA cap jumped from £45 → £150 — you hit the cap at a lower portfolio value. On £20,000, monthly custody cost rises from ~£3.75 to ~£5.83.
- Active fund switchers: the new £1.95 per fund trade is entirely new — anyone who manually rebalances funds pays more than before.
- GIA share holders: the “fare dodger” era is over. Holding shares, ETFs, or investment trusts in a Fund and Share Account now costs 0.35%, capped at £150. Previously: nothing.
- Large ETF portfolios in ISA: while the cap means a low effective rate at scale, the jump from £45 to £150 is a real increase for mid-sized portfolios (£13k–£43k range).
Competition in the UK retail investment market has intensified significantly. App-first brokers like Trading 212 and Freetrade have grown quickly, JP Morgan launched a DIY investing platform in 2026, and Robinhood entered the UK market. HL also went through a private equity-backed buyout in 2025. The March 2026 overhaul — HL’s first major repricing since 2014 — is a direct response to investor outflows to cheaper platforms and is explicitly positioned as an investment of “tens of millions of pounds” into client value.
Where HL genuinely earns its premium
If research tools and fund selection guidance matter to you, HL is hard to beat at any price point. The quality here is the main reason active investors stay — and why HL is often described as the “full-service” option in the UK market.
HL’s curated list of funds selected by their in-house research team — not an algorithm. Analyst-backed filtering that reduces the 2,500+ fund universe to a manageable shortlist. Genuinely useful if you want a starting point rather than a blank search box.
Detailed factsheets, performance histories, charges breakdowns, and analyst commentary for most listed investments. Meaningfully better than most competing UK platforms — useful if you’re selecting active funds rather than passive trackers.
HL’s savings marketplace lets you earn competitive interest rates on cash held in your account through a selection of partner banks, all within the platform. A useful addition for investors holding cash between deployments — avoids parking money in a low-rate current account.
Consistently rated well in app stores. Covers account management, portfolio views, and dealing. Not as visually polished as newer neobroker apps, but significantly more capable in terms of account depth and investment range.
Phone support with real advisors — a genuine differentiator as more platforms move to chatbots and email-only queues. Consistently rated highly for responsiveness and quality, particularly for complex pension or ISA transfer queries.
HL’s website includes structured learning resources, market commentary, and portfolio guidance. One of the better educational ecosystems in UK retail investing — useful for beginners who want to understand what they’re buying, not just a ticker to enter.
Who Hargreaves Lansdown fits — and who it doesn’t
- UK investors wanting ISA, SIPP, Cash ISA, and LISA in one place.
- Larger portfolios (£43k+) where the £150/year ETF cap delivers a very low effective rate.
- Pension investors who want a managed option — Ready-Made Pension at 0.15% all-in is highly competitive.
- Monthly DCA investors using the regular investing feature — shares/ETFs now free to buy this way.
- Active investors who value research depth and the Wealth Shortlist.
- Anyone who wants reliable phone-based customer support and a 40-year track record.
- Passive fund-only investors — 0.35% uncapped vs Vanguard UK’s 0.15% capped at £375. Vanguard wins above ~£43k in funds.
- ETF-only investors on a tight budget — InvestEngine charges 0% platform fee and £0 dealing.
- Active fund switchers who manually rebalance — new £1.95 per fund trade adds meaningful annual friction.
- GIA investors who relied on fee-free share holding — that era ended in March 2026.
- Anyone who wants fractional ETF shares for precise allocation (HL doesn’t offer this).
For passive ETF investors: InvestEngine charges 0% platform fee and £0 dealing on all ETFs. A £20,000 ISA in ETFs at HL costs up to £150/year in platform fees (hitting the cap) plus £6.95 per ad-hoc deal. At InvestEngine: nothing. The gap compounds over a decade, and InvestEngine’s GBP-denominated ETF selection covers all the core trackers most passive investors need.
