The UK investing platform market consolidated significantly in 2024–2025 — Lloyd's bought Cavendish Online, Hargreaves Lansdown was acquired by CVC, and several smaller players exited. What's left is a clearer set of choices for UK investors in 2026.
This compares the five platforms most retail investors should actually consider.
What changed in 2026
- Platform fee compression continues — Trading 212, InvestEngine, and Freetrade Plus all offer £0 platform fees in their core tiers.
- Vanguard UK held its 0.15% platform fee capped at £375/year, still the cheapest for high-balance buy-and-hold investors.
- Hargreaves Lansdown's pricing premium has narrowed but remains — 0.45% on funds (vs ~0.15% at Vanguard, £0 at Trading 212).
Trading 212 — best for free ISA investing
- Commission: £0 on stocks and ETFs
- Platform fee: £0 (some FX fees apply on USD trades)
- Fractional shares: Yes
- ISA: Yes (S&S ISA, no LISA)
- SIPP: No
- Pies (themed bundles + AutoInvest): Yes
- Cash interest: 4.7% on uninvested cash (May 2026)
Strongest for: beginners and buy-and-hold investors who want a cheap, modern app without paying platform fees.
Watch out for: limited reporting (no detailed dividend tracking), order types are basic, no SIPP.
Freetrade — clean app, ISA + SIPP
- Commission: £0 on basic plan, £4.99/mo Standard or £11.99/mo Plus
- ISA: included in Standard plan
- SIPP: Plus plan only
- Fractional shares: Yes (US stocks)
- App-first design, decent UX
Strongest for: ISA + SIPP combination at a reasonable monthly fee. Plus plan at £143.88/year is competitive against percentage-based platforms once you have £30k+ invested.
InvestEngine — best for ETF-only portfolios
- Commission: £0
- Platform fee: £0 on DIY portfolio, 0.25% on managed
- ETFs only — no individual stocks
- ISA: Yes
- Strong portfolio analysis tools, AutoInvest
Strongest for: ETF-focused investors who want low cost and good analytics. Managed portfolios at 0.25% are a real alternative to roboadvisors at higher cost.
Watch out for: no individual stocks, no SIPP yet (announced for 2026 launch).
Vanguard UK — best for high-balance buy-and-hold
- Platform fee: 0.15% capped at £375/year
- Fund expense ratios: best-in-class (LifeStrategy 0.22%, FTSE Global All Cap 0.23%)
- ISA, SIPP, GIA all available
- Vanguard funds and ETFs only
Strongest for: investors with £100k+ who want absolute lowest cost on broad-market fund-of-funds (LifeStrategy series) and don't need individual stock access.
Watch out for: only Vanguard products. No individual stocks. App is functional but uninspired.
Hargreaves Lansdown — full-service, premium price
- Platform fee: 0.45% on funds (cap of £45/year on shares)
- Wide fund and stock universe
- ISA, SIPP, LISA, JISA all available
- Strong research tools, customer service
Strongest for: investors who value research, breadth of products, and customer service over absolute lowest cost. With under £30k invested, the 0.45% fund fee is significantly more expensive than alternatives.
Comparison: UK investment platforms
| Platform |
Commission |
Platform fee |
ISA |
SIPP |
Best for |
| Trading 212 |
£0 |
£0 |
Yes (S&S) |
No |
Free ISA, beginners |
| Freetrade Plus |
£0 |
£11.99/mo |
Yes |
Yes |
ISA + SIPP combo |
| InvestEngine |
£0 |
£0 (DIY) |
Yes |
Coming 2026 |
ETF investors |
| Vanguard UK |
n/a |
0.15% (cap £375) |
Yes |
Yes |
High-balance simple |
| Hargreaves Lansdown |
£0 (£11.95 share) |
0.45% (funds) |
Yes |
Yes |
Full-service |
How to actually pick
- Pure ISA, low balance, ETFs only → InvestEngine or Trading 212
- ISA + SIPP, < £30k balance → Freetrade Plus
- High balance, simple portfolio → Vanguard UK
- Need broad fund and product range → Hargreaves Lansdown
- Want individual UK and US stocks at £0 → Trading 212
FAQ
Can I transfer ISAs between platforms?
Yes — submit an ISA transfer form to the new platform; they handle the rest. Don't withdraw and re-deposit, as that uses your annual allowance.
Are these platforms safe?
All are FCA-regulated with FSCS protection up to £85,000 per institution. Operational reliability differs — Vanguard and Hargreaves are most established; Trading 212 and Freetrade are newer but well-funded.
Do I get the same investment options across all platforms?
No. Vanguard UK only offers Vanguard funds. InvestEngine only ETFs. Trading 212 has thousands of stocks and ETFs but a smaller fund range than Hargreaves Lansdown.
Where to go next
For related guides see ISA vs SIPP UK in 2026, Lifetime ISA guide for 2026, and Capital gains tax UK 2026.