By Scrimpr
Updated 9 Jun 2026
There is no single cheapest investment platform, and anyone who gives you one name without asking how much you hold or how you invest is guessing. What we can tell you, from recomputing every platform’s published fees, is who is cheapest for your situation, and exactly why.
The 60-second answer
- For most people, a fee-free platform is cheapest, full stop: Trading 212, InvestEngine, Freetrade, IG, Lightyear and Prosper all charge £0 a year to hold ETFs and shares, at any pot size.
- If you want a platform that charges (for a wider fund range or features), the cheapest one depends on your pot size and how often you trade. Small pots favour percentage platforms; big pots favour flat or capped fees.
- The one real catch with the fee-free crowd: several of their SIPPs have no drawdown, so they suit building a pension, not drawing an income from one.
- You can check your own case in the fee calculator — every number below is recomputed from each provider’s published rate card.
The cheapest investment platforms for most people
If you are a regular investor, paying into a few funds or ETFs and rarely selling, a fee-free platform wins on cost outright, and the gap only grows the bigger your pot, because a percentage fee would otherwise take more and more. These platforms charge no account fee and no dealing commission on regular investing. Year-1 cost to hold a Stocks and Shares ISA in ETFs or shares:
| Platform | Year-1 platform fee | Best for | Worth knowing |
|---|---|---|---|
| Trading 212 | £0 | Beginners, low FX (0.15%) | SIPP is accumulation only (no drawdown) |
| InvestEngine | £0 | Ready-made ETF portfolios | ETFs only, no individual shares |
| Freetrade | £0 | Free ISA and SIPP, plus 1,000+ funds | FX from 0.39% on overseas shares |
| IG | £0 | Shares and wider markets | The SIPP is not free (fixed annual fee) |
| Lightyear | £0 | Interest on uninvested cash | Newer platform, no SIPP yet |
| Prosper | £0 | Zero-fee funds | Newer platform |
Year-1 platform fee to hold the stated investments. Fund charges (the OCF) are excluded because you pay those whatever platform you use. Fee-free platforms make their money another way (currency conversion, interest on your cash, or paid-for extras), so several also run welcome deals you can find on our free share offers page.
The best platform for your situation
Cheapest is usually fee-free, but “best” depends on what you need. Every pick below is forced by the data, not an opinion:
£0 fees, a simple app, and enough choice for most ETF investors.
£0, and the gap over paid platforms widens as your pot grows.
£0 platform fee with free regular dealing.
Most fee-free apps are ETF-only; these offer traditional funds (or Vanguard for its own).
Fee-free SIPPs are cheap to build a pot but often can’t pay you an income.
They cap their percentage fee, so your cost stops climbing.
£0 platform fee, commission-free, and a genuine monthly direct debit from £25 — so every pound you set aside gets invested, not skimmed by a charge.
A flat fee (ii from ~£72/yr, Halifax £36/yr) that stops growing with your pot — an established home to park funds and shares in for years.
Why how often you trade changes the answer
Almost every “cheapest platform” table quietly assumes one style of investing. In reality the answer turns on two things — how often you trade, and how big your pot is — and they can point to different platforms.
Regular investing. You drip-feed a few funds or ETFs each month, usually through free regular investing, and rarely sell. Almost all of your cost is the platform’s account fee, so the cheapest homes are the fee-free apps, or a flat-fee platform that lets you invest regularly for free. This is what the tables on this page assume by default.
Active trading. You buy and sell more often, maybe picking individual shares or rebalancing through the year. Now dealing fees matter as much as the account fee. A platform that looks cheap on a flat fee can work out dear at, say, £9.50 a trade, while one that caps its percentage fee and offers cheap dealing pulls ahead. If you do more than the odd trade, set One-off trades a year in the calculator to match how you actually invest.
Buy and hold. This is the move the tables miss, and it is really about pot size, not trading. A percentage fee is cheap while your pot is small, so it is a fine way to buy. But a percentage never stops growing with your pot, so the long-term trick is to move the whole holding onto a flat-fee platform and simply sit on it for years — the fee is capped however large the pot gets. That crossover from percentage to flat is exactly what the next section maps out.
If you would rather pay a fee directly
Some people want features the free platforms lack, or simply prefer a paid platform. Among those, the cheapest depends on your pot size and what you hold. The tables below assume a regular investor paying in monthly; an active trader should use the calculator.