For fund-only investors: Vanguard UK charges 0.15% capped at £375/year — cheaper than HL’s 0.35% once your fund portfolio exceeds ~£43,000. The trade-off is selection limited to Vanguard’s own ~85 funds. For a two-fund or three-fund UCITS portfolio, this is rarely a real limitation.
For active fund switchers: Platforms like AJ Bell charge £1.50 per fund deal on the regular investing route and £5.00 online. HL’s new £1.95 online fund charge is broadly comparable, but AJ Bell’s lower share cap (£42/year on ETFs in ISA vs HL’s £150) may tip the balance for mixed portfolios.
Ready to open an account?
Check HL’s current fees and account options before opening — the March 2026 changes mean the impact on your specific situation depends on what you hold and how you invest. If HL isn’t the right fit, the comparison links below cover the main UK alternatives.
Go deeper
Frequently asked questions
What are Hargreaves Lansdown’s fees in 2026?
From 1 March 2026, HL charges a 0.35% annual platform fee on ISAs, SIPPs, and Fund and Share Accounts (down from 0.45%). Share and ETF dealing costs £6.95 per online trade, or £3.95 for 20+ trades per month. A new £1.95 fee applies each time you buy or sell a fund online — this is waived for regular monthly investors who invest by Direct Debit. Regular investing in shares and ETFs is free. The annual custody cap for shares and ETFs is £150 per year per account for ISAs and GIAs, and £200 for SIPPs.
Who is worse off under HL’s new 2026 fees?
Three groups may pay more. First, ISA investors holding shares or ETFs with a portfolio above around £13,000 — the annual custody cap jumped from £45 to £150, more than tripling. Second, active fund switchers who rebalance manually — the new £1.95 per fund trade is an entirely new cost. Third, long-standing investors holding shares in a Fund and Share Account (GIA) — previously no custody fee applied; from March 2026, 0.35% capped at £150 per year now applies to all GIA share holdings.
Is Hargreaves Lansdown good for long-term investing?
It can be, particularly for investors who want ISA, SIPP, and Cash ISA in one place, value research depth, and hold a mix of funds and shares. Following the March 2026 changes, HL is now more competitive on shares and ETFs at larger portfolio sizes — the £150 annual cap means your effective platform rate falls well below 0.35% on a £100,000 ETF portfolio. It remains less competitive for passive fund-only investors versus Vanguard UK, and for ETF-only investors versus InvestEngine’s zero-fee model.
Can I hold ETFs in a Hargreaves Lansdown ISA?
Yes. HL’s Stocks and Shares ISA supports ETFs, individual shares, investment trusts, and OEIC funds. ETF deals cost £6.95 per online trade from March 2026, or free via the regular monthly investing option. The annual platform fee is 0.35%, with a custody cap of £150 per year for shares and ETFs within the ISA. Growth inside the ISA is free from UK capital gains tax and income tax.
Is Hargreaves Lansdown safe?
Yes. Hargreaves Lansdown is authorised and regulated by the FCA, listed on the London Stock Exchange, and client assets are held separately from company assets. Eligible clients are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person.
When does a cheaper platform make more sense than Hargreaves Lansdown?
For passive ETF-only investors, InvestEngine charges 0% platform fee and £0 dealing — a significant advantage at any portfolio size. For fund-only investors, Vanguard UK charges 0.15% capped at £375 per year, which is cheaper than HL’s 0.35% once your fund portfolio exceeds around £43,000. For investors who actively switch between funds, the new £1.95 HL fund dealing fee makes other platforms more attractive. HL’s strongest value case is for investors with larger portfolios (£43k+) in shares or ETFs where the £150 cap delivers a very low effective rate, combined with a need for ISA, SIPP, and research tools in one place.
QuantRoutine provides educational content only. Nothing on this page is an offer, solicitation, or recommendation to buy or sell any security or to open an account with any specific broker. Investments can lose value, and past performance does not guarantee future results. You are responsible for your own investment, tax, and legal decisions. Always review each broker’s current terms, fees, and eligibility on their official website before opening or funding an account.