Hargreaves Lansdown* (HL) has announced its first major change to its fee structure in over 10 years, cutting account charges for millions of investors while introducing new costs for fund trading. The changes, which come into effect on 1st March 2026, are part of a wider effort by the UK’s largest investment platform to remain competitive as rivals continue to challenge its market dominance. Richard Flint, interim Chief Executive Officer at Hargreaves Lansdown said "We are making these changes to ensure we become even greater value for our clients and make investing even simpler and more accessible".
The platform has said that 80% of its 2 million customers will see their costs either decrease or remain unchanged under the new regime, while only 2.5% will see their costs rise by more than £10 per month. In this article, we provide a breakdown of the Hargreaves Lansdown changes and compare the new and existing charges with those of its major competitors.
Hargreaves Lansdown fee changes explained
As part of the overhaul of the fees, the long-standing 0.45% "headline" platform fee has been cut, share dealing fees have been reduced and a new fund fee is being introduced for fund investors. The tables below highlight the current and future fees for the Hargreaves Lansdown Stocks and Shares ISA, SIPP, and Fund and Share Account, with the changes highlighted in blue.
HL Stocks and Shares ISA changes
| Total invested in funds (tiered) | Current annual charge | Future annual charge |
|---|---|---|
| £0 - £250,000 | 0.45% | 0.35% |
| £250,000 - £1m | 0.25% |
0.25%
|
| £1mn - £2m | 0.10% | 0.10% |
| Over £2m | No charge | No charge |
Other ISA charges
| Charge | Current charge | Future charge |
| Fund trades | No charge | £1.95 per trade |
| Buying/Selling shares, ETFs and Investment Trusts | £11.95 (20+ trades, £5.95) | £6.95 (20+ trades, £3.95) |
| Account charge for shares, ETFs, investment trusts and bonds | 0.45% (capped at £45 a year) | 0.35% (capped at £150 per year) |
HL SIPP changes
| Total invested in funds (tiered) | Current annual charge | Future annual charge |
|---|---|---|
| £0 - £250,000 | 0.45% | 0.35% |
| £250,000 - £1m | 0.25% |
0.25%
|
| £1mn - £2m | 0.10% | 0.10% |
| Over £2m | No charge | No charge |
Other SIPP charges
| Charge | Current charge | Future charge |
| Fund trades | No charge | £1.95 per trade |
| Buying/Selling shares, ETFs and Investment Trusts | £11.95 (20+ trades, £5.95) | £6.95 (20+ trades, £3.95) |
| Account charge for shares, ETFs, investment trusts and bonds | 0.45% (capped at £200 a year) | 0.35% (capped at £150 per year) |
HL Fund and Share Account changes
| Total invested in funds (tiered) | Current annual charge | Future annual charge |
|---|---|---|
| £0 - £250,000 | 0.45% | 0.35% |
| £250,000 - £1m | 0.25% |
0.25%
|
| £1mn - £2m | 0.10% | 0.10% |
| Over £2m | No charge | No charge |
Other Fund and Share Account charges
| Charge | Current charge | Future charge |
| Fund trades | No charge | £1.95 per trade |
| Buying/Selling shares, ETFs and Investment Trusts | £11.95 (20+ trades, £5.95) | £6.95 (20+ trades, £3.95) |
| Account charge for shares, ETFs, investment trusts and bonds | No charge | 0.35% (capped at £150 per year) |
- Fund Dealing - For the first time, HL will introduce a £1.95 charge for buying or selling funds (unit trusts) online. Previously, fund trading on the platform was free. Regular investing remains free. You'll be required to set up a direct debit and commit to at least £25 per month.
- Share Dealing - The cost of buying or selling shares, ETFs, and investment trusts online will fall from £11.95 to £6.95 per trade. For very frequent traders (over 20 trades in the previous month), this fee drops further to £3.95. Regular investing remains free. You'll be required to set up a direct debit and commit to at least £25 per month.
- FX fees - Foreign exchange (FX) fees apply when you buy or sell shares listed on a non-UK market or stock exchange. The bands on these fees have been reduced from 1% to 0.99% on trades valued £5,000 or less and trades over £25,000 have been reduced from 0.25% to 0.20%. Trades between £5,000 and £25,000 are now subject to higher fees. The new FX fees are £0 - £10,000 = 0.99%, £10,000 - £25,000 = 0.50% and over £25,000 = 0.20%.
- Ready-Made Pensions - The account charge for the HL Ready-Made Pension Plan will be cut from 0.45% to 0.15%, bringing the total "all-in" cost (including fund charges) to roughly 0.45%, down from 0.75%.
