Best Broker for UK Investors (2026):
ISA, SIPP & who actually wins on cost
The UK platform market repriced significantly in early 2026 — HL cut fees and tripled its ETF cap, Freetrade made SIPPs free, Trading 212 expanded its ISA. The right pick still depends on your account type, portfolio size, and whether you want individual stocks or just ETFs. This guide covers six brokers in full, with updated 2026 fees and a cost comparison for every portfolio size.
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Best brokers for UK investors at a glance
Updated for March–April 2026 fee changes. Platform fee = annual custody charge on portfolio value. Dealing = per-trade cost unless stated otherwise.
| Broker | ISA | SIPP | Platform fee | ETF dealing | Best for |
|---|---|---|---|---|---|
| Hargreaves Lansdown | Yes | Yes | 0.35% (£150 cap) | £6.95 / free* | Full service, research, SIPP |
| AJ Bell | Yes | Yes | 0.25% (£42 cap†) | £5.00 / £1.50* | Mid-market, ISA + SIPP |
| InvestEngine | Yes (free) | No | 0% | £0 | Cheapest ETF ISA |
| Freetrade | Yes (free) | Yes (free‡) | £0–£9.99/mo | £0 | Free ISA + SIPP, stocks too |
| Trading 212 | Yes (free) | No | 0% | £0 | Zero-fee ISA, stocks + ETFs |
| Vanguard UK | Yes | Yes | 0.15% (£375 cap) | £0 (batch) | Vanguard-only, ultra-low cost |
| IBKR | No ISA | No SIPP | None | £3/trade | Multi-currency, advanced |
The account types that shape every UK broker decision
The UK’s tax-wrapper system is one of the most generous in Europe — but it only works if your broker supports the accounts you need. These three structures determine how much of your returns you actually keep, and they should drive your platform choice before anything else.
Up to £20,000 per tax year sheltered from all UK capital gains tax and income tax on investments — permanently. No CGT, no dividend tax, no matter how large your ISA grows. Use this first, always. HL, AJ Bell, InvestEngine, Freetrade, Trading 212, and Vanguard UK all offer ISAs. Since April 2024, you can hold multiple ISAs with different providers in the same tax year, as long as total contributions stay within £20,000.
Tax relief on contributions — 20% basic rate added automatically, higher-rate taxpayers claim more via self-assessment. Growth inside is tax-free. Annual allowance for 2026/27: £60,000 (or 100% of earnings, whichever is lower). The catch: funds are locked until age 55, rising to 57 from 6 April 2028. HL, AJ Bell, Freetrade, and Vanguard all offer SIPPs. InvestEngine and Trading 212 do not.
No tax sheltering. Capital gains above the £3,000 annual CGT allowance are taxed at 18% (basic rate) or 24% (higher rate). Dividend income above £500 is also taxable. Only open a GIA once you’ve exhausted your ISA allowance. From March 2026, HL now charges a 0.35% platform fee on shares held in a GIA — previously free. All brokers offer one.
Hargreaves Lansdown — best overall for full-service investing
The UK’s largest investment platform by assets. FCA regulated. FSCS covered. HL repriced significantly from 1 March 2026 — lower headline fee, lower dealing charges, but a tripled cap on ETF and share holdings. The impact depends heavily on what you hold and how you trade.
- ISA + SIPP + GIA — all three main account types in one place.
- Best research tools in the UK — Wealth Shortlist, model portfolios, fund analysis, market insights. No competitor comes close.
- Market-leading customer service — Bristol-based phone support, consistently top-rated.
- Regular investing is free — monthly Direct Debit into ETFs or funds with no dealing charge. This is the correct workflow.
- Access to 4,000+ funds, ETFs, investment trusts, UK and international stocks.
- Fractional shares now available from £25 for high-priced US stocks.
- ISA ETF cap tripled to £150/year — if you hold more than ~£43,000 in shares or ETFs in your ISA, you now pay more than before March 2026. ETF-only investors may prefer InvestEngine or Freetrade.
- £6.95 per trade — still the highest among the major platforms. Use regular investing (free) for ETFs, not ad hoc dealing.
- New £1.95 fund dealing fee — active fund switchers will notice this. Previously free.
- GIA now charges 0.35% on shares (previously free) — relevant if you invest outside ISAs and pensions.
AJ Bell — best mid-market value for ISA and SIPP
AJ Bell sits between HL’s premium pricing and the zero-fee neobrokers. Full ISA and SIPP, reasonable fees, a solid investment universe — without HL’s research depth, but at a meaningfully lower total cost for most investors above £50,000.
- ISA + SIPP + GIA — full account range.
