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.
Investors who want the fullest service, research and support and will pay a premium for it.
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 | Hargreaves Lansdown | Scottish Widows |
|---|---|---|
| Platform fee | 0.35% on funds up to £250k (tiered lower above); shares capped at £45/year in an ISA and £150/year in a SIPP | £0 on ISA and Share Dealing Account; SIPP 0.25% capped at £16.50/month |
| Share dealing | £6.95 per trade (cut from £11.95 in March 2026) | £5.00 per UK trade (£0 commission on international, 1.5% FX applies) |
| Fund dealing | £1.95 per trade (free via regular investing) | £5.00 per trade |
| FX fee | 1% on the first £5k, tiered lower above | 1.5% |
| Stocks & Shares ISA | Platform fee applies | No annual charge |
| SIPP | Platform fee applies | 0.25% per year, capped at £198 |
| Withdrawals | Free | Free (CHAPS same-day payment £25) |
| Minimum to start | £25/month or £100 lump sum | £50 |
Service quality is the recurring theme: phone answered quickly, knowledgeable staff, smooth transfers.
Price. Even after the cuts, reviewers and commentators note cheaper alternatives for the same investments.
Read Hargreaves Lansdown 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 TrustpilotHargreaves Lansdown is the UK's largest DIY investment platform and leans into service: fast phone support, deep research and every account type you might need. The March 2026 fee cuts made it meaningfully cheaper, with fund fees down to 0.35% and share dealing at £6.95.
It is still rarely the cheapest option. You are paying for service and breadth, so the honest question is whether you will use them. If not, AJ Bell offers similar range for less.
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.