Fidelity International
vs Hargreaves Lansdown (2026)
Two of the UK’s most established investment platforms, repriced in March 2026. HL cut its share dealing commission but introduced fund trading charges for the first time. Fidelity holds its £0 fund dealing and its lower ETF ISA custody cap. This comparison covers fees, account types, platform quality, and which broker wins by investor type.
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TL;DR
The right choice depends almost entirely on what you hold, how you invest, and whether you need a Lifetime ISA. Neither is strictly better — they serve different investor profiles.
- You invest mainly in funds (OEICs) — Fidelity charges £0 per fund trade vs HL’s new £1.95.
- You hold a large ETF or share ISA/SIPP — the £90/year custody cap beats HL’s £150/year.
- You are a passive, buy-and-hold investor who rarely needs research or active fund guidance.
- You want zero ongoing custody cost on ETFs and shares in a standard GIA.
- You want access to Fidelity’s own index and active fund range as a global manager.
- You need a Lifetime ISA (LISA) — Fidelity doesn’t offer one.
- You want access to deeper research, the Wealth Shortlist, and curated fund picks.
- You are a beginner who values platform quality, educational tools, and customer support.
- You trade individual shares actively — £6.95 per trade (or £3.95 at 20+/month) is now competitive.
- You want the widest possible investment universe: investment trusts, bonds, international shares.
March 2026: HL repriced significantly
If you last compared these two platforms before March 2026, the picture looks different now. HL made substantive changes that shifted who benefits from each platform.
- Share dealing: £11.95 → £6.95 per trade
- Platform fee: 0.45% → 0.35% (shares & ETFs)
- ISA ETF/share cap: £45 → £150/year
- Fund dealing: £0 → £1.95 per trade (new charge)
- SIPP ETF/share cap: £200 → £150/year
Fidelity’s structure remained stable: £7.50 per ETF or share trade, £0 for fund dealing, 0.35% custody (capped at £90/year for ETFs and shares in ISA and SIPP). The £0 fund dealing and the lower ISA cap are now stronger relative advantages than they were in 2025.
Fidelity vs HL — fee comparison (2026)
All figures reflect confirmed 2026 pricing. Verify current rates on each platform’s official fee schedule before opening an account.
| Fee | Fidelity International | Hargreaves Lansdown |
|---|---|---|
| Share & ETF commission | £7.50 per trade | £6.95 per trade; £3.95 (20+ trades/month) |
| Fund dealing | £0 | £1.95 per trade (from March 2026) |
| Regular investing | £1.50 | Standard dealing rate applies |
| Custody fee (shares & ETFs) | 0.35% p.a. | 0.35% p.a. |
| ISA custody cap (shares & ETFs) | £90/year | £150/year |
| SIPP custody cap (shares & ETFs) | £90/year | £150/year |
| Custody fee above £250k | 0.20% (£250k–£1m); 0% above £1m | Not confirmed from source — verify |
| GIA custody (ETFs & shares) | 0% | Verify on HL’s current fee schedule |
| FX markup | 0.75% (first £10k); 0.50% (£10k–£20k); 0.25% (above £20k) | 0.99% (first £10k); 0.50% (£10k–£25k); 0.20% (above £25k) |
| Minimum deposit | £1,000 lump sum; £25/month | £1 |
| Fractional shares | No | No |
| Lifetime ISA (LISA) | No | Yes |
What the fees mean by portfolio size
The fee table above doesn’t tell the full story. The platform that wins depends on what you hold, how often you trade, and which account wrapper you use.
- Custody: £90/year (cap applies)
- Trading: £7.50 × 6 = £45
- Total: ~£135/year
- Custody: £150/year (cap applies)
- Trading: £6.95 × 6 = £41.70
- Total: ~£192/year
- Custody: 0.35% × £30,000 = £105/year
- Fund dealing: £0
- Total: ~£105/year
- Custody: fund rate — check HL’s schedule
- Fund dealing: £1.95 × 12 = £23.40
- Total: higher — plus custody
Fidelity requires a £1,000 minimum deposit — a meaningful barrier for a small starting balance. HL allows £1. For a £5,000 GIA in ETFs, Fidelity charges 0% custody on shares and ETFs in a GIA (a real advantage), while HL’s structure should be verified. For very small balances getting started, HL’s lower entry threshold and broad product access give it an edge before portfolio size justifies the cost comparison.
