Interactive Investor
vs AJ Bell (2026)
Fees verified August 2026 against each broker’s published charges — see our methodology
Both are established, FCA-regulated UK platforms trusted by long-term investors. The structural difference that determines almost everything: ii charges a flat monthly fee up to a £100,000 portfolio limit. AJ Bell charges a percentage with per-account caps. This guide breaks down which model wins — for your ISA, SIPP and portfolio size — with real cost scenarios.
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TL;DR
- Multi-account holders under £100,000 — one flat fee covers the ISA, SIPP and Trading Account
- SIPP investors between roughly £28,750 and £100,000
- Moderate traders — £3.99 per UK or US trade on Core
- Fund investors at scale, where a percentage charge compounds
- Investors who want multi-currency holding in a SIPP or Trading Account
- Single ISA investors — share custody capped at £42/year
- Large portfolios above £100,000, where ii’s Core plan no longer applies
- Lifetime ISA and Junior SIPP — ii offers neither
- Genuinely frequent traders — £3.50 per share deal after a month with 10 or more
- Beginners who prefer no monthly subscription to justify
The one structural difference that drives everything
Before comparing any specific fee, you need to understand how these two platforms are designed to charge — and where each model stops working.
You pay £5.99 a month on the Core plan. That single fee covers a Trading Account, Stocks and Shares ISA, Managed ISA, SIPP and Managed Portfolio — provided they are held in the same single name. Joint, company and trust accounts do not link and are charged separately.
The catch most comparisons miss: Core carries a £100,000 portfolio limit. When your portfolio value exceeds it, ii moves you onto Plus at £14.99 a month, or £179.88 a year. It is a portfolio-value test, not a contribution test — a market move across the line is enough to trigger it.
AJ Bell charges 0.25% a year, calculated monthly on the value at each month end. Shares, ETFs, investment trusts, gilts and bonds are capped at £3.50 a month in an ISA or Dealing account, and £10 a month in a SIPP. Funds are tiered instead: 0.25% on the first £250,000, 0.10% from £250,000 to £500,000 and no charge above that.
The implication: those caps make AJ Bell effectively flat for large ETF and share holdings within one account, and they stack independently per account. A pure fund portfolio maxes out at £875 a year — a real ceiling, but a high one.
Full fee comparison (2026)
Core plan shown for ii — see the ii full review and AJ Bell review for all plan tiers and account types.
| Fee | Interactive Investor (Core) | AJ Bell |
|---|---|---|
| Monthly platform fee | £5.99/month (£71.88/yr) Covers linked accounts held in the same single name |
£0 Account charge applies instead |
| Portfolio limit | £100,000 on Core Above it, ii moves you to Plus: £14.99/month, £179.88/yr |
None |
| Custody / account charge | 0% Included in the monthly fee |
0.25% p.a., charged monthly Shares, ETFs, ITs, gilts, bonds: max £3.50/mo (ISA, Dealing), £10/mo (SIPP) · Funds: 0.25% to £250k, 0.10% to £500k, nil above · Cash: no charge |
| UK & US shares, ETFs, investment trusts | £3.99 per trade | £5.00 per trade £3.50 in any month following 10 or more online share deals |
| Funds (OEICs, unit trusts) | £3.99 per trade £1.49 on Plus, free on Premium |
£1.50 per trade No charge to buy AJ Bell’s own funds |
| International shares | £9.99 per trade Plus 0.10% surcharge on trades over £25,000 |
£5.00 per trade Pacific Rim markets are phone-only at £25, minimum £10,000 |
| Regular investing | £0 — free on all plans Min £25/month · FTSE 350 shares, selected ITs and ETFs, sterling funds |
£0 — free Min £25/month · FTSE 100 shares, 2,000+ funds, hundreds of ITs and ETFs |
| Dividend reinvestment | £0.99 per holding | £1.50 per deal |
| FX charge | 0.75% on Core Plus: 0.75% to £50k then 0.25% · Premium: 0.25% · Applied on top of a rate that already carries an undisclosed spread |
Tiered and blended per deal: 0.75% first £10k, 0.50% next £10k, 0.25% above £20k 0.50% on dividends and corporate actions converted to sterling |
| Monthly trading credit | None on Core Plus: £3.99/month · Premium: £5.98/month · 31 days, no roll-over |
None |
| Telephone dealing | £49 in addition to the online commission | £25 per deal |
| Minimum first deposit | Not stated on ii’s rate card | £250 (ISA, LISA, JISA, Dealing) · £500 (SIPP, Junior SIPP, Ready-made pension) Or £25/month by Direct Debit · No minimum on transfers in |
| Transfers in and out | No charge, including in specie · No exit fees | No charge |
| Non-UK resident surcharge | £5/month £10.99/month total on Core, or £131.88/yr |
Not stated — AJ Bell’s accounts are UK-facing |
| Regulation & protection | FCA regulated · FSCS up to £85,000 on investments | FCA regulated · FSCS up to £85,000 on investments |
Sources: ii rates and charges effective 1 February 2026; AJ Bell ISA and SIPP charges effective 10 July 2026 and Dealing account charges effective 1 May 2026. Verified August 2026.