- 0.25% platform fee, ISA shares capped at £42/year — highly competitive once your ETF ISA exceeds about £17,000. At £100k, you pay £42/year flat on shares and ETFs.
- Regular investing at £1.50/trade — lowest cost dealing method, ideal for monthly ETF contributions.
- 3,500+ ETFs, 4,000 funds, 400 investment trusts, 16,000+ shares across 24 markets.
- Dodl (AJ Bell’s simplified app at 0.15%) offers an even cheaper entry point for hands-off investors.
- FCA regulated, FSCS protected to £85,000.
- Fund platform fee uncapped — for funds (not ETFs), the 0.25% applies without a cap. Large fund holders pay more at scale.
- £5 per share/ETF trade — use regular investing instead for ETF contributions.
- SIPP cap is £120/year on shares/ETFs — higher than the ISA cap, check if this applies to your situation.
- Research tools noticeably thinner than HL — no equivalent to HL’s Wealth Shortlist depth.
InvestEngine — cheapest ETF ISA in the UK, full stop
InvestEngine is purpose-built for ETF investors who want to keep costs as close to zero as possible. Its DIY plan charges no platform fee and no trading commission — making it the cheapest way to run a Stocks and Shares ISA if ETFs are your entire strategy.
- 0% platform fee on DIY plan — the absolute lowest-cost ISA for ETF-only investors, at any portfolio size.
- Commission-free ETF trades — no dealing charges on 200+ UCITS ETFs.
- Free Stocks and Shares ISA — no annual wrapper fee.
- Automated investing — set a target portfolio, contribute on a schedule, fully automated rebalancing. Best execution for hands-off investors.
- Clean, modern interface designed specifically for passive, long-term investors.
- FCA regulated, FSCS protected.
- ETFs only — no individual stocks, investment trusts, or active funds.
- No SIPP — cannot be used for pension saving. If you need a SIPP, use HL, AJ Bell, or Freetrade for that.
- Once-a-day execution model — fine for long-term investors, not suitable for active traders wanting real-time fills.
- Smaller ETF universe (200+) than HL or AJ Bell — covers all major index trackers but may lack niche products.
Freetrade — free ISA and free SIPP, stocks and ETFs included
Freetrade repriced significantly in early 2026. ISA was made free in September 2025. SIPP became free on all plans in January 2026. It is now the only platform in the UK that offers a free ISA and a free SIPP alongside a full range of stocks, ETFs, and funds with no dealing commissions.
- Free ISA + free SIPP on Basic plan — unique in the UK. No annual fee, no dealing commission.
- 6,000+ stocks, 500+ ETFs, 450+ funds, gilts, and investment trusts — broader investment range than any other zero-fee platform.
- Commission-free trades on all plans across all account types.
- Fractional shares from £2 — useful for investing smaller amounts in high-priced stocks.
- Clean mobile app, now also available on web. Part of IG Group.
- FCA regulated, FSCS protected to £85,000.
- FX fees on Basic plan: 0.99% — relevant if you buy US or international stocks. Standard (£4.99/mo) drops to 0.59%; Plus (£9.99/mo) to 0.39%.
- SIPP withdrawal method limited — currently supports Uncrystallised Fund Pension Lump Sum (UFPLS) only. Seek advice if you need flexible drawdown.
- Smaller fund range than HL or AJ Bell (450 funds vs 3,000–4,000). Sufficient for most passive strategies.
- App design encourages activity — set up automated contributions and log in infrequently for best results.
Trading 212 — zero-fee ISA with AutoInvest and Pies
Trading 212 is one of the UK’s fastest-growing platforms, with over 5 million funded accounts globally. Its ISA charges zero platform fee and zero commission. The AutoInvest and Pies feature allows you to build a target portfolio and invest into it automatically — a strong option for passive investors who also want individual stocks alongside ETFs.
- 0% platform fee + 0% commission — genuinely free ISA at every portfolio size, no cap concerns.
- AutoInvest and Pies — build a custom portfolio with target weights across stocks and ETFs, then automate contributions into it. One of the cleanest passive-investing features available.
- 11,000+ stocks, 2,000+ ETFs — the widest investment universe of any zero-fee ISA platform in the UK.
- Fractional shares from £1 — enables fully diversified investing from tiny amounts.
- Interest paid on uninvested cash — GBP rate currently competitive.
- FCA regulated, FSCS protected.
- No SIPP — cannot be used for pension saving. If you need a SIPP, use a separate platform.
- 0.15% FX fee — applies when buying non-GBP assets. Lower than most competitors but still real cost on US stock purchases.
