⚡ Quick Pick: Which Should You Choose?
| If you want... | Choose... |
|---|---|
| The lowest platform fee on funds | AJ Bell (0.25%) ✅ |
| The cheapest share dealing | AJ Bell (£5) ✅ |
| The widest fund range and deepest research | Hargreaves Lansdown ✅ |
| Phone-based customer support | Hargreaves Lansdown ✅ |
| A low-cost Junior ISA | AJ Bell (0.25%) ✅ |
| A value-for-money SIPP | AJ Bell (0.25%) ✅ |
| A Lifetime ISA (LISA) | Both offer LISA ✅ |
| Regular cashback sign-up offers | Hargreaves Lansdown ✅ |
Our verdict: AJ Bell wins on value for most UK investors. Hargreaves Lansdown wins on research depth, fund range, and phone support — but you pay a meaningful premium for those extras.
If you are comparing traditional UK investment platforms in 2026, Hargreaves Lansdown and AJ Bell are two of the biggest names you will encounter. Both are publicly listed on the London Stock Exchange, both are authorised by the Financial Conduct Authority, and both offer a full suite of tax-efficient accounts including ISAs, SIPPs, Junior ISAs, and Lifetime ISAs.
But while they look similar on paper, their fee structures tell a very different story. Hargreaves Lansdown charges 0.45% on fund holdings; AJ Bell charges 0.25%. On a £50,000 portfolio that difference alone is worth £100 per year — money that compounds in your favour if you choose the cheaper platform.
In this comprehensive Hargreaves Lansdown vs AJ Bell UK 2026 comparison, we break down every fee, feature, and account type so you can decide whether HL's premium is genuinely worth paying, or whether AJ Bell delivers everything you need at a lower cost.
Hargreaves Lansdown vs AJ Bell: Full Feature Comparison Table
| Feature | Hargreaves Lansdown | AJ Bell |
|---|---|---|
| Platform fee (funds) | 0.45% (tiered down above £250k) | 0.25% (tiered down above £250k) |
| ISA share custody cap | £45/year | £42/year (£3.50/mo) |
| Fund dealing fee | £0 | £1.50 |
| Share dealing fee | £11.95 | £5 |
| FX fee | 1% | 0.75%–1% |
| Stocks & Shares ISA | ✅ | ✅ |
| Junior ISA | ✅ | ✅ |
| SIPP (pension) | ✅ | ✅ |
| Lifetime ISA (LISA) | ✅ | ✅ |
| General Investment Account | ✅ | ✅ |
| Fund range | 3,000+ | 2,500+ |
| FCA regulated | ✅ Yes | ✅ Yes |
| FSCS protection | ✅ Up to £85,000 | ✅ Up to £85,000 |
| Stock exchange listing | FTSE 250 (since 1981) | FTSE 250 |
| Phone support | ✅ Yes | Limited |
| Low-cost sister app | ❌ No | ✅ Dodl by AJ Bell |
For a broader comparison including commission-free apps and passive platforms, see our guide to the best investment platforms UK for beginners 2026 and our best Stocks and Shares ISA 2026 rankings.
Real-World Cost Comparison: HL vs AJ Bell at Five Portfolio Sizes
Headlines are one thing; actual pounds leaving your account are another. The tables below show estimated annual platform charges for fund-based and share-based portfolios at five common portfolio values. These figures exclude dealing fees and FX charges — just the ongoing platform cost.
Annual Platform Fee on Funds
| Portfolio Value | HL (0.45%) | AJ Bell (0.25%) | Annual Saving with AJ Bell |
|---|---|---|---|
| £10,000 | £45 | £25 | £20 |
| £25,000 | £112.50 | £62.50 | £50 |
| £50,000 | £225 | £125 | £100 |
| £100,000 | £450 | £250 | £200 |
| £250,000 | £1,125 | £625 | £500 |
Illustrative: uses the standard-tier percentage before any tiered reductions above £250k. Actual fees may differ slightly based on exact tiering bands.
Annual Platform Fee on Shares (ISA)
| Portfolio Value | HL (capped £45/yr) | AJ Bell (capped £42/yr) | Saving |
|---|---|---|---|
| £10,000 | £45 | £42 | £3 |
| £25,000 | £45 | £42 | £3 |
| £50,000 | £45 | £42 | £3 |
| £100,000 | £45 | £42 | £3 |
| £250,000 | £45 | £42 | £3 |
For share-only ISA portfolios both platforms cap the custody charge, making the difference minimal. The real cost gap appears in dealing fees: HL charges £11.95 per trade versus AJ Bell's £5.
The message is clear: the more money you have invested in funds, the more AJ Bell saves you. At £100,000 the difference is £200 per year — money that would compound to over £2,800 over a decade at 7% annual growth. For investors who hold individual shares in an ISA, the platform custody cost is very similar, but AJ Bell still wins on per-trade dealing fees.
