Investment Platforms UK 2026/27 — How to Choose a Broker, App or Robo-AdvisorHargreaves Lansdown Review UK 2026 — Is It Worth the Fees?
Complete Hargreaves Lansdown review. We analyse fees, research tools, investment range, ISA, SIPP, and whether it's worth paying more for the UK's largest platform.
Hargreaves Lansdown is the UK’s biggest investment platform. But with higher fees than newer competitors, is it still worth using?
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Hargreaves Lansdown at a Glance
| Feature | Rating |
|---|
| Investment range | ★★★★★ |
| Research tools | ★★★★★ |
| Customer service | ★★★★★ |
| Fees | ★★☆☆☆ |
| App/platform | ★★★★☆ |
| SIPP | ★★★★☆ |
| Overall | ★★★★☆ |
Account Types & Fees
Stocks & Shares ISA
| Feature | Details |
|---|
| Annual charge | 0.45% (on funds) |
| Charge cap | £45/year on shares/ETFs |
| Trading (funds) | Free |
| Trading (shares) | £11.95 (or less with activity) |
| Minimum | £1 |
Fund & Share Account (General)
| Feature | Details |
|---|
| Annual charge | 0.45% (on funds) |
| Trading (funds) | Free |
| Trading (shares) | £11.95 |
SIPP (Pension)
| Feature | Details |
|---|
| Annual charge | 0.45% |
| Charge cap | £200/year |
| Drawdown fee | None |
| Trading | Same as ISA |
Junior ISA / Lifetime ISA
| Feature | Details |
|---|
| Annual charge | 0.45% |
| Same structure | As adult ISA |
Fee Structure Explained
| Investment Type | Fee |
|---|
| Funds | 0.45% on first £250k, less above |
| Shares/ETFs | Capped at £45/year |
| SIPP (all) | Capped at £200/year |
Tiered Fund Charges
| Value | Platform Fee |
|---|
| £0-£250,000 | 0.45% |
| £250,000-£1m | 0.25% |
| £1m-£2m | 0.1% |
| £2m+ | 0% |
Share Dealing Charges
| Trades Per Month | Cost Per Trade |
|---|
| 0-9 | £11.95 |
| 10-19 | £8.95 |
| 20+ | £5.95 |
Real Cost Examples
| Portfolio | Composition | Annual Cost |
|---|
| £10,000 funds | Mixed funds | £45 |
| £50,000 funds | Mixed funds | £225 |
| £10,000 shares | UK shares | £45 |
| £100,000 shares | UK shares | £45 (cap) |
| £100,000 funds | Mixed | £450 |
Key insight: HL is good value for share/ETF portfolios (£45 cap) but expensive for funds.
What Hargreaves Lansdown Does Best
1. Widest Investment Range
| Investment Type | Availability |
|---|
| UK shares | 3,000+ |
| International shares | 7,000+ |
| Funds | 3,000+ |
| ETFs | 2,000+ |
| Investment trusts | 400+ |
| Bonds | Yes |
| VCTs | Yes |
| AIM stocks | Yes |
If it’s investable, HL probably has it.
| Research Feature | Quality |
|---|
| Fund shortlists (Wealth 50) | Curated picks |
| Share research | Analyst views |
| Company reports | Detailed financials |
| Fund comparisons | Side-by-side analysis |
| Portfolio analysis | Asset allocation tools |
| Charting | Advanced |
| News | Comprehensive |
HL’s research is genuinely valuable — not marketing fluff.
3. Customer Service
| Service Channel | Availability |
|---|
| Phone | UK-based, helpful |
| Online chat | Yes |
| Email | Yes |
| Response quality | Generally excellent |
You can actually speak to a human who knows what they’re talking about. Worth something if you value support.
| Aspect | Notes |
|---|
| Uptime | Extremely reliable |
| Speed | Fast |
| App | Good quality |
| Website | Comprehensive |
| Track record | 40+ years |
HL rarely has outages unlike some newer platforms.
5. Retirement Expertise
| Feature | Details |
|---|
| SIPP | Full service |
| Drawdown | Full flexibility |
| Annuity broking | Yes |
| Retirement planning | Tools available |
| Tax guidance | Comprehensive |
HL excels at pension products.
Where Hargreaves Lansdown Falls Short
1. High Fund Fees
| Platform | Fee on £50,000 Funds |
|---|
| Hargreaves Lansdown | £225/year |
| Vanguard | £75/year |
| Trading 212 | £0/year |
For index fund investors, HL is expensive.
