Stocks & Shares ISA Platforms Compared in 2026
The 2026 ISA allowance is £20,000 per tax year. Where you open your Stocks & Shares ISA affects what you can buy, what you pay in fees and how easily you can switch later. Here’s the practical platform comparison.
The Big Five UK Platforms in 2026
- Vanguard Investor — Vanguard’s own platform. Low fees, only Vanguard funds and a handful of ETFs.
- Hargreaves Lansdown (HL) — Largest UK retail broker. Massive fund range. Higher fees.
- AJ Bell — Mid-priced. Good app. Solid all-rounder.
- Interactive Investor (ii) — Flat-fee structure. Best for larger portfolios.
- Trading 212 / Freetrade — Newer commission-free brokers. Cheap but narrower in fund choice.
Fee Structure Comparison (2026)
| Platform | Account fee | Fund trading | Share/ETF trading |
|---|---|---|---|
| Vanguard | 0.15% capped at £375/yr | Free | Free |
| Hargreaves Lansdown | 0.45% on first £250k | Free | £11.95/trade |
| AJ Bell | 0.25% capped on funds | Free | £5/trade |
| Interactive Investor | £4.99–£11.99/month flat | One free trade/month | Same |
| Trading 212 | 0% (free) | n/a (no funds) | Free |
| Freetrade | 0% (free) for basic | n/a | Free for basic; £5.99/mo for ISA |
What “Best” Depends On
Small portfolio, fund-focused (under £30k): Vanguard Investor wins on simplicity and lowest total cost.
Medium portfolio (£30k–£100k), broad fund range: HL has the largest selection but the 0.45% account fee adds £450/yr on £100k. AJ Bell is cheaper at the same balance.
Large portfolio (£100k+): Interactive Investor’s flat fee (£11.99/month = £143.88/year) crushes percentage-based fees. £200k portfolio at HL = £900/yr fees; at ii = £144/yr.
ETF / share trading only (no funds): Trading 212 or Freetrade. Both commission-free for ETFs, basic ISAs included.
What to Watch For
- Exit fees: Some platforms charge £25–£75 per holding to transfer out. HL removed exit fees recently. ii has been firm on no exit fees. Check before opening.
- Interest on cash held: Platforms pay interest on uninvested cash in ISA. Rates vary widely (Vanguard ~3%, HL ~2.5%, Freetrade tiered).
- ISA flexibility: Some platforms support flexible ISA rules (withdraw and replace within tax year without losing allowance). Vanguard does. HL doesn’t.
- Tax-year transfers: You can transfer an ISA from one platform to another any time. Don’t withdraw and re-deposit (you’d lose the allowance) — always use the platform’s transfer process.
The 2026 Move: Multi-ISA-Provider Rules
From April 2024, you can pay into multiple Stocks & Shares ISAs in the same tax year — provided you stay under the £20k total. So splitting between Vanguard for cheap funds and Trading 212 for individual shares is now permitted.
This changes the strategy: you can use the cheapest platform for each purpose without losing tax efficiency.
Three Common Mistakes
- Sticking with a 0.45% platform on a £150k portfolio. That’s £675/year of fees you could halve at AJ Bell or quarter at ii.
- Frequent share trading on percentage-fee platforms. £11.95 per trade adds up fast.
- Picking on app design alone. Apps matter, but fees compound — pick the cheaper one and adapt.
Bottom Line
For most UK savers in 2026: Vanguard Investor for funds at any portfolio size, supplemented by Trading 212 or Freetrade for individual shares. Interactive Investor takes over at £100k+ portfolios where the flat fee dominates.