Who each broker is built for
The better broker is a function of your account structure and total portfolio value, not the headline fee. Here is how each maps to different investor types.
| Investor type | Likely better fit | Why |
|---|---|---|
| Single ISA, ETFs or shares, passive | AJ Bell | £42/yr custody cap beats ii Core’s £71.88/yr at any size |
| ISA + SIPP, under £100,000 combined | ii | One fee covers both; AJ Bell’s caps stack per account |
| ISA + SIPP, over £100,000 combined | Close | ii Plus £179.88 vs AJ Bell’s £162 capped custody — ii wins from about 18 trades/yr |
| SIPP alone, £28,750 to £100,000 | ii | 0.25% × £28,752 = £71.88 — above that the flat fee wins |
| SIPP alone, above £100,000 | AJ Bell | £120/yr cap vs ii Plus at £179.88/yr once Core no longer applies |
| Regular automated investing | Either | Both free from £25/month; AJ Bell’s share list is FTSE 100, ii’s is FTSE 350 |
| Moderate trader (under 10 deals/month) | ii | £3.99 vs £5.00 per trade compounds at volume |
| Frequent trader (10+ deals/month) | AJ Bell | Drops to £3.50 the following month — below ii’s £3.99 |
| Fund (OEIC) investor at scale | ii | AJ Bell’s 0.25% on funds passes ii’s fee at about £28,750 |
| Lifetime ISA or Junior SIPP | AJ Bell | ii offers neither — no alternative here |
What each platform offers
The ranges look similar until you check which accounts are included in the fee you are actually paying.
- ✅ Stocks & Shares ISA — sterling-only
- ✅ SIPP — multi-currency, UK residency required at application
- ✅ Trading Account (GIA) — multi-currency
- ✅ Managed ISA and Managed Portfolios
- ⚠️ Junior ISA — Plus or Premium only, not available on Core
- ⚠️ Joint Trading Account — £14.99/month, charged separately
- ⚠️ Company and trust accounts — charged separately, plus £30/month
- ❌ Lifetime ISA — not offered
- ❌ Junior SIPP — legacy holders only
- ✅ Stocks & Shares ISA
- ✅ SIPP
- ✅ Ready-made pension — managed, single account charge
- ✅ Junior ISA
- ✅ Junior SIPP
- ✅ Dealing account, including joint and limited company versions
- ✅ Lifetime ISA — 25% government bonus
- ✅ Cash savings hub
- ✅ Dodl — the simplified sibling app, on its own charging structure
Investment range, research and how orders reach the market
Both go well beyond ETFs. The genuine structural difference is how each one handles international dealing.
