Hargreaves Lansdown
vs AJ Bell (2026)
HL’s March 2026 fee restructuring changed the calculus. Cheaper share dealing and a lower custody rate, but fund dealing now costs £1.95 where it was free. This guide breaks down fees, ISA and SIPP costs, platform differences, and which broker suits your investing style — with all figures verified from current primary sources.
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TL;DR
- You want guided investing and premium in-house research
- You’re a beginner who values hand-held onboarding and educational content
- Retirement planning support matters — HL’s SIPP guidance ecosystem is stronger
- Customer service quality is a priority (UK-based phone, extended hours)
- You trade shares actively and benefit from the improved £6.95 commission (down from £11.95)
- You’re a confident DIY investor primarily buying ETFs or shares
- You want the lower custody rate (0.25% vs 0.35%) and a much lower ISA fee cap (£42 vs £150/yr)
- You invest monthly via regular orders — AJ Bell’s £1.50 per order is one of the best rates in the UK
- You’re building a SIPP long-term and the lower cap (£120/yr vs £150/yr) matters over time
- You prefer a cleaner, less cluttered platform without features you’ll never use
| Category | Winner | Why |
|---|---|---|
| Custody fee (shares/ETFs) | AJ Bell | 0.25% vs 0.35% p.a. |
| ISA custody cap | AJ Bell | £42/yr vs £150/yr — a major difference at scale |
| Share/ETF commission | AJ Bell | £5.00 vs £6.95 per trade |
| Regular investing | AJ Bell | £1.50 per order — strong for monthly ETF buyers |
| SIPP cost | AJ Bell | £120/yr cap vs £150/yr cap on shares and ETFs |
| Research and tools | HL | Wealth Shortlist, analyst commentary, deeper ecosystem |
| Beginner experience | HL | Guided onboarding, educational content throughout |
| Mobile app | HL | Research, watchlists, alerts — more capable on mobile |
| SIPP guidance | HL | Stronger drawdown tools and retirement planning support |
| Customer service | HL | UK-based phone, extended hours, consistently well-rated |
| FX markup (top tier) | Similar | HL 0.20% above £25k; AJ Bell 0.25% above £20k — converge at scale |
HL’s March 2026 restructuring — what it means
Hargreaves Lansdown overhauled its pricing in March 2026. The changes narrow the gap with AJ Bell in some areas and widen it in others. The net effect depends entirely on how you invest.
- Share/ETF dealing dropped from £11.95 → £6.95 per online trade
- Custody rate reduced from 0.45% → 0.35% p.a. on shares and ETFs
- ISA share/ETF custody cap raised from £45 → £150/year
- Fund dealing now costs £1.95 per trade — previously free before March 2026
- SIPP share/ETF custody cap cut from £200 → £150/year
- Net result: active share traders pay less; fund investors and large SIPP holders pay more
Fee comparison (2026)
All figures verified from primary sources as of May 2026. Always check each broker’s current website before opening an account — fees can change.
| Fee | Hargreaves Lansdown | AJ Bell |
|---|---|---|
| Annual custody — shares/ETFs | 0.35% p.a. | 0.25% p.a. |
| ISA shares/ETF custody cap | £150/year | £42/year (£3.50/month) |
| SIPP shares/ETF custody cap | £150/year | £120/year (£10/month) |
| Share/ETF dealing — single trade | £6.95 (£3.95 for 20+ trades/month) | £5.00 (£3.50 for 10+ trades/month) |
| Fund dealing | £1.95 per trade ⚠ new March 2026 | — |
| Regular investing | Verify directly with HL | £1.50 per order |
| FX markup — first tier | 0.99% (up to £10,000) | 0.75% (up to £10,000) |
| FX markup — mid tier | 0.50% (£10,001–£25,000) | 0.50% (£10,001–£20,000) |
| FX markup — top tier | 0.20% (above £25,000) | 0.25% (above £20,000) |
| Fractional shares | No | No |
| Minimum deposit | £1 | £0 |
Which accounts are available?
