Both are FCA regulated and FSCS protected. The real differences are fees, investment range and how each platform feels to use. Here is how they actually stack up.
Fees verified July 2026. Capital at risk. Information, not financial advice.
Beginners who want a simple app and are happy with shares and ETFs.
Self-directed investors who want low-cost, no-platform-fee share dealing from a major UK bank.
Whichever you pick, the fee gap is small next to knowing whether you are saving enough at all. See if you are on track, free, in about two minutes.
| Fee | Freetrade | Scottish Widows |
|---|---|---|
| Platform fee | £0 on Basic; Standard £4.99/month; Plus £9.99/month (annual billing) | £0 on ISA and Share Dealing Account; SIPP 0.25% capped at £16.50/month |
| Share dealing | £0 commission | £5.00 per UK trade (£0 commission on international, 1.5% FX applies) |
| Fund dealing | ETFs only, £0 commission | £5.00 per trade |
| FX fee | 0.99% Basic, 0.59% Standard, 0.39% Plus | 1.5% |
| Stocks & Shares ISA | Included on all plans | No annual charge |
| SIPP | Included on all plans | 0.25% per year, capped at £198 |
| Withdrawals | Free | Free (CHAPS same-day payment £25) |
| Minimum to start | £2 | £50 |
Around seven in ten reviewers rate it excellent, citing the clean app and helpful customer service.
Critical reviews focus on the 0.99% FX fee on the free plan and features being moved behind subscriptions.
Read Freetrade reviews on TrustpilotLong-standing customers value the low flat-fee share dealing and the Lloyds Banking Group backing; recent reviews praise the move into the Scottish Widows app.
Common gripes are the 1.5% FX fee on US shares and the dated feel of parts of the web platform.
Read Scottish Widows reviews on TrustpilotFreetrade helped bring commission-free investing to the UK and keeps a free tier that now includes an ISA and a SIPP. The app is one of the simplest ways to buy your first share.
The catch is the FX fee. On the free plan you pay 0.99% every time you buy or sell a US stock, which adds up quickly. If most of your money goes into US shares, either upgrade to a paid plan for lower FX fees or compare against Trading 212's flat 0.15%.
Scottish Widows Share Dealing is the rebranded IWeb platform, now run by Halifax Share Dealing Limited inside Lloyds Banking Group. It charges no annual fee on the ISA or General Investment Account, £5 per UK trade and free regular investing through a Regular Investment Plan. For a buy-and-hold investor making occasional trades, the all-in cost can be very low.
The trade-off is the 1.5% FX charge on US and other non-GBP trades, which adds up quickly for global investors, and no Junior ISA. The SIPP is competitively priced at 0.25% capped at £16.50 a month. Compare it against Trading 212 or Freetrade if FX cost matters, and against AJ Bell or Hargreaves Lansdown if you want funds and full-service support.
A 0.2% fee difference is worth optimising. Knowing whether you are saving enough in the first place is worth far more. Delphina models your pensions, ISAs and investments and tells you where you actually stand.
Free to check. No card required. Takes about two minutes.