Account types and product range
Both platforms cover the core UK investment wrappers. The meaningful gap is the Lifetime ISA.
| Account type | Fidelity | Hargreaves Lansdown |
|---|---|---|
| Stocks & Shares ISA | Yes | Yes |
| Junior ISA (JISA) | Yes | Yes |
| Lifetime ISA (LISA) | No | Yes |
| SIPP (pension) | Yes | Yes |
| Junior SIPP | Yes | Yes |
| General Investment Account | Yes | Yes |
| Joint accounts | Yes | Not available |
Investment universe
- UK and international shares
- ETFs (broad but narrower than HL)
- Own Fidelity fund range — global manager pedigree
- Third-party OEICs and unit trusts (~4,000+ funds)
- Investment trusts
- Ready-made “Navigator” portfolios for beginners
- UK and international shares (wider range than Fidelity)
- ETFs — broad selection
- Funds (~4,000+) including HL’s own multi-manager range
- Investment trusts
- Corporate and government bonds
- Ready-made “Portfolio+” managed services
- Active Savings (cash management via partner banks)
Platform, research, and tools
This is the section where the two platforms diverge most clearly. If cost is equal, the platform experience often decides the choice.
- Functional, clean interface — not visually polished but reliable
- Investment Outlook reports and fund research
- Strong fund screener for Fidelity’s own range
- Navigator tool guides beginners toward ready-made allocations
- Mobile app covers core portfolio management
- Platform is often described as less modern than HL — UX criticism is consistent across user reviews
- Wealth Shortlist — curated fund picks with analyst commentary. One of the best-known fund selection tools in the UK retail market.
- Equity research, fund ratings, market news updated frequently
- Strong educational library — guides, webinars, retirement calculators
- Mobile app widely regarded as the better of the two
- Customer support: UK-based phone support with a strong reputation — consistently cited as one of the better-supported retail platforms
- More polished overall UX; generally better for beginners who need hand-holding
Retirement and SIPP comparison
Both platforms offer SIPPs with solid infrastructure. The cost structure is where they diverge for pension investors.
- Custody capped at £90/year for ETF and share holdings in SIPP — lower than HL
- Fund dealing: £0 — material advantage for pension investors who rebalance using funds
- Custody drops to 0.20% between £250k and £1m, then 0% above £1m — relevant for large pension pots
- Junior SIPP available (free custody noted in research)
- Drawdown available for retirement income phase
- Straightforward contribution and drawdown workflow
- Custody capped at £150/year for ETF and share holdings
- Fund dealing: £1.95 per trade (from March 2026) — adds cost for pension investors who rebalance through fund switches
- Deep retirement planning tools, drawdown calculators, income planning features
- Adviser access available for those who want professional guidance
- Strong reputation for SIPP customer support
- Wide investment range for more active pension management
Which broker should you choose?
The “better” platform depends almost entirely on your investor profile. Here are the clearest decision points.
→ Fidelity. The £90/year ISA custody cap is a material saving versus HL’s £150/year. If you hold 1–3 broad ETF trackers and buy monthly via the £1.50 regular investing feature, Fidelity’s cost structure is consistently lower at balances above roughly £25,000.
→ Fidelity. £0 fund dealing versus HL’s new £1.95 per trade is a clear cost advantage, especially if you rebalance quarterly or make monthly switches. Fidelity is also a major global fund manager — its own range gives you direct access to institutional-quality products.
→ HL. Fidelity doesn’t offer a Lifetime ISA. If you want the 25% government bonus on savings toward a first property purchase (up to £450,000), HL is your option between these two. The LISA is a hard constraint — platform costs are secondary.
→ HL, slightly. At 20+ trades per month, HL drops to £3.95 per trade — cheaper than Fidelity’s £7.50. HL also has broader UK and international equity coverage and significantly better equity research tools. For occasional share trading alongside a core ETF plan, Fidelity is fine; for active management, HL is the better environment.
→ HL, for most. HL’s platform, educational content, Wealth Shortlist, and customer support make it easier to navigate at the start. The £1 minimum deposit versus Fidelity’s £1,000 is a meaningful barrier removed. Once you know what you’re doing and costs start to matter, reassessing is reasonable.
