Fidelity International vs AJ Bell (2026):
UK Platform Comparison
Both are established, FCA-regulated UK platforms with competitive ISA and SIPP wrappers. The decision turns on three things: custody cap structure, fund dealing costs, and whether you need a Lifetime ISA. For ETF investors with portfolios above £17k, AJ Bell’s custody cap is materially cheaper. For fund investors, Fidelity’s free fund dealing is a significant edge. Only AJ Bell offers the Lifetime ISA.
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Quick snapshot
Key differences before you read the full comparison.
- Fund dealing is free — no charge per fund trade
- ETF/share custody cap £90/year in ISA and SIPP
- No custody fee on ETFs and shares in standard Investment Account
- £7.50 per single ETF or share trade
- Regular savings from £25/month at £1.50/trade
- More flexible scheduling: 1st, 10th, 17th, or 25th of month
- 2.25% AER cash interest across all accounts
- No Lifetime ISA
- Minimum £1,000 lump sum deposit
- Privately owned — independent of Fidelity US
- ETF/share custody cap £42/year in ISA and GIA
- SIPP custody cap £120/year
- £5.00 per single ETF or share trade (£3.50 for 10+ trades/month)
- Regular investing from £25/month at £1.50/trade
- Executes regular buys on the 10th only
- 1.75% cash interest in ISA; 2.05%–2.40% in SIPP
- Lifetime ISA available — unique advantage for under-40s
- No minimum deposit
- FTSE 250 listed — publicly traded company
- Over 3,000 ETFs and 4,000 funds available
Fees compared
The custody cap structure is the most important number in this comparison. Get that right first, then look at trade costs.
| Fee | Fidelity International | AJ Bell |
|---|---|---|
| Online ETF / share trade | £7.50 | £5.00 (£3.50 for 10+ trades/month) |
| Regular investing (monthly) | £1.50/trade | £1.50/trade |
| Fund dealing | £0 — always free | £1.50 (regular); £5.00 (manual online) |
| Minimum deposit | £1,000 (lump sum); £25/month (regular savings) | £0 |
| FX markup | 0.75% (≤£10k); 0.50% (£10k–£20k); 0.25% (above £20k) | 0.75% (≤£10k); 0.50% (£10k–£20k); 0.25% (above £20k) |
| Annual custody rate | 0.35% p.a. (up to £250k); 0.20% (£250k–£1m); 0% above £1m | 0.25% p.a. |
| ISA / GIA ETF custody cap | £90/year (£7.50/month) | £42/year (£3.50/month) |
| SIPP ETF custody cap | £90/year | £120/year |
| Investment Account (GIA) ETFs | No custody fee on ETFs/shares | 0.25% p.a., capped at £42/year |
| Cash interest — ISA | 2.25% gross / 2.27% AER | 1.75% |
| Cash interest — SIPP | 2.25% AER | 2.05% (≤£100k); 2.40% (above £100k) |
| Cash interest — Dealing / GIA | 2.25% AER | 0.75% (≤£2k); 0.00% above |
| Fractional shares | No (funds/OEICs only) | No |
| Inactivity / platform fee | £0 | £0 |
The custody cap comparison that matters
Both platforms charge a percentage-based custody fee that hits a ceiling. Where that ceiling is — and what you pay either side of it — determines the real cost for most UK ETF investors.
- AJ Bell: 0.25% p.a., capped at £42/year. The cap kicks in at a portfolio of ~£16,800.
- Fidelity: 0.35% p.a., capped at £90/year. The cap kicks in at ~£25,700.
- Between £16,800 and £25,700: AJ Bell is already at its £42/year flat rate; Fidelity is still charging 0.35%. At £20,000 that means Fidelity charges £70/year versus AJ Bell’s £42/year.
- Above £25,700: AJ Bell £42/year versus Fidelity £90/year — a permanent £48/year difference regardless of how large the portfolio grows.
- Below £16,800 the percentage applies in full: at £10,000, AJ Bell costs £25/year and Fidelity costs £35/year — AJ Bell still wins, though the absolute amounts are small.
Fidelity charges no custody fee on ETFs and shares held in a standard Investment Account. AJ Bell charges 0.25% p.a. capped at £42/year. For investors holding ETFs outside a tax wrapper, Fidelity’s GIA is the cheaper structure at every portfolio size above zero.
Fidelity charges £0 for every fund (OEIC/unit trust) trade. AJ Bell charges £1.50 via regular investing or £5.00 for manual online trades. If you make 12 fund trades a year manually, that is £60/year in dealing costs at AJ Bell versus £0 at Fidelity. The custody fee comparison still matters, but for fund-heavy portfolios the dealing cost advantage frequently offsets the custody cap difference.