Junior ISA Comparison: HL vs AJ Bell
Both Hargreaves Lansdown and AJ Bell offer a Junior ISA (JISA) — a tax-free investment account for under-18s with an annual contribution limit of £9,000 (2025/26 tax year). For families building long-term wealth for children, the Junior ISA is one of the most powerful tools available. For a deeper analysis, see our full Junior ISA comparison.
JISA Fee Comparison
| Fee | Hargreaves Lansdown | AJ Bell |
|---|---|---|
| Platform fee (funds) | 0.45% | 0.25% |
| Share custody cap | £45/year | £42/year |
| Fund dealing | £0 | £1.50 |
| Share dealing | £11.95 | £5 |
For a typical Junior ISA holding a single global index fund (which most families opt for), AJ Bell costs 0.25% versus HL's 0.45%. On a JISA balance of £20,000 — realistic after three or four years of maximum contributions — AJ Bell saves £40 per year. Over a full 18-year childhood, that saving compounds meaningfully. HL's Junior ISA is worth choosing only if you specifically want access to HL's Wealth Shortlist fund recommendations and phone support for managing your child's account.
For our full ranked guide, see: Best Junior ISA UK 2026.
SIPP Comparison: HL vs AJ Bell
A Self-Invested Personal Pension (SIPP) gives you control over how your pension is invested, with access to individual funds, shares, investment trusts and ETFs — all within a tax-relieved wrapper. Both HL and AJ Bell offer full-service SIPPs, making this a direct head-to-head.
SIPP Fee Comparison
| Fee | Hargreaves Lansdown | AJ Bell |
|---|---|---|
| Platform fee (funds) | 0.45% (tiered down above £250k) | 0.25% (tiered down above £250k) |
| Share custody cap | Capped at £200/year | £42/year (£3.50/mo) |
| Drawdown fee | No extra charge | No extra charge |
| Exit/transfer fee | No exit fee | No exit fee |
For a pension pot of £150,000 in funds, Hargreaves Lansdown charges roughly £675 per year while AJ Bell charges £375 — a £300 annual difference. Over a 20-year accumulation phase at 7% growth, choosing AJ Bell could leave you with thousands more in your pension. Hargreaves Lansdown's SIPP may still appeal to people approaching retirement who want direct phone access to discuss drawdown strategies and income planning.
For a complete guide to pension investing, see our SIPP guide.
Hargreaves Lansdown: In-Depth Overview
Founded in 1981 in Bristol, Hargreaves Lansdown is the UK's largest direct-to-consumer investment platform with over 1.8 million clients and more than £130 billion in assets under administration. The company is listed on the FTSE 250 and has built its reputation on three pillars: an enormous fund range (3,000+ funds), market-leading research content, and genuine telephone-based customer support from its Bristol headquarters.
HL's Wealth Shortlist — a curated list of recommended funds chosen by their in-house research team — is one of the most referenced fund lists among UK retail investors. For people who want guidance on what to invest in (without paying for a financial adviser), this research adds real value. HL also runs frequent cashback transfer offers, sometimes worth hundreds of pounds for larger portfolios being transferred in.
The trade-off is cost. At 0.45% on funds, HL is one of the more expensive mainstream platforms. Dealing in individual shares costs £11.95 per trade (dropping to £5.95 after 10+ trades per month), and the 1% FX fee on international shares is among the highest in the market. Read our full Hargreaves Lansdown review for a deeper analysis.
Pros and Cons of Hargreaves Lansdown
- Largest UK fund range (3,000+ funds)
- Wealth Shortlist — expert-curated fund picks
- Genuine phone support from UK-based team
- Free dealing on funds (no per-trade charge)
- Full account suite: ISA, SIPP, JISA, LISA, GIA
- Regular cashback sign-up and transfer offers
- 44+ year track record, FTSE 250 listed
- 0.45% platform fee — almost double AJ Bell
- £11.95 share dealing fee — expensive for active traders
- 1% FX fee on international shares — among the highest
- No low-cost sister app (unlike AJ Bell's Dodl)
- Website and app design can feel dated
AJ Bell: In-Depth Overview
AJ Bell is one of the UK's largest investment platforms, serving over 500,000 customers with more than £80 billion in assets under administration. Like HL, AJ Bell is listed on the London Stock Exchange (FTSE 250) and is fully authorised by the FCA. The company offers the same full suite of tax-efficient accounts — ISA, SIPP, Junior ISA, Lifetime ISA, and General Investment Account.
AJ Bell's core proposition is similar quality to HL, at meaningfully lower cost. The 0.25% platform fee on funds undercuts HL by nearly half, and the £5 share dealing fee is less than half of HL's £11.95. AJ Bell also publishes its own investment research and offers ready-made portfolio options for hands-off investors.
In addition to its main platform, AJ Bell operates Dodl — a simplified, low-cost investing app aimed at beginners who want a stripped-back experience with curated funds and ETFs. Dodl charges just 0.15% with no dealing fees on its simplified range, making it one of the cheapest entry points for new investors. Read our full AJ Bell review for more detail.