You can find tables comparing the current and the new charging scheme on the Hargreaves Lansdown website.
Who are the winners and losers?
While the majority of clients are expected to save money, the new structure means a small number of Hargreaves Lansdown customers may be worse off. We summarise the winners and losers below:
The Winners
- Small and medium-sized portfolios - Those holding a portfolio of funds under £250,000 in an ISA, SIPP, Fund and Share account or Junior isa will benefit from the 0.10% reduction in the annual platform fee.
- Ready-made pension investors - With a new total cost of 0.45% (down from 0.75%), HL's managed pension option is now cheaper than many workplace pensions, including some robo-adviser alternatives.
- Regular savers - Dealing charges for shares and funds will remain free for those who invest via a monthly Direct Debit.
- Occasional share traders - The reduction in share trading fees makes it significantly cheaper for those who occasionally buy individual shares or ETFs.
The Losers
- Active fund traders - If you frequently buy and sell funds manually, the new £1.95 charge per trade will quickly eat into the savings made from the lower platform fee.
- Large ISA portfolios holding shares - For those holding shares in an ISA, the annual cap on account charges is rising from £45 to £150. While the platform fee is lower, the higher cap means that those with large share holdings may pay more each year. Those trading high-value overseas shares worth between £5,000 and £25,000 will also end up paying higher FX fees.
- Mixed portfolio holders - Investors who hold a combination of shares and funds may see their total costs increase due to the new 0.35% charge being applied to shares in Fund and Share accounts. This previously had no holding charge.
- Junior ISA (JISA) investors - Parents or guardians using a JISA to invest in overseas shares will now face foreign exchange (FX) fees.
How does Hargreaves Lansdown's new fees compare to rivals?
The move is widely seen as a response to the "price war" in the DIY investing market. HL is not the only provider to adjust its pricing recently; both Freetrade and Interactive Investor have also made changes to their fee structures to attract different types of investors. However, HL is certainly not the cheapest option for everyone and we've summarised some alternative options for investors below:
- AJ Bell - Offers a lower headline platform fee of 0.25% for funds. For those holding shares or ETFs in an ISA, the fee is capped at a lower fee of £42 per year (compared to HL's new £150 cap). Check out our independent AJ Bell review for more details.
- Fidelity - Charges a similar 0.35% service fee. Crucially for fund investors, Fidelity currently offers free fund dealing, whereas HL is moving to a £1.95 per trade model. For those holding only shares or ETFs in an ISA or SIPP, Fidelity’s fee is capped at £90 per year.
- Charles Stanley - Can be cheaper for those with larger investment pots who prefer to "buy and hold". It applies a £600 cap on platform fees, meaning it can work out significantly cheaper than a percentage-based charge as your wealth grows. Check out our independent Charles Stanley review for more details.
- Interactive Investor - As a "flat-fee" provider, Interactive Investor charges a set monthly subscription rather than a percentage of your portfolio. This makes it a strong contender for those with large portfolios who want to avoid their costs rising as their investments grow.
The impact of the Hargreaves Lansdown fee change will vary significantly depending on what you hold in your portfolio and how often you trade. We have provided a simple comparison table for one of the most likely scenarios below. It compares the fees for a Stocks & Shares ISA holding funds totalling £5,000, £20,000, £100,000, £250,000 and £1,000,000, assuming you make 10 fund switches per year.
| Provider | Portfolio size |
||||
| £5,000 | £20,000 | £100,000 | £250,000 | £1,000,000 | |
| Hargreaves Lansdown* (Current fees) | £22.56 | £90.00 | £450.00 | £1,125.00 | £3,000.00 |
| Hargreaves Lansdown* (Future fees) | £37.02 | £89.46 | £369.54 | £894.54 | £2,769.54 |
| AJ Bell* | £27.50 | £65.00 | £265.00 | £640.00 | £890.00 |
| Fidelity* | £90.00 | £90.00 | £350.00 | £500.00 | £2,000.00 |
| Charles Stanley* | £60.00 | £60.00 | £300.00 | £600.00 | £600.00 |
| Interactive Investor* (Fees from 01/02/26) | £111.78 | £111.78 | £111.78 | £179.88 | £179.88 |
When investing, your capital is at risk and you may get back less than invested. Past performance doesn’t guarantee future results.
If a link has an * beside it this means that it is an affiliated link. If you go via the link, Money to the Masses may receive a small fee which helps keep Money to the Masses free to use. The following link can be used if you do not wish to help Money to the Masses or take advantage of any exclusive offers - Hargreaves Lansdown, Interactive Investor, AJ Bell, Charles Stanley, Fidelity
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