Both platforms cover the core UK tax wrappers. The differences are in the depth of the retirement offering and the quality of each wrapper’s implementation.
| Account type | Hargreaves Lansdown | AJ Bell |
|---|---|---|
| Stocks and Shares ISA | ✓ | ✓ |
| Lifetime ISA (LISA) | ✓ | ✓ |
| Junior ISA (JISA) | ✓ | ✓ |
| Self-Invested Personal Pension (SIPP) | ✓ | ✓ |
| General Investment Account (GIA) | ✓ | ✓ |
| Pension drawdown | ✓ — with guided drawdown tools and planning support | ✓ |
| Cash savings / Cash ISA hub | ✓ — active savings marketplace | Limited |
Investment range
Both platforms cover the main asset classes available to UK retail investors. HL has a broader range overall; AJ Bell is focused but sufficient for most long-term index investors.
- UK and international shares
- Funds — active and index (OEIC, unit trusts)
- ETFs including UCITS
- Investment trusts
- Bonds and gilts
- Ready-made portfolios (multi-asset)
- Wealth Shortlist — curated fund picks with in-house analysis and regular updates
Fractional shares: No
- UK and international shares
- Funds — active and index
- ETFs including UCITS
- Investment trusts
- Bonds and gilts
- Ready-made portfolios (risk-based)
- Favourite Funds — cost-focused curated list, simpler than HL’s Shortlist
Fractional shares: No
Platform, app and user experience
The philosophy behind each platform reflects the investor they are built for. HL is designed around guidance; AJ Bell is designed around execution. Neither is objectively better — it depends which investor you are.
- Web platform: data-rich dashboard with research, market news, screeners, and full account management. Steeper learning curve but more capable for investors who use the tools.
- Mobile app: full research access, watchlists, alerts, and trading — one of the more complete mobile apps from any UK platform.
- Onboarding: guided with educational content throughout — suited to investors opening their first investment account.
- Order types: market orders, limit orders, and scheduled regular investing.
- Web platform: cleaner interface, faster to navigate for investors who know what they want. Less cluttered than HL, but also less capable for research-heavy use.
- Mobile app: functional with solid basics — portfolio view, trade execution, watchlists. Lighter on research features than HL.
- Onboarding: straightforward setup, less hand-holding — better suited to investors who have already decided on their strategy.
- Regular investing: £1.50 per scheduled order — one of AJ Bell’s strongest features for passive ETF buyers.
Research tools and educational content
This is the clearest category win for HL. If research quality, analyst commentary, and educational depth matter to your decision-making, the comparison is not close.
- Wealth Shortlist: curated fund picks with detailed in-house analysis, research rationale, and regular updates — a useful starting point for investors who don’t want to screen from scratch
- Market commentary: daily market updates, economic reports, and analyst notes available directly on the platform
- Education: webinars, video guides, articles spanning beginner to intermediate levels — more developed than AJ Bell
- Tools: pension calculator, retirement income planner, portfolio X-ray, fund screeners
- Favourite Funds: a cost-focused curated shortlist — simpler than HL’s Wealth Shortlist but useful for investors who want a starting point without screening the full market
- Market content: Money & Markets podcast and regular editorial — sufficient for informed investors who supplement research elsewhere
- Education: guides and articles are available but lighter in depth than HL’s offering
- Tools: pension calculator, ISA allowance tracker — functional, less developed than HL
Customer service
Both are established UK-regulated platforms with real customer service teams. HL’s service reputation is stronger and reflects its premium positioning — it is frequently cited as a differentiator in independent reviews.
- UK-based phone support — one of HL’s strongest reputational assets among UK investors
- Extended hours and weekend availability for urgent queries
- Consistently cited positively for service quality in independent reviews and community feedback
- Live chat and secure messaging in addition to phone
- Higher-touch service model suited to investors who want to be able to reach a human quickly
- UK-based phone and email support
- Well-regarded but less frequently cited as a primary reason to choose the platform
- More streamlined support model consistent with the platform’s overall positioning
- Suitable for self-directed investors who rarely need to contact their broker
- The lower fee structure and the platform simplicity reduce most reasons to call
Regulation, FSCS protection and safety
Hargreaves Lansdown and AJ Bell are both authorised and regulated by the Financial Conduct Authority (FCA). Client assets are held separately from company assets — your investments are not on the broker’s balance sheet. Both are FTSE-listed public companies, which adds a further layer of financial transparency and regulatory scrutiny.