- CFD product risk — the CFD account sits adjacent to the Invest/ISA account. Use Invest or ISA exclusively. CFDs are leveraged and carry high loss risk.
- App design encourages frequent checking — not ideal for disciplined passive investors. AutoInvest partially mitigates this by removing manual decisions.
- No traditional active funds or investment trusts — stocks and ETFs only.
Vanguard UK — ultra-low cost ISA and SIPP, Vanguard funds only
Vanguard Investor is the platform of choice for investors who want Vanguard’s own funds — and only Vanguard’s own funds. The 0.15% annual fee capped at £375/year is among the lowest of any full-service ISA and SIPP provider in the UK. The constraint is total: you cannot hold any third-party product.
- 0.15% annual fee, capped at £375/year — cheaper than HL and AJ Bell for fund-based ISAs and SIPPs above £30,000.
- ISA + SIPP + GIA — all three account types, both tax wrappers, all at the same low cost.
- Free batch dealing — ETF and fund trades via twice-daily batch execution at no cost. Real-time Quote & Deal available at £7.50 per trade.
- Vanguard’s own funds include some of the cheapest and most popular index trackers globally — FTSE Global All Cap, LifeStrategy range, FTSE 100 and All-World trackers.
- Simple, clean interface — designed for long-term, low-intervention investing.
- FCA regulated, FSCS protected.
- Vanguard products only — approximately 85 funds and ETFs. No third-party ETFs, no individual stocks, no investment trusts. This is a hard constraint with no exceptions.
- £500 minimum lump sum (or £100/month regular investing). Higher barrier to entry than zero-fee platforms.
- No fractional shares. Regular investing allows sub-share-price contributions but not fractional ownership.
- Platform is functional but not feature-rich — no research tools, no market data beyond basic fund pages.
Annual platform cost by portfolio size
Approximate annual platform fee for a Stocks and Shares ISA holding ETFs only. Does not include ETF OCF, FX fees, or dealing charges. Regular investing assumed where applicable (eliminates dealing cost). Updated for 2026 fee structures.
| Broker | £10,000 ISA | £50,000 ISA | £100,000 ISA | £250,000 ISA |
|---|---|---|---|---|
| InvestEngine (DIY) | £0 | £0 | £0 | £0 |
| Freetrade (Basic) | £0 | £0 | £0 | £0 |
| Trading 212 | £0 | £0 | £0 | £0 |
| Vanguard UK | £15 | £75 | £150 | £375 |
| AJ Bell | £25 | £42 (capped) | £42 (capped) | £42 (capped) |
| Hargreaves Lansdown | £35 | £150 (capped) | £150 (capped) | £150 (capped) |
Interactive Investor and IBKR — two specialist cases
ii uses a flat monthly fee rather than a percentage — meaning it becomes proportionally cheaper as your portfolio grows. ISA: Essentials plan at £4.99/month (up to £50k), moving to Investor at £11.99/month above that. SIPP available separately. Strong investment range (14,000+ shares, 3,000+ ETFs, funds, trusts), good research tools, and one of the best value platforms for investors with portfolios above £100,000. Worth comparing specifically if your combined ISA and SIPP balance is large. FCA regulated, FSCS protected.
The professional-grade option for UK investors who trade internationally, need multi-currency accounts, or want access to options, bonds, and global markets. FCA regulated, very competitive fees at scale, institutional-level FX. Critical caveat: no ISA and no SIPP. For most UK passive investors, the absence of both UK tax wrappers is a dealbreaker as a primary account. Works well as a secondary account for overflow capital, international equities, or fixed income beyond what a UK ISA can hold.
Open IBKR →Which broker is right for you?
- You want ISA and SIPP in one place with the best UK platform experience
- You invest primarily in funds via regular investing (free)
- You value research tools, the Wealth Shortlist, and UK phone support
- Your ETF/share ISA is below ~£43,000 where the new £150 cap isn’t triggered
- You want ISA and SIPP at lower cost than HL with broad investment choice
- Your ETF ISA is above £17,000 where the £42/year cap kicks in strongly
- You want access to investment trusts, individual stocks, and 3,500+ ETFs
- You invest monthly via regular investing at £1.50/trade
- Your entire ISA strategy is 1–3 UCITS ETFs, automated monthly
- You want the absolute lowest platform cost at every portfolio size
- You don’t need a SIPP and are happy with ETFs only (no stocks)
- You want automated rebalancing without manual intervention
- You want a free ISA and free SIPP in one app — zero annual cost
- You want access to individual stocks alongside ETFs and funds at no commission
- You buy mostly GBP-denominated assets (avoid the 0.99% Basic FX fee)
- You want the widest investment range of any zero-cost platform
- You want stocks and ETFs in a zero-fee ISA with AutoInvest automation
- You invest in both UK/EU stocks and global ETFs and want zero commission
- You don’t need a SIPP (pair with Freetrade or AJ Bell for that)
- You want fractional shares from £1 and a wide product universe at no cost
- Your entire portfolio is Vanguard funds — LifeStrategy, FTSE All-World, FTSE Global All Cap
- You want ISA and SIPP together at 0.15% capped at £375/year
- You want the simplest possible platform with no distractions
- You never need third-party ETFs, individual stocks, or investment trusts
Ready to open an account?