- 16 named exchanges across North America, Europe and Asia-Pacific
- ETFs, investment trusts, shares, bonds and gilts, OEICs, IPOs, VCTs
- Orders routed directly to the home exchange rather than through UK depositary interests
- Up to nine currencies can be held — in the SIPP and Trading Account only
- Super 60 — rated list of funds, trusts and ETFs
- ACE 40 — sustainable and ethical rated list
- Model portfolios and quick-start funds; list maintenance handled by Morningstar
- Voting rights included on all three plans
- Sweden and Switzerland are phone-order only
- 24 international markets alongside the UK
- ETFs, shares, funds, investment trusts, bonds and gilts, IPOs, VCTs
- US, Canadian and European shares dealt as CDIs, quoted and settled in sterling
- No multi-currency holding — every international trade converts both ways
- Our favourite funds — expert-selected shortlist
- Starter portfolios and AJ Bell’s own low-cost funds
- Shares magazine — monthly, published by AJ Bell, free to customers
- Cash savings hub for comparing fixed-term and notice rates
- Voting instructions available in the platform
What you’d actually pay — annual platform cost
Scenarios assume ETF or share holdings, 12 online deals per account per year, and no regular investing orders. FX is excluded. At 12 deals a year AJ Bell’s £3.50 frequent-dealer rate never triggers, so £5.00 applies throughout. ii is priced on the plan its total portfolio value requires: Core to £100,000, Plus above it.
| Scenario | ii (annual) | AJ Bell (annual) | Cheaper |
|---|---|---|---|
| ISA only — £10k, 12 trades | £71.88 + £47.88 = £119.76 | £25.00 + £60.00 = £85.00 | AJ Bell by £34.76 |
| ISA only — £30k, 12 trades | £71.88 + £47.88 = £119.76 | £42.00 + £60.00 = £102.00 cap starts at about £16,800 |
AJ Bell by £17.76 |
| ISA only — £100k, 12 trades | £71.88 + £47.88 = £119.76 at the Core ceiling |
£42.00 + £60.00 = £102.00 | AJ Bell by £17.76 |
| ISA only — £150k, 12 trades | £179.88 + £47.88 = £227.76 Plus plan applies |
£42.00 + £60.00 = £102.00 | AJ Bell by £125.76 |
| SIPP only — £20k, 12 trades | £71.88 + £47.88 = £119.76 | £50.00 + £60.00 = £110.00 | AJ Bell by £9.76 |
| SIPP only — £30k, 12 trades | £71.88 + £47.88 = £119.76 | £75.00 + £60.00 = £135.00 | ii by £15.24 |
| SIPP only — £100k, 12 trades | £71.88 + £47.88 = £119.76 | £120.00 + £60.00 = £180.00 cap starts at £48,000 |
ii by £60.24 |
| SIPP only — £150k, 12 trades | £179.88 + £47.88 = £227.76 Plus plan applies |
£120.00 + £60.00 = £180.00 | AJ Bell by £47.76 |
| ISA £50k + SIPP £50k, 24 trades | £71.88 + £95.76 = £167.64 | £42 + £120 + £120 = £282.00 | ii by £114.36 |
| ISA £100k + SIPP £100k, 24 trades | £179.88 + £95.76 = £275.64 £200k total, so Plus applies |
£42 + £120 + £120 = £282.00 | ii by £6.36 |
| ISA £40k + SIPP £40k + GIA £20k, 36 trades | £71.88 + £143.64 = £215.52 | £42 + £100 + £42 + £180 = £364.00 | ii by £148.48 |
Illustrative calculations from each broker’s published charges, verified August 2026. Actual costs will vary with valuation dates, trading pattern and holdings mix.
The UK broker cost calculator lets you input your portfolio size, account mix and trading frequency to compare ii, AJ Bell and other UK platforms side by side.
Open UK cost calculator →ISA and SIPP — where the decision is usually made
AJ Bell’s share and ETF custody in an ISA is 0.25% capped at £3.50 a month, so £42 a year once the balance passes about £16,800. ii Core costs £71.88 a year regardless. On 12 manual trades: AJ Bell £102 against ii’s £119.76. Both offer free regular investing from £25 a month, so that advantage holds whether you invest manually or automate.
