Who is Scottish Widows Share Dealing?
Scottish Widows Share Dealing is a low-cost online share dealing platform, formerly known as iWeb. It started life as IMIWeb UK Limited, a London based execution-only brokerage, part of Italy's Sanpaolo IMI banking group. It was acquired in 2003 by HBOS plc which was subsequently acquired by Lloyds TSB in 2009. iWeb is currently in the process of rebranding to Scottish Widows Share Dealing (part of Lloyds Banking Group). Existing customers can still currently log in via the existing iWeb website, however, new customers will need to sign up via the Scottish Widows website or app. The service is expected to fully transition in the coming weeks, bringing new features such as a mobile app and free regular investing.
Scottish Widows Share Dealing products
Scottish Widows Share Dealing offers three main types of account including a Share Dealing Account, Stocks and Shares ISA and a Self Invested Personal Pension (SIPP). Scottish Widows Share Dealing allows customers to invest in UK and international shares, funds, exchange traded funds (ETFs), investment trusts, bonds and gilts.
Scottish Widows Share Dealing Stocks and Shares ISA
Investors can contribute up to £20,000 in an Scottish Widows Share Dealing Stocks and Shares ISA, assuming they are not using up any of their allowance elsewhere. It previously charged a one-off account opening fee of £100 when you open a Stocks and Shares ISA, however, this has been permanently removed. Customers can choose to invest in a wide variety of investments including shares, funds, ETFs and investment trusts.
Scottish Widows Share Dealing Share Dealing Account
Customers can choose to invest in over 4,500 shares, 700 ETFs and almost 3,000 funds with a Scottish Widows Share Dealing account. Investors are charged a flat fee of £5 per trade and there are no ongoing account fees or administration charges. While it has traditionally been a web-only service, new and existing customers can gain access via the Scottish Widows app as part of the platform's rebrand.
Scottish Widows Share Dealing Self Invested Personal Pension (SIPP)
Investors can contribute up to 100% of their earnings each year, subject to the annual allowance of £60,000. The SIPP under its previous brand iWeb was administered by AJ Bell and operated under a different charging structure. Customers who opened a SIPP with iWeb prior to 25th October 2024 will have their new SIPP fees waived until November 2028.
The fees for the Scottish Widows Share Dealing SIPP are 0.25% of the total value of your investments up to a maximum of £16.50 per month (£198 per year). Transfers in and out are free and those wishing to buy and sell investments will be charged £5 per trade. It currently pays 3.00% interest on cash balances of £1 or more, with no upper limit.
How do you open a Scottish Widows Share Dealing Account?
Opening an account with Scottish Widows Share Dealing takes around 10 minutes. You'll first need to agree to the terms and conditions which explains that you'll be responsible for your own investment decisions as well as providing a list of the things you'll need to hand in order to open an account. You'll then need to provide all of your personal information including your name, address, occupation and residency. Next, you'll need to provide your national insurance number and complete your debit card details.
Upon completion, your account will be verified and you'll be granted access to a Stocks and Shares ISA, as well as a Share Dealing Account. At this point, you are free to deposit funds and invest your money as you wish. There are no ongoing fees or administration charges, however, you will be charged £5 per trade when buying shares.
How much does Scottish Widows Share Dealing cost
Scottish Widows Share Dealing no longer charges an account opening fee, however it charges £5 per online trade as well as fund charges between 0.25% and 1.50% for those investing in funds. We summarise all of Scottish Widows Share Dealing fees and charges below.
Scottish Widows Share Dealing administration charges
| Fee Type | Fee Amount |
| Account opening charge | No charge |
| Voiding an ISA | £25 |
| Repair of an ISA | £25 |
| Same day payment (CHAPS) | £30 for SIPP - £25 for other accounts |
| Paper copy of an account statement | £12.50 |
| Sell out commission charge (if Scottish Widows has to sell to cover fees) | £10 |
| Electronic stock transfer | Free (Some providers do not allow stock transfers - Scottish Widows can sell your holdings at £5 per trade upon receipt of the request) |
Scottish Widows Share Dealing account charges
| Fee Type | Fee Amount |
| Online trades | £5 per trade |
| Automated online trades (TradePlans) | £2 per trade for dealing account / Free for ISA and SIPP (Commission reduced by £2 if executed) |
| Panel of takeovers and mergers (Trades over £10k only) | £1 |
| Dividend reinvestment | 2.00% of dividend (Max £5) |
| Foreign currency (FX) charge - International trades only | 1.50% |
| Stamp Duty (UK stock purchases only) | 0.50% |
| Spanish financial transaction tax | 0.20% (Certain Spanish shares only) |
Scottish Widows Share Dealing fund charges
| Fee Type | Fee Amount |
| Ongoing charges | 0.25% to 1.50% (ongoing fund charges vary depending on the fund invested) |
| Transaction charge | 0.50% of the investment |
Scottish Widows Share Dealing SIPP charges
| Fee Type | Fee Amount |
| SIPP charge | 0.25% of your portfolio (Max charge £16.50 per month) |
| Annuity purchase | No charge |
| Transfers in from another scheme | No charge |
| Valuation request or ad hoc statement | £12.50 |
| Setup fee | No Charge |
| Transfer out to another registered scheme | No Charge |
| Drawdown fee | No charge |
Is Scottish Widows Share Dealing safe?