ISA first, always. The right broker depends on your account needs: full-service ISA and SIPP at HL or AJ Bell, zero-cost ETF ISA at InvestEngine, free ISA and SIPP at Freetrade, or zero-fee stocks and ETFs at Trading 212.
Go deeper
Frequently asked questions
What is a Stocks and Shares ISA and which brokers offer one?
A Stocks and Shares ISA lets you invest up to £20,000 per tax year completely free of UK capital gains tax and income tax — permanently. Every broker on this list offers one except Interactive Brokers. Since April 2024, you can open multiple ISAs with different providers in the same tax year, as long as total contributions across all ISAs stay within the £20,000 annual limit. This means you could hold an ETF ISA at InvestEngine alongside an ISA at Freetrade simultaneously, splitting your allowance between them.
Which broker is cheapest for ETF investing in the UK?
InvestEngine, Freetrade (Basic plan), and Trading 212 all charge 0% platform fee and 0% commission for ETF ISA investing — making them the cheapest in the UK on platform cost alone. At any portfolio size, these three charge nothing to hold ETFs in an ISA. Vanguard is cheapest if you only need Vanguard’s own funds (0.15% per year, capped at £375). AJ Bell is competitive above £17,000 with its £42/year ISA cap on shares and ETFs. HL is now 0.35% capped at £150/year — higher than before March 2026 for ETF-heavy ISAs above ~£43,000.
Is Hargreaves Lansdown worth the cost after the March 2026 fee changes?
It depends what you hold. HL reduced its platform fee from 0.45% to 0.35% and cut dealing from £11.95 to £6.95 — genuinely positive for most investors. But the annual cap on shares and ETFs in an ISA tripled from £45 to £150/year. For investors with a large ETF ISA (above ~£43,000), this means higher costs than before. For fund investors, the fee cut is a net positive. The platform, research tools, and UK customer service remain best-in-class. If you primarily hold funds and invest monthly via Direct Debit (free), HL’s value proposition is strong. For pure passive ETF investing, InvestEngine, Freetrade, or Trading 212 remain materially cheaper at every portfolio size.
Can I use Interactive Brokers as a UK resident?
Yes. IBKR is fully available to UK residents and is regulated by the FCA. It offers the best multi-currency workflow, global market access at 90+ exchanges, and institutional-level FX fees of any platform available in the UK. The key limitation: IBKR does not offer a Stocks and Shares ISA or SIPP. For UK passive investors whose primary goal is tax-sheltered investing, starting with an ISA on a UK platform is almost always the right first move. IBKR works well as a secondary account for overflow capital above the £20,000 ISA allowance, international market access, or fixed income.
What is the best broker for a SIPP in the UK?
For a full-service SIPP with broad investment choice and strong research, HL and AJ Bell remain the strongest options. Freetrade now offers a free SIPP on its Basic plan — free to open, no dealing commission — making it the cheapest for straightforward pension investing in stocks, ETFs, and funds. Vanguard UK offers an ultra-low-cost SIPP at 0.15% capped at £375/year, but restricted to Vanguard’s own product range. InvestEngine and Trading 212 do not offer SIPPs. Note: SIPP funds cannot normally be accessed until age 55, rising to 57 from 6 April 2028.
Can I open multiple Stocks and Shares ISAs at the same time?
Yes — since April 2024, you can open and contribute to multiple ISAs of the same type with different providers in the same tax year. The only rule is that total contributions across all ISAs cannot exceed the annual £20,000 allowance. In practice, this means you could hold a zero-fee ETF ISA at InvestEngine and a stocks-and-shares ISA at Freetrade simultaneously, splitting your £20,000 allowance between them however you choose. You are not locked into a single provider as you were under the old rules.
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. Fee data based on publicly available information at time of writing (April 2026) — always verify current charges on each provider’s official website before opening or funding an account. Investments can lose value, and past performance does not guarantee future results. You are responsible for your own investment, tax, and legal decisions.