Two things to weigh against the headline number. ii’s ISA is sterling-only, which doubles the FX legs on international holdings. And free regular investing is a one-way benefit on both platforms — selling still costs £3.99 at ii and £5.00 at AJ Bell.
AJ Bell charges 0.25% on SIPP shares and ETFs, capped at £10 a month or £120 a year once the balance passes £48,000. ii Core’s £71.88 overtakes 0.25% at a balance of £28,752. So between roughly £28,750 and £100,000, ii is cheaper on custody — by £48.12 a year at AJ Bell’s cap.
Above a £100,000 portfolio the comparison inverts. ii moves you to Plus at £179.88 a year while AJ Bell’s SIPP cap stays at £120, making AJ Bell £59.88 a year cheaper on custody for a large pension held on its own. ii’s flat fee also covers an ISA at no extra cost, so anyone holding both should run the combined number rather than the SIPP number.
Pros and cons
- One fee covers the ISA, SIPP and Trading Account held in the same name
- Free regular investing on every plan, including Core
- Lower per-trade commission at normal volumes — £3.99 against £5.00
- Clearly cheaper for a SIPP between roughly £28,750 and £100,000
- Orders routed directly to the home exchange rather than through depositary interests
- Multi-currency holding in the SIPP and Trading Account
- Super 60 and ACE 40 rated lists, maintained by Morningstar
- Free transfers in and out, in specie included, and no exit fees
- Core stops at a £100,000 portfolio — above it the fee jumps to £179.88 a year
- More expensive than AJ Bell for a single ISA at any size
- No Lifetime ISA, and the Junior SIPP is closed to new customers
- Junior ISAs require Plus or Premium
- ISA and Junior ISA are sterling-only, so ISA international trades convert twice
- 0.75% FX on Core sits on top of an undisclosed spread
- £9.99 international commission, plus 0.10% on trades over £25,000
- £49 telephone dealing charge, on top of the online commission
- No monthly platform fee and no portfolio ceiling
- Share and ETF custody capped at £42 a year in an ISA or Dealing account
- Cheapest of the two for a single ISA, and for large single-wrapper portfolios
- Lifetime ISA and Junior SIPP — neither available at ii
- Free regular investing from £25 a month across ISA, LISA, JISA, SIPP and Dealing
- £3.50 per share deal after a month with 10 or more online deals
- Cheaper fund dealing at £1.50, and free for AJ Bell’s own funds
- £5 international dealing and 24 international markets
- Free transfers out, free cash withdrawals, and a cash savings hub
- Caps stack per account — an ISA, SIPP and Dealing account reach £204 a year before any trading
- Funds carry 0.25% with no monthly cap up to £250,000 — costly at scale
- £5.00 per share deal at normal volumes, above ii’s £3.99
- No multi-currency holding, so every international trade converts both ways
- US, Canadian and European shares dealt as CDIs rather than on the home exchange
- Pacific Rim markets are phone-only, at £25 a deal and a £10,000 minimum
- Minimum first deposit of £250, or £500 for pension accounts
- £5 per holding if AJ Bell has to sell investments to cover unpaid charges
Which broker should you choose?
The answer turns on two variables: how many accounts you hold, and whether your total sits above or below £100,000. Neither platform is categorically better.
- You hold both an ISA and a SIPP and the combined total is under £100,000 — this is where the flat fee is at its strongest, saving over £100 a year
- Your SIPP sits between roughly £28,750 and £100,000
- You hold three account types in the same name — ISA, SIPP and Trading Account — where AJ Bell charges three separate capped fees
- You hold funds rather than ETFs, where AJ Bell’s uncapped 0.25% up to £250,000 compounds
- You invest internationally from a SIPP or Trading Account and want to hold the currency rather than convert twice per round trip
- You value direct routing to the home exchange over CDI dealing
- You’re investing in a single ISA — the £42 cap beats ii at every portfolio size
- Your portfolio is above £100,000, where ii’s Core plan no longer applies and the £179.88 Plus fee changes the maths
- You want a Lifetime ISA or a Junior SIPP — there is no alternative between these two
- You place 10 or more share deals in a month and want the £3.50 frequent-dealer rate
- You deal funds regularly at £1.50, or use AJ Bell’s own funds at no dealing charge
- You’re starting out and would rather not have a monthly subscription to justify
Ready to open an account?