The rule of thumb
A percentage fee (Vanguard, AJ Bell Dodl) is cheap.
A flat or capped fee (Fidelity, AJ Bell) wins.
Cheapest fee-charging Stocks and Shares ISA
| Platform | £20k | £50k | £100k |
|---|---|---|---|
| Halifax / Lloyds Share Dealing | £36 | £36 | £36 |
| AJ Bell | £42 | £42 | £42 |
| Interactive Brokers | £72 | £72 | £72 |
| CMC Invest | £84 | £84 | £84 |
| Vanguard (percentage) | £48 | £76 | £151 |
Flat-fee platforms (Halifax, Lloyds, AJ Bell’s cap) stay the same whatever your pot. Vanguard is shown to make the point: a percentage fee is cheap on a small pot and dear on a big one.
Cheapest fee-charging SIPP
| Platform | £20k | £50k | £100k |
|---|---|---|---|
| AJ Bell Dodl (percentage) | £31 | £76 | £151 |
| Vanguard (percentage) | £48 | £76 | £151 |
| AJ Bell | £52 | £120 | £120 |
| Fidelity | £108 | £108 | £108 |
| Barclays | £125 | £125 | £125 |
The crossover in action: on a small pension a percentage platform (Dodl, Vanguard) is cheapest; on a big one a capped or flat fee (Fidelity, AJ Bell) wins. Trade actively and a flat-fee platform such as Interactive Investor becomes competitive at size too. The full SIPP comparison lists every provider.
Cheapest by account type
Most platforms offer the same fees across wrappers, but not always, and the cheapest can differ:
- Stocks and Shares ISA: fee-free platforms are cheapest for ETFs and shares, and several (including Scottish Widows and Barclays) charge nothing for funds too if you invest regularly. See the ISA comparison.
- SIPP: fee-free for accumulation, but check drawdown if you are near retirement. See the SIPP comparison.
- General Investment Account: for money outside your ISA and pension allowances. See the GIA comparison.
What to weigh beyond the fee
Cheaper is not automatically better. Before you switch, it pays to know where fee-free platforms make their money back. They tend to offer a narrower menu of investments, so check your chosen fund or investment trust is available. Many earn their keep on currency conversion, so overseas shares can cost more than they first look. And some keep part of the interest on the cash in your account, or charge extra for things like phone dealing. Whatever you choose, make sure it is covered by the FSCS up to £85,000.
How we rank, and why you can trust it
Every platform’s fee structure is held as structured data, and we recompute the cost with the same engine that powers our calculator, so the figures you read and the rankings you see always match. We update whenever a platform changes its pricing.
Two things set this apart from most “best platform” pages. First, we rank on cost you can verify, not a customer-satisfaction survey or an editor’s opinion. Second, we are not an appointed representative of any platform. We may earn a commission if you sign up through a link, but it never changes the cost ranking — results are ordered cheapest first. We also exclude fund charges (the OCF), because you pay those whatever platform you hold the fund on. Figures are estimates from each provider’s published rate card; always check the current terms before opening an account.
Work out your own cheapest platform
These tables use sensible defaults, but your pot size, monthly amount, holdings and trading habits are yours. Put your own numbers in and the ranking recomputes in front of you, with the maths shown.
FAQs
What is the cheapest investment platform in the UK?
For a regular investor in ETFs or shares, the fee-free platforms (Trading 212, InvestEngine, Freetrade, IG, Lightyear, Prosper) are cheapest at £0 a year, at any pot size. Among platforms that charge, the cheapest depends on your pot size and how often you trade.
Is the cheapest platform the best one for me?
Usually, but not always. Check it offers the investments you want, that overseas dealing and FX costs are reasonable if you buy US shares, and that it offers drawdown if it is a SIPP you will take an income from.
Why is the cheapest platform different on other websites?
Almost always because of a hidden trading assumption. A table that assumes you trade every month will favour different platforms from one that assumes you rarely trade. We let you set your own trading frequency rather than baking one in, so the answer matches how you actually invest.
Are fee-free platforms safe?
The ones here are authorised by the Financial Conduct Authority and your investments are protected by the FSCS up to £85,000 per provider, the same as any other regulated platform. “Free” refers to the platform fee; they earn money through FX, cash interest or paid extras.
Capital at risk. The value of investments can go down as well as up and you may get back less than you invest. This is a fee comparison, not financial advice. ISA and pension rules and allowances can change.
