What is the cheapest investment platform in the UK?

It depends on your portfolio size. For smaller portfolios (under £20,000–30,000), percentage-fee platforms like Vanguard Investor (0.15%) or InvestEngine (0% for DIY) are cheapest. For larger portfolios, flat-fee platforms like interactive investor (£11.99/month) become better value because the fee does not increase with your balance.

Can I transfer my ISA to a different platform?

Yes. You can transfer ISAs between platforms without losing the tax-free status or using up any new allowance. The transfer is handled between providers and typically takes two to four weeks. Always use the formal ISA transfer process rather than withdrawing and re-investing.

Do I need a separate platform for my ISA and pension?

Not necessarily. Many platforms offer both ISAs and SIPPs (personal pensions), which can be convenient for managing everything in one place. However, compare fees carefully — some platforms are cheaper for ISAs but expensive for SIPPs, or vice versa.

Are my investments safe if a platform goes bust?

Your investments are held separately from the platform's own assets, so if the platform fails, your investments remain yours. The FSCS also protects up to £85,000 per person if the platform cannot return your assets. Cash held on the platform is also FSCS-protected up to £85,000.

Investment Platform Comparison UK — Best Platforms for 2026 | PocketWise

Your investment platform is where you hold and manage your Stocks and Shares ISA, pension, and other investment accounts. Choosing the right one can save you thousands in fees over your investing lifetime. This guide compares the main UK platforms and helps you find the best fit for your situation.

Types of Investment Platform

Type	Examples	Best For
DIY platforms	interactive investor, Hargreaves Lansdown, AJ Bell	Experienced investors who want full control
Managed platforms	Nutmeg, Wealthify, Moneyfarm	Hands-off investors who want professionals to manage their money
Fund supermarkets	Vanguard Investor, Fidelity	Investors focused on that provider’s funds
Trading platforms	Trading 212, Freetrade	Frequent traders and share-pickers

Fee Structures Explained

Platform fees are the single most important factor in your long-term returns. There are two main structures:

Percentage-Based Fees

You pay a percentage of your total portfolio value each year. This is cheap for small portfolios but increasingly expensive as your wealth grows.

Flat Fees

You pay a fixed monthly or annual fee regardless of your portfolio size. This is expensive when your portfolio is small but becomes excellent value as it grows.

Crossover Point

There is a portfolio size at which flat fees become cheaper than percentage fees. For example:

Portfolio Value	Percentage Fee (0.25%)	Flat Fee (£143/year)	Cheapest
£20,000	£50	£143	Percentage
£50,000	£125	£143	Percentage
£60,000	£150	£143	Flat
£100,000	£250	£143	Flat
£250,000	£625	£143	Flat
£500,000	£1,250	£143	Flat

The crossover is around £57,000 in this example. Below that, percentage-based is cheaper. Above that, flat fee saves you money.

Platform Comparison

For Small Portfolios (Under £30,000)

Platform	Annual Fee	Investment Range	Regular Investing	Best For
InvestEngine	0% (DIY)	ETFs only	Yes (free)	Pure ETF investors
Vanguard Investor	0.15% (capped at £375)	Vanguard funds and ETFs only	Yes (free)	Simple index investing
Trading 212	0%	Shares and ETFs	Yes	Cost-conscious investors

For Medium Portfolios (£30,000–£100,000)

Platform	Annual Fee	Investment Range	Regular Investing	Best For
Vanguard Investor	0.15%	Vanguard only	Yes	Index fund investors
AJ Bell	0.25% (capped)	Funds, shares, ETFs, bonds	Yes (£1.50/trade)	Mix of funds and shares
interactive investor	£11.99/month	Funds, shares, ETFs, trusts	Yes (free)	Growing portfolios

For Large Portfolios (£100,000+)

Platform	Annual Fee	Investment Range	Best For
interactive investor	£11.99/month	Comprehensive	Best value for large portfolios
Hargreaves Lansdown	0.45% (capped for shares)	Comprehensive	Research and service quality
AJ Bell	0.25% (capped for shares)	Comprehensive	Good balance of cost and features

Beyond Platform Fees

Remember that platform fees are only part of the cost. You also pay:

Fund management charges (OCF/TER) — typically 0.05–0.25% for index funds or 0.50–1.50% for active funds
Trading fees — some platforms charge per trade (£0–£12), others include free trades with your subscription
Foreign exchange fees — for buying overseas shares (typically 0.15–1.50%)
Exit fees — some platforms charge for transferring away (£25–£100+ per fund)

Accounts Available

Account Type	Tax Benefit	Available on Most Platforms?
Stocks and Shares ISA	Tax-free returns	Yes
Cash ISA	Tax-free interest	Some
Lifetime ISA	25% government bonus	Some
SIPP (pension)	Tax relief on contributions	Most
Junior ISA	Tax-free, child’s account	Some
General investment account	No tax benefit	Yes

How to Choose

Determine your portfolio size — this drives whether percentage or flat fee is cheaper
Decide on investment style — index funds only? Individual shares? Both?
Check account types — do you need an ISA, SIPP, LISA, or all of them?
Compare total annual fees — platform fee + fund charges + trading costs
Consider the user experience — a clunky interface can discourage you from investing regularly
Check transfer-in policies — can you transfer existing ISAs and pensions easily?
Read reviews — particularly around customer service and reliability

Switching Platforms

If you are on an expensive platform, switching can save you significant money over time. The process:

Open an account on the new platform
Request a transfer — the new platform handles the process
Wait — ISA transfers take 2–4 weeks; SIPP transfers can take 4–8 weeks
Verify — check all investments have transferred correctly

Most transfers happen “in specie” — your investments transfer without being sold first, so you stay invested throughout the process and pay no capital gains tax.