Pros and Cons of AJ Bell
- 0.25% platform fee — nearly half of HL
- £5 share dealing — less than half of HL
- Full account suite: ISA, SIPP, JISA, LISA, GIA
- Dodl sister app for beginners (0.15% fee)
- 2,500+ funds plus shares and investment trusts
- FTSE 250 listed, FCA regulated
- Ready-made portfolios for hands-off investors
- Smaller fund range than HL (2,500+ vs 3,000+)
- Limited phone support compared to HL
- £1.50 dealing fee on fund purchases (HL is free)
- Research content less extensive than HL's Wealth Shortlist
- No regular cashback sign-up promotions
Decision Framework: How to Choose Between HL and AJ Bell
Stop overthinking the platform decision. Here is a clear, honest framework based on what actually matters.
Choose AJ Bell if:
- You want the lowest ongoing platform fee on funds (0.25% vs 0.45%)
- You trade individual shares and want to pay £5 per trade instead of £11.95
- You are opening a Junior ISA and want to minimise long-term drag on your child's portfolio
- You want a value-for-money SIPP without paying HL's premium
- You are comfortable with online and app-based support rather than phone calls
- You want a low-cost beginner option via the Dodl app
Choose Hargreaves Lansdown if:
- You specifically value the Wealth Shortlist and HL's in-depth fund research
- You want to speak to someone on the phone about your account
- You invest exclusively in funds and benefit from HL's £0 fund dealing fee
- You are transferring a large portfolio and want to take advantage of HL's cashback offers
- You want access to the very widest range of funds (3,000+ vs 2,500+)
- Brand heritage and a 44-year track record matter to you
What to prioritise when choosing any investment platform
- Total cost of ownership: Platform fee + dealing fee + FX fee. Not just the headline number.
- Account types you need: ISA, SIPP, JISA, LISA? Make sure the platform offers what you actually require.
- Fund and asset range: Can you buy the specific funds, ETFs, or shares you want?
- Support model: Are you comfortable with app-only support, or do you need a phone line?
- Regulatory protection: FCA authorised + FSCS covered is non-negotiable.
For a wider comparison including commission-free apps like Trading 212 and InvestEngine, see our platform comparison hub.
Ready to open an account?
Our top pick for value is AJ Bell. For research depth and phone support, choose Hargreaves Lansdown.
Affiliate links. Both platforms are FCA authorised. Capital at risk.
Frequently Asked Questions: Hargreaves Lansdown vs AJ Bell 2026
Is Hargreaves Lansdown or AJ Bell cheaper?
AJ Bell is cheaper for the vast majority of UK investors. Its platform fee on funds is 0.25% versus HL's 0.45%, and share dealing costs £5 per trade compared to HL's £11.95. On a £50,000 fund portfolio, AJ Bell saves roughly £100 per year in platform fees alone. HL's higher cost is justified only if you place significant value on its deeper research tools and telephone support.
Does Hargreaves Lansdown or AJ Bell offer a Junior ISA?
Both platforms offer a Junior ISA. HL charges 0.45% on funds (shares capped at £45/year). AJ Bell charges 0.25% on funds (shares capped at £42/year). For most families using a single global index fund, AJ Bell is the more cost-effective choice. See our full Junior ISA comparison.
Which has a better SIPP: Hargreaves Lansdown or AJ Bell?
Both offer full-featured SIPPs with access to thousands of funds and shares. AJ Bell charges 0.25% on funds versus HL's 0.45%. For a £150,000 pension pot in funds, that saves roughly £300 per year. HL's SIPP may still appeal to those approaching retirement who want phone-based support for drawdown planning.
Is my money safe with Hargreaves Lansdown and AJ Bell?
Yes. Both are authorised and regulated by the UK Financial Conduct Authority (FCA) and listed on the London Stock Exchange (FTSE 250). Client assets are held in segregated nominee accounts. Both are covered by the FSCS up to £85,000 per person per firm if the company were to fail. This protects against platform insolvency, not normal market losses. Capital is always at risk.
Can I transfer my ISA from Hargreaves Lansdown to AJ Bell?
Yes. You can transfer a Stocks and Shares ISA between HL and AJ Bell (in either direction) without losing your ISA tax wrapper, as long as you use the official ISA transfer process rather than withdrawing and redepositing. The receiving platform initiates the transfer and it typically takes 15 to 30 working days. See our ISA transfer guide for the full walkthrough.
Related Articles
- Full Hargreaves Lansdown Review 2026
- Full AJ Bell Review 2026
- Best Junior ISA UK 2026
- Best Stocks and Shares ISA UK 2026
- Platform Comparison Hub
- Best Investment Platforms UK for Beginners 2026
- ISA Transfer Guide UK 2026
- SIPP Guide: Self-Invested Personal Pension Explained