2. Share Dealing Costs
| Platform | Cost Per Trade |
|---|
| Hargreaves Lansdown | £11.95 |
| Interactive Investor | £3.99 |
| Trading 212 | £0 |
| Freetrade | £0 |
Frequent traders pay significantly more.
3. No Fractional Shares
| Feature | HL | Trading 212 |
|---|
| Fractional shares | No | Yes |
| Minimum investment | Full share | £1 |
Can’t buy £50 of Amazon — you need the full share price.
4. Foreign Exchange Costs
| Transaction | HL Cost |
|---|
| FX fee | 1% |
| Deal in foreign currency | Additional costs |
Buying US shares is expensive compared to Wise, Revolut, or even Trading 212.
Who Is Hargreaves Lansdown Best For?
Ideal Users
| User Type | Why HL Works |
|---|
| Large portfolios (shares) | £45 cap is great value |
| Research-focused investors | Best tools available |
| Active fund selectors | Wide range + Wealth 50 |
| Retirement planners | Excellent SIPP/drawdown |
| Service prioritisers | Best customer support |
| Those wanting everything in one place | Widest range |
Not Ideal For
| User Type | Why |
|---|
| Small portfolios | Fees eat returns |
| Passive investors | Use Vanguard instead |
| Frequent share traders | Dealing charges add up |
| Cost-minimisers | Cheaper options exist |
| Tech-first users | App is good, not best |
Hargreaves Lansdown vs Competitors
| Feature | HL | Vanguard | Trading 212 | ii |
|---|
| Fund fee | 0.45% | 0.15% | Free | £4.99/mo |
| Share fee | £11.95 | N/A | Free | £3.99 |
| Investment range | Widest | Smallest | Large | Wide |
| Research | Best | Basic | Basic | Good |
| SIPP | Yes (0.45%) | Yes (0.15%) | No | Yes (flat) |
| Customer service | Excellent | Good | Basic | Good |
| Fractional shares | No | No | Yes | No |
The Wealth Shortlist (Wealth 50)
HL’s curated list of recommended funds:
| Category | What It Is |
|---|
| Global | Top global funds |
| UK | Top UK equity funds |
| Income | Best dividend funds |
| Bonds | Selected bond funds |
| Specialist | Property, commodities, etc. |
Note: Some argue HL favours funds that pay them higher commissions. Do your own research.
Choose HL If:
| Factor | Condition |
|---|
| Portfolio | Over £100k in shares |
| Style | Active fund selection |
| Needs | Research and guidance |
| Priority | Service over lowest cost |
| Products | Need SIPP + ISA + other |
| Factor | Condition |
|---|
| Portfolio | Under £30k |
| Style | Index/passive investing |
| Independence | Do own research |
| Priority | Lowest possible fees |
| Products | Just ISA needed |
HL SIPP: Worth It?
SIPP Cost Comparison
| Platform | £100,000 SIPP Cost |
|---|
| Hargreaves Lansdown | £200 (cap) |
| Vanguard | £150 |
| AJ Bell | £120 |
| Interactive Investor | £12.99/month (£156) |
HL’s SIPP is competitive for larger pots thanks to the cap.
SIPP Features
| Feature | HL |
|---|
| Drawdown | Full flexibility |
| Partial transfers | Yes |
| Annuity comparison | Yes |
| PCLS (tax-free cash) | Easy |
| Phone support | Excellent |
How to Open HL Account
| Step | Details |
|---|
| 1. Visit hl.co.uk | Website or app |
| 2. Choose account | ISA, SIPP, General |
| 3. Enter details | Personal information |
| 4. Verify | NI number, etc. |
| 5. Fund | Bank transfer or debit card |
| 6. Invest | Browse and buy |
The Bottom Line
Hargreaves Lansdown is best for: Investors who value research, wide investment choice, and excellent customer service, especially those with larger portfolios or complex needs.
Hargreaves Lansdown isn’t best for: Cost-conscious passive investors or those with small portfolios where fees will significantly impact returns.
| Verdict | |
|---|
| Best feature | Research + investment range |
| Worst feature | High fees for small/fund portfolios |
| Best for | Researchers, large portfolios, service-seekers |
| Avoid if | You want lowest costs or passive investing |