→ Fidelity. Custody fees above £250,000 drop to 0.20% and reach 0% above £1m — a significant saving compared to most retail platforms. The flat share/ETF ISA and SIPP caps (£90/year) also mean large portfolios don’t pay proportional custody fees on their equity holdings. For a passive investor with a large pension, Fidelity’s cost structure is one of the most efficient available in the UK retail market.
Pros and cons
- Lower ISA and SIPP custody cap (£90 vs £150/year)
- £0 fund dealing — best for fund-heavy investors post March 2026
- 0% custody on ETFs and shares in standard GIA
- Custody costs fall significantly above £250k; 0% above £1m
- Joint accounts available
- £1.50 regular investing rate — automation-friendly
- Strong own-fund range with global manager credentials
- No Lifetime ISA
- £1,000 minimum deposit — higher barrier to entry
- Weaker research and educational tools versus HL
- Platform UX consistently rated behind HL
- Customer support less prominent than HL’s reputation
- Narrower equity and ETF range than HL
- Lifetime ISA available — hard requirement for some investors
- Wealth Shortlist and deep fund/equity research
- Strong platform UX — widely considered the best-designed UK retail platform
- Excellent customer support with UK-based phone access
- Broadest investment universe: investment trusts, bonds, international shares
- Active Savings (cash management) via partner banks
- £1 minimum deposit — accessible entry
- Share dealing cheaper post March 2026 (£6.95; £3.95 for frequent traders)
- Fund dealing now £1.95/trade — a real cost for fund investors
- Higher ISA and SIPP custody cap (£150 vs £90/year)
- Overall more expensive than Fidelity for most passive strategies
- SIPP cap reduced (£200 → £150/year) — slightly worse for SIPP holders than before
- No joint accounts
Ready to open an account?
Verify each platform’s current fees on their official site before opening — especially HL’s post-March 2026 fund dealing and platform charges. Both offer a well-established UK investment environment; the right pick comes down to your account type, portfolio strategy, and whether you need a Lifetime ISA.
Go deeper
Frequently asked questions
Is Fidelity International cheaper than Hargreaves Lansdown?
It depends on what you hold and how often you trade. Fidelity’s ETF and share ISA custody is capped at £90/year — a meaningful saving over HL’s £150/year on large portfolios. Fidelity also charges £0 for fund dealing, versus HL’s new £1.95 per fund trade introduced in March 2026. For passive investors with large ETF or fund ISAs, Fidelity is generally cheaper. For small portfolios, beginners, or investors who value HL’s research and tools, the cost difference may be secondary to the platform benefits HL provides.
Which is better for a Stocks and Shares ISA?
For an ETF-focused ISA, Fidelity’s £90/year custody cap makes it cheaper at higher balances than HL’s £150/year. The crossover point depends on trading frequency, but for most passive investors above £25,000, Fidelity holds a cost advantage. For investors who value deep research, active fund curation, and a better overall platform experience — and who hold smaller balances — HL can be worth the extra cost. If you need a Lifetime ISA, HL is your only option between the two.
Which is better for a SIPP?
Both offer solid SIPPs. Fidelity’s SIPP custody is capped at £90/year for ETF and share holdings, and fund dealing is £0 — both real cost advantages for pension investors who rebalance through fund switches. For a large pension pot, Fidelity’s 0.20% custody rate above £250,000 (and 0% above £1m) makes it increasingly competitive. HL’s SIPP stands out for investors who want active research support, broader investment options, and more hands-on planning tools through the drawdown phase.
Does Fidelity International offer a Lifetime ISA?
No. As of 2026, Fidelity International UK does not offer a Lifetime ISA. If you are saving for a first home purchase or for retirement with the 25% government bonus on contributions up to £4,000/year, HL is the relevant option between these two. The LISA has strict rules — you must be under 40 to open one, and withdrawals for anything other than a first home purchase or retirement before age 60 incur a withdrawal penalty. Other platforms such as AJ Bell and Moneybox also offer LISAs.
Can I transfer my ISA between Fidelity and Hargreaves Lansdown?
Yes. ISA transfers between UK platforms are standard and do not affect the tax-free status of your holdings. Both Fidelity and HL accept inbound ISA transfers. Transfer timelines vary: cash transfers (where assets are sold, transferred, and reinvested) can take a few weeks; in-specie transfers (assets moved as-is without selling) typically take longer and are not always available for all holdings. Verify each platform’s current transfer process and any potential exit fees before initiating a transfer.
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. Fee data reflects information available at time of publication — verify before acting.