Scottish Widows Share Dealing has two layers of consumer protection in the form of 'segregation of assets' as well as protection provided by the Financial Services Compensation Scheme (FSCS). Scottish Widows Share Dealing states that customer assets are segregated from its own assets and so would be returned to you in the unlikely event that it was to cease trading. In the unlikely event of the segregation process failing, customers would be able to claim up to the value of £85,000 under the FSCS. It is important to note that FSCS protection applies per 'authorised firm' and many authorised firms share a banking licence. Scottish Widows states that the FSCS limit 'applies to the total of all stock and cash you hold across the four share dealing businesses we look after; Scottish Widows Share Dealing, Halifax Share Dealing, Bank of Scotland Share Dealing, and Lloyds Bank Direct Investments. So, if you had a Scottish Widows Stocks and Shares ISA and a Halifax Share Dealing Account, then the value of your assets in both accounts would be viewed together by the FSCS'
Does Scottish Widows Share Dealing have an app?
iWeb, as it was previously known, did not have a dedicated share-dealing app, however, as part of the transition to Scottish Widows Share Dealing, customers can access their accounts via the dedicated Scottish Widows app. This will allow investors to trade and manage their portfolios on the go.
Scottish Widows Share Dealing customer reviews
Scottish Widows Share Dealing (under its previous brand 'iWeb') is rated as 'Excellent' on independent review site Trustpilot with an average score of just 4.3 out of 5.0 from almost 750 reviews. Users that have posted good reviews like the simplicity, with many stating that they like the straightforward, uncomplicated website. Of the bad reviews, users cite issues with the time it takes to transfer as well as poor customer service.
Pros and cons of Scottish Widows Share Dealing
Pros
- Simple to use
- Easy setup process
- No annual account fees
Cons
- SIPP fees apply
- Basic website
Alternatives to Scottish Widows Share Dealing
Scottish Widows Share Dealing is one of the cheapest execution-only share dealing platforms in the UK, however, the website remains relatively basic and it has received criticism on independent review site Trustpilot for its lack of customer service. That being said, its recent rebrand from iWeb to Scottish Widows, could signal a change, especially now that customers can keep on top of their investments via the Scottish Widows app.
In the below table we list a number of alternative platforms that provide online share dealing, including the total cost when investing between £5,000 and £250,000. The table assumes a total of 20 trades per year (which includes 10 buy and 10 sell trades).
| Single Trade cost | Regular Investing cost | £5,000 | £10,000 | £20,000 | £50,000 | £100,000 | £250,000 | |
| AJ Bell | £5 | £1.50 | £113 | £125 | £150 | £225 | £350 | £725 |
| Charles Stanley | £10 | £215 | £230 | £260 | £350 | £500 | £600 | |
| Interactive Investor | £3.99 | £152 | £152 | £152 | £152 | £152 | £180 | |
| iWeb | £5.00 | £100 | £100 | £100 | £100 | £100 | £100 | |
| Halifax Share Dealing | £9.50 | £2.00 | £226 | £226 | £226 | £226 | £226 | £226 |
| Hargreaves Lansdown (from 1st March 2026) | £6.95 | £3.95 | £157 | £174 | £209 | £278 | £278 | £278 |
Scottish Widows Share Dealing vs AJ Bell vs Interactive Investor vs Hargreaves Lansdown
Scottish Widows Share Dealing provides a low-cost, online, execution-only share trading service. AJ Bell, Interactive Investor and Hargreaves Lansdown do charge platform fees (unlike Scottish Widows Share Dealing), but investors get a little more in return, including detailed reporting, additional insight and research. Those looking for a SIPP may want to consider Interactive Investor as it can work out significantly cheaper than Scottish Widows thanks to its fixed-fee subscription model and cheaper trading fees.
Summary
Scottish Widows Share Dealing is a basic, no-frills, execution-only online trading platform that may be more suited to experienced investors who are comfortable making their own investment decisions. That said, Scottish Widows Share Dealing's ETF Quicklist, developed in collaboration with iShares by BlackRock, is a useful tool which may be particularly useful for new, inexperienced investors. It doesn't charge annual fees and so provides a relatively cheap way to invest in shares, funds, exchange traded funds (ETFs) and investment trusts. It does, however, charge a SIPP fee, meaning there are cheaper alternative SIPPs on the market. Additionally, Scottish Widows Share Dealing charges £5 per trade and so those focused solely on buying and trading shares may want to look at specialist share dealing apps such as Freetrade and Trading 212. Additionally, Freetrade has recently overhauled its fees meaning its SIPP no longer carries a fee.
When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results.
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