Both are FCA-regulated and FSCS-protected. The real difference is fees, account types and how each platform feels to use. Verified against each provider’s published charges.
Fees verified July 2026. Capital at risk. Information, not financial advice.
Index fund investors who want the lowest possible total cost and are comfortable with a newer app.
Self-directed investors who want low-cost, no-platform-fee share dealing from a major UK bank.
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Tick what you need above and we'll tell you which of the two covers it.
Account availability verified July 2026. Capital at risk. Information, not financial advice.
Early adopters praise the zero fees and responsive founding team; roughly 84% of reviews are five stars.
The review base is small and some users want more account types and a web version.
Read Prosper 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 Trustpilot| Fee | Prosper | Scottish Widows |
|---|---|---|
| Platform fee | £0 | £0 on ISA and Share Dealing Account; SIPP 0.25% capped at £16.50/month |
| Share dealing | Not applicable (funds and ETFs) | £5.00 per UK trade (£0 commission on international, 1.5% FX applies) |
| Fund dealing | Free | £5.00 per trade |
| FX fee | None on GBP fund classes | 1.5% |
| Stocks & Shares ISA | Free | No annual charge |
| SIPP | Free | 0.25% per year, capped at £198 |
| Withdrawals | Free | Free (CHAPS same-day payment £25) |
| Minimum to start | No minimum | £50 |
Prosper's pitch is the cheapest total cost of ownership in the UK: no platform fee, no dealing fees, and refunded fund fees on a list of mainstream index funds. For a straightforward global tracker in an ISA or SIPP, the all-in cost really can be zero.
The counterweight is maturity. It is a young platform with a small (if very positive) review base and no individual shares. If that trade-off suits you, the price is unbeatable.
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.
It depends on what you hold and how often you trade. Prosper's platform fee is £0, against £0 on ISA and Share Dealing Account; SIPP 0.25% capped at £16.50/month at Scottish Widows. On dealing, Prosper charges not applicable (funds and ETFs) for shares and free for funds, while Scottish Widows charges £5.00 per UK trade (£0 commission on international, 1.5% FX applies) for shares and £5.00 per trade for funds. Fees verified July 2026.
Prosper is best for index fund investors who want the lowest possible total cost and are comfortable with a newer app. Scottish Widows is best for self-directed investors who want low-cost, no-platform-fee share dealing from a major UK bank. Both are FCA regulated and covered by the FSCS.
On Prosper's ISA: Free. On Scottish Widows's ISA: No annual charge. Both offer a flexible ISA, so you can withdraw and replace money in the same tax year without using up allowance. Minimums are No minimum at Prosper and £50 at Scottish Widows.
Prosper offers a SIPP (free). Scottish Widows offers a SIPP (0.25% per year, capped at £198).
Prosper scores 4.6 out of 5 on Trustpilot (Excellent) from around 300 reviews. Scottish Widows scores 4.6 out of 5 (Excellent) from over 13,000 reviews. The review base is small and some users want more account types and a web version. Common gripes are the 1.5% FX fee on US shares and the dated feel of parts of the web platform.
Yes. UK platforms accept ISA and SIPP transfers in, and you start the transfer with the receiving provider rather than the one you are leaving. Prosper charges free on withdrawals and Scottish Widows charges free (CHAPS same-day payment £25). Transfer as cash and you are out of the market while it settles; transfer in specie and you keep your holdings but it takes longer.
Prosper or Scottish Widows, the account is the easy part. What decides when you can retire is how much goes in and for how long. Delphina works that out from what you already hold and what you pay in each month.
Free to check. No card required. Takes about two minutes.