Wrappers and account availability
AJ Bell has a broader wrapper range. The Lifetime ISA is the single most significant gap in Fidelity’s offering.
| Account type | Fidelity International | AJ Bell |
|---|---|---|
| Stocks and Shares ISA | Yes | Yes |
| Lifetime ISA (LISA) | No | Yes |
| Junior ISA (JISA) | Yes | Yes |
| SIPP | Yes | Yes |
| Junior SIPP | Not offered as standalone | Yes |
| Investment Account (GIA) | Yes — no custody fee on ETFs/shares | Yes — Dealing Account |
| Non-UK residents | Not available (UK residents only; FATCA exclusion for US persons) | Not available (UK residents only) |
The Lifetime ISA pays a 25% government bonus on up to £4,000 contributed per year — a maximum of £1,000/year free money — for UK residents aged 18–39. Funds can be used for a first property purchase or withdrawn from age 60. Fidelity does not offer this wrapper. If you are eligible and saving for a first home or long-term pension supplement, this is a hard blocker for Fidelity: you cannot get the LISA bonus there.
Platform, automation, and research
Both platforms are feature-rich by UK standards. The practical differences that matter day-to-day are in scheduling flexibility and research depth.
| Feature | Fidelity International | AJ Bell |
|---|---|---|
| Regular investing minimum | £25/month | £25/month |
| Regular investing execution date | 1st, 10th, 17th, or 25th — monthly, quarterly, semi-annual, or annual | 10th of month only (or next business day) |
| Dividend reinvestment | Yes — via regular savings at £1.50/trade | Yes — for eligible UK shares, ETFs, and investment trusts |
| ETF screener | Yes — via Investment Finder with sector, yield, and ESG filters | Yes — dedicated ETF screener with dividend yield, market cap, and asset class filters |
| Research and editorial | Select 50 curated fund list; Navigator tool; Insights blog; Morningstar data | Full Shares Magazine access; AJ Bell Academy; Favourite Funds list; analyst ratings |
| Mobile app | iOS and Android; biometric login; portfolio tracking and basic trading | iOS and Android; biometrics; Alexa/Apple Watch; limit and stop-loss orders supported |
| Fractional shares | No (funds/OEICs only) | No |
| ETF count | 1,000+ UCITS ETFs (estimated) | 3,000+ ETFs |
| Ready-made portfolios | Yes — Ready-made ISA; Retirement Builder | Yes — AJ Bell Funds range |
Fidelity lets you split your regular savings by percentage across multiple assets and choose from four execution dates. AJ Bell executes all regular buys on the 10th only. For investors who want quarterly contributions or mid-month execution to align with paydays, Fidelity is more practical. The per-trade cost is identical: £1.50 at both platforms.
AJ Bell includes full access to Shares Magazine — a paid weekly publication covering individual stocks, funds, and market commentary. Fidelity’s Select 50 and Navigator tools are well designed for fund selection but skew toward guided rather than analytical research. If you want raw data and editorial depth alongside your platform, AJ Bell’s research offering is more comprehensive. For passive investors buying a single world ETF monthly, the difference is irrelevant.
Regulation and investor protection
Both platforms are FCA-regulated with FSCS protection. The differences are structural — private ownership versus public listing — rather than meaningful safety distinctions for retail investors.
| Factor | Fidelity International | AJ Bell |
|---|---|---|
| UK regulator | FCA | FCA |
| FCA entity | FIL Investments International (FRN: 122170); Financial Administration Services Limited (FRN: 122169) | AJ Bell Securities Limited (FRN: 155104); AJ Bell Management Limited (FRN: 211468) |
| FSCS protection | Yes — up to £85,000 per investor | Yes — up to £85,000 per investor |
| Client asset segregation | Confirmed — held under FCA CASS rules with third-party custodian banks | Confirmed — ring-fenced in AJ Bell Nominees Limited under FCA CASS rules |
| Public listing | No — privately owned by founding family and staff | Yes — FTSE 250 (LSE: AJB) |
Customer service
| Factor | Fidelity International | AJ Bell |
|---|---|---|
| Phone | Yes | Yes |
| Live web chat | AI chatbot (Freya); secure messaging for logged-in users | Live web chat (post-login); secure email messaging |
| Weekday hours | 8:00am – 6:00pm (brokerage from 8:00am) | 8:00am – 7:00pm |
| Saturday | 9:00am – 12:30pm | 10:00am – 2:00pm |
| Sunday | Closed | Closed |
Who each platform actually fits
- Fund investors who deal frequently — free fund dealing at every portfolio size.
- GIA ETF holders — no custody fee on ETFs or shares in the standard Investment Account.
- Investors who want maximum flexibility in recurring investing schedules.
- People who want higher cash interest rates on their ISA or GIA cash balance (2.25% AER vs 1.75%).