Eligible investors are protected by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person per firm in the event of firm failure. This primarily covers cash balances. Investments held in shares, ETFs, and funds are registered in your name and sit outside firm assets — meaning they are returned to you in a failure scenario, not limited to £85,000. Verify the exact protection terms for your account type on each broker’s website.
Who should choose which broker?
The right pick usually comes down to three things: how much guidance you need, how cost-sensitive you are, and how you invest month to month. Answer those first.
- You’re new to investing and want a guided, hand-held experience with strong onboarding
- In-depth research and a curated fund shortlist help you make investment decisions
- You’re planning for retirement and want detailed pension planning, drawdown tools, and advisory access in one place
- Customer service quality matters — you want to be able to reach a human quickly when it counts
- You trade shares actively and benefit from the improved £6.95 commission (down from £11.95 in March 2026)
- You want an established platform with the longest track record and broadest consumer reputation in the UK market
- You’re a confident DIY investor who knows what you’re buying and doesn’t need research or guidance features
- You invest mainly in ETFs or shares and want the lower 0.25% custody rate and £42/year ISA cap
- You invest monthly via regular orders — AJ Bell’s £1.50 per order is one of the best-value rates for consistent ETF buyers in the UK market
- You’re building a SIPP in the accumulation phase — the lower annual cap (£120/yr vs £150/yr) is a real difference compounded over decades
- You prefer a simpler, less cluttered interface without features you’ll never use
- You were a fund investor at HL who was using free dealing — the new £1.95 fund fee makes AJ Bell’s £1.50 regular investing rate meaningfully better for frequent fund purchases
Ready to open an account?
Both are established UK platforms regulated by the FCA. Review the current fees and eligibility on each broker’s website before opening — fees updated March 2026.
Capital at risk. Investments can lose value. Review each broker’s current terms before investing.
Go deeper
Frequently asked questions
Is AJ Bell cheaper than Hargreaves Lansdown?
Generally yes for ETF and share investors. AJ Bell charges 0.25% p.a. custody capped at £42/year in an ISA, versus HL’s 0.35% capped at £150/year. Share dealing is also cheaper at £5.00 versus £6.95 per trade. The gap narrowed after HL’s March 2026 restructuring, which reduced the custody rate and cut share dealing commissions significantly — but AJ Bell remains cheaper for most ETF and share investors, especially at portfolio sizes above £17,000 where the ISA fee cap difference becomes most pronounced.
Which is better for a Stocks and Shares ISA?
For ETF and share investors, AJ Bell is the lower-cost option — the ISA custody cap is £42/year versus HL’s £150/year. For fund investors, the picture changed when HL introduced a £1.95 fund dealing fee in March 2026 (previously free). AJ Bell’s £1.50 regular investing rate is now a cheaper option for regular fund purchases too. The right choice depends on your asset type: ETF and share investors lean toward AJ Bell; investors who trade single funds occasionally should model their specific number of annual trades.
Which broker is better for a SIPP?
AJ Bell is cheaper — the SIPP custody cap on shares and ETFs is £120/year versus HL’s £150/year. HL offers more extensive retirement planning tools, drawdown guidance, and advisory access, which may justify the cost difference for investors approaching retirement. For a long-term ETF-based SIPP in the accumulation phase, AJ Bell’s cost structure is more competitive. The £30/year difference compounds meaningfully over a 20-to-30-year accumulation period.
Which broker has a better mobile app?
HL has the more feature-rich app — research tools, market commentary, watchlists, alerts, and full account management are accessible on mobile. AJ Bell’s app is functional but more streamlined: strong for trade execution and portfolio monitoring, lighter on research features. If research and market data access on mobile matters to you, HL leads clearly. If you want a simpler interface you open a few times a month to check a portfolio, AJ Bell is adequate.
Can I have accounts with both Hargreaves Lansdown and AJ Bell?
Yes. There is no restriction on holding investment accounts at multiple UK platforms simultaneously. The rule to remember is the ISA allowance: UK investors can only contribute to one Stocks and Shares ISA per tax year. You cannot contribute to both an HL ISA and an AJ Bell ISA in the same tax year — though you can hold both if contributions only go to one. SIPPs and general investment accounts have no such restriction. Always confirm current HMRC rules before opening multiple ISA accounts in the same tax year.
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. Fee data on this page was verified in May 2026 — fees may change after publication. Always review each broker’s current terms, charges, and eligibility on their official website before opening or funding an account.