If you hold an ISA and SIPP totalling under £100,000, run the scenarios first — ii typically saves £100 or more a year in that structure. If you need a LISA, are starting with a single ISA, or your portfolio is already above £100,000, AJ Bell is the stronger starting point.
Go deeper
Frequently asked questions
Is Interactive Investor cheaper than AJ Bell?
It depends on your account structure and your portfolio size. For a single ISA holding ETFs or shares, AJ Bell’s share custody charge caps at £42 a year, which is less than ii Core at £71.88 a year, at any portfolio size. For an ISA and SIPP held together and totalling under £100,000, ii’s single flat fee usually wins, because AJ Bell’s caps stack per account. Above £100,000 in total, ii moves you onto its Plus plan at £179.88 a year and the gap narrows to roughly £18 a year on custody, so ii only comes out ahead once you place around 18 or more trades a year.
Which broker is better for an ISA?
For a single Stocks and Shares ISA holding ETFs or shares, AJ Bell is cheaper. Its share custody charge is 0.25% a year capped at £3.50 a month, or £42 a year, and the cap starts biting at about £16,800. ii Core costs £71.88 a year whatever the balance, up to its £100,000 portfolio limit. Both platforms offer free regular investing with a £25 monthly minimum, so AJ Bell’s custody advantage on a single ISA holds whether you invest manually or automate monthly contributions. Note that ii’s ISA is sterling-only, so every international trade inside it converts currency in and back out again.
Which broker is better for a SIPP?
ii wins in the middle of the range and AJ Bell wins at both ends. Below about £28,750, AJ Bell’s 0.25% charge is less than ii’s £71.88 a year. Between roughly £28,750 and £100,000, ii Core is cheaper, and at AJ Bell’s £120 a year share cap ii is £48.12 a year cheaper on custody. Above a £100,000 portfolio ii moves you onto Plus at £179.88 a year, while AJ Bell’s SIPP cap stays at £120, so AJ Bell becomes the cheaper option again on custody for a large pension held on its own.
Does AJ Bell offer a Lifetime ISA?
Yes. AJ Bell offers a Stocks and Shares Lifetime ISA with the 25% government bonus on contributions up to £4,000 per tax year. You must be under 40 when you open the account, and the money must go towards a first property purchase or be accessed in retirement after age 60. Withdrawing for any other reason triggers a 25% government withdrawal charge. Interactive Investor does not offer a Lifetime ISA, so if this account type is part of your plan, AJ Bell is the only option between these two.
Which broker is better for ETF investors?
Neither platform offers commission-free ETF dealing. At ii, ETFs and investment trusts are priced in the UK and US shares line at £3.99 a trade on Core, not in the cheaper funds line. At AJ Bell, ETFs sit in the shares line at £5 a trade, falling to £3.50 in any month that follows 10 or more online share deals. Both offer free regular investing from £25 a month, and both charge full commission when you sell. For a single ISA, AJ Bell’s £42 custody cap makes it cheaper. For an ISA and SIPP together under £100,000, ii usually wins on total annual cost.
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. Interactive Investor fee data is taken from its rates and charges document effective 1 February 2026. AJ Bell fee data is taken from its ISA and SIPP charges effective 10 July 2026 and its Dealing account charges effective 1 May 2026, all verified August 2026. Fees change — always verify current charges on each broker’s official website before opening or funding an account. Cost scenarios are illustrative estimates based on stated fee schedules and assumed trading patterns; actual costs will vary. Investments can lose value and past performance does not guarantee future results. You are responsible for your own investment, tax, and legal decisions.