- Investors indifferent to the Lifetime ISA who want a proven, privately-owned platform.
- ETF ISA investors above ~£17k — custody cap of £42/year is £48/year cheaper than Fidelity’s £90/year once both are in cap territory.
- First-time buyers and under-40s who want the Lifetime ISA’s 25% government bonus.
- Active traders making 10+ trades per month who benefit from the £3.50 discounted rate.
- Investors who want a broader ETF selection (~3,000 vs ~1,000) or access to Shares Magazine research.
- SIPP investors holding large balances — SIPP cash interest is competitive above £100k.
If you have a growing Stocks and Shares ISA invested in ETFs and you plan to hold for the long term, AJ Bell’s custody structure becomes increasingly efficient. At £50,000 in ETFs: AJ Bell costs £42/year in custody; Fidelity costs £90/year. At £200,000, the numbers are identical — both long past their caps. The saving is always £48/year once both are in cap territory, which at a 5% nominal return is not a compounding game-changer — but it is a persistent, structural advantage in favour of AJ Bell for ETF ISA holders.
If your portfolio is primarily in OEICs and unit trusts — common for investors using Fidelity’s Select 50 curated list — Fidelity’s free dealing and comparable custody rates make it the more efficient platform at most portfolio sizes.
Ready to open an account?
ETF ISA investors above £17k: AJ Bell’s £42/year cap is the cheaper structure. Fund investors and GIA holders: Fidelity’s free dealing and zero GIA custody fee are the stronger case. Review each platform’s current terms before opening.
Capital at risk. FCA-regulated platforms. FSCS protection up to £85,000.
Related reading
Frequently asked questions
Is Fidelity International the same as Fidelity in the US?
No. Fidelity International and Fidelity US (FMR LLC) are entirely separate, independently owned companies. Fidelity International is privately held by the founding family, senior management, and staff, and operates exclusively in non-US markets. It is regulated by the FCA in the UK. There is no operational link to the US-resident brokerage platform — different products, different fees, different entity entirely.
Which is cheaper for a large UCITS ETF ISA?
AJ Bell is cheaper for ETF ISAs once your portfolio exceeds roughly £16,800 — that is where its 0.25% custody fee hits the £42/year cap. Fidelity’s cap of £90/year kicks in later, at around £25,700. For any ETF ISA above £25,700, AJ Bell costs £42/year versus Fidelity’s £90/year — a permanent £48/year saving. Between £16,800 and £25,700 AJ Bell is still cheaper: it is at its flat £42/year rate while Fidelity is still charging 0.35% of the portfolio.
For fund-only portfolios, the maths changes significantly. Fidelity charges £0 per fund trade; AJ Bell charges £1.50 via regular investing or £5.00 per manual trade. If you make several fund trades a year, those dealing costs can offset the custody cap difference.
Does AJ Bell or Fidelity International offer fractional shares?
Neither platform offers fractional ETF or share investing in the standard sense. Fidelity’s fractional investing applies only to traditional OEICs and unit trusts — not ETFs or individual stocks. AJ Bell requires at least one whole share or ETF unit per order. If fractional ETF investing is important to you — for example, to deploy a precise monthly contribution amount — InvestEngine (for ETF-only DIY portfolios) or Interactive Brokers are the two UK-accessible platforms that genuinely support it for ETFs.
Which is better for regular investing in ETFs?
Both charge £1.50 per regular investing trade and have a £25/month minimum. The difference is in scheduling. AJ Bell executes all regular buys on the 10th of each month only — or the next business day. Fidelity offers execution on the 1st, 10th, 17th, or 25th, and supports monthly, quarterly, six-monthly, or annual schedules. Fidelity also lets you split the allocation by percentage across multiple assets in a single direct debit. For scheduling flexibility, Fidelity has a clear practical edge. For cost, the two platforms are identical.
Can I transfer my Stocks and Shares ISA between Fidelity and AJ Bell?
Yes. ISA transfers between FCA-regulated UK platforms are a standard process. You initiate the transfer at the receiving platform and your current-year ISA allowance is fully preserved. In-specie transfers — moving investments without selling — are available but can take several weeks to complete and may be subject to exit fees at the originating platform. Both Fidelity and AJ Bell support ISA transfers in and out. Note that AJ Bell’s own guidance confirms that non-UK residents cannot transfer an existing ISA into AJ Bell — both platforms require UK residency for tax purposes to open or receive transfers.
Some of the links on this site are affiliate links, meaning we may earn a commission at no extra cost to you if you sign up through them. This does not affect our reviews or recommendations — we only feature products we genuinely believe are useful for investors. This site provides educational content only, not personalized investment advice. Investments can lose value and past performance does not guarantee future results. You are responsible for your own financial decisions and for confirming the tax and legal rules that apply in your country.