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.
Self-directed investors who want low-cost, no-platform-fee share dealing from a major UK bank.
People who want their investments chosen and managed for them, including in a Lifetime ISA or Junior ISA, and who prefer one percentage fee to dealing charges.
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Account availability verified July 2026. Capital at risk. Information, not financial advice.
Long-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 TrustpilotWe have not verified current review themes, so read recent reviews on independent sites to see what customers say since the Nutmeg brand became J.P. Morgan Personal Investing in November 2025.
For problems customers report, check the most recent reviews, as older ones may refer to the service under the Nutmeg name.
Read J.P. Morgan Personal Investing reviews on Trustpilot| Fee | Scottish Widows | J.P. Morgan Personal Investing |
|---|---|---|
| Platform fee | £0 on ISA and Share Dealing Account; SIPP 0.25% capped at £16.50/month | Managed styles: 0.75% a year on the first £100k, 0.35% above. Fixed Allocation: 0.45%, then 0.25%. Inc. VAT; fund costs extra |
| Share dealing | £5.00 per UK trade (£0 commission on international, 1.5% FX applies) | No dealing charges (managed service) |
| Fund dealing | £5.00 per trade | No trading charges; underlying ETF costs and market spread apply |
| FX fee | 1.5% | Not applicable: managed portfolios |
| Stocks & Shares ISA | No annual charge | Stocks & Shares ISA (not flexible), Lifetime ISA, Junior ISA. No cash ISA |
| SIPP | 0.25% per year, capped at £198 | Yes: personal pension (SIPP), from £500 |
| Withdrawals | Free (CHAPS same-day payment £25) | No exit charge; in-specie transfers out £20 per line of stock |
| Minimum to start | £50 | £500 (ISA, pension, GIA); £100 (Lifetime ISA, Junior ISA); £10,000 (Income) |
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.
J.P. Morgan Personal Investing is what Nutmeg became. J.P. Morgan bought Nutmeg in 2021 and retired the Nutmeg brand on 3 November 2025. The service works the same way: you choose an investment style, and the portfolio is built and managed for you. It offers a Stocks & Shares ISA, Lifetime ISA, Junior ISA, personal pension (SIPP) and general investment account.
You pay one service fee instead of dealing charges: 0.75% a year on the first £100,000 in the managed styles and 0.35% above that, or 0.45% then 0.25% for Fixed Allocation. On £20,000 that is £150 a year before fund costs. The trade-off is cost against effort: you pay more than a self-directed platform's fee, and in return the portfolio is chosen and rebalanced for you.
It depends on what you hold and how often you trade. Scottish Widows's platform fee is £0 on ISA and Share Dealing Account; SIPP 0.25% capped at £16.50/month, against managed styles: 0.75% a year on the first £100k, 0.35% above. Fixed Allocation: 0.45%, then 0.25%. Inc. VAT; fund costs extra at J.P. Morgan Personal Investing. On dealing, 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, while J.P. Morgan Personal Investing charges no dealing charges (managed service) for shares and no trading charges; underlying ETF costs and market spread apply for funds. Fees verified July 2026.
Scottish Widows is best for self-directed investors who want low-cost, no-platform-fee share dealing from a major UK bank. J.P. Morgan Personal Investing is best for people who want their investments chosen and managed for them, including in a Lifetime ISA or Junior ISA, and who prefer one percentage fee to dealing charges. Both are FCA regulated and covered by the FSCS.
On Scottish Widows's ISA: No annual charge. On J.P. Morgan Personal Investing's ISA: Stocks & Shares ISA (not flexible), Lifetime ISA, Junior ISA. No cash ISA. Scottish Widows offers a flexible ISA and J.P. Morgan Personal Investing does not. Minimums are £50 at Scottish Widows and £500 (ISA, pension, GIA); £100 (Lifetime ISA, Junior ISA); £10,000 (Income) at J.P. Morgan Personal Investing.
Scottish Widows offers a SIPP (0.25% per year, capped at £198). J.P. Morgan Personal Investing offers a SIPP (yes: personal pension (SIPP), from £500).
Scottish Widows scores 4.6 out of 5 on Trustpilot (Excellent) from over 13,000 reviews. J.P. Morgan Personal Investing scores 4.1 out of 5 (Great) from 2,718 reviews, checked 9 October 2026. Common gripes are the 1.5% FX fee on US shares and the dated feel of parts of the web platform. For problems customers report, check the most recent reviews, as older ones may refer to the service under the Nutmeg name.
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. Scottish Widows charges free (CHAPS same-day payment £25) on withdrawals and J.P. Morgan Personal Investing charges no exit charge; in-specie transfers out £20 per line of stock. 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.
Scottish Widows or J.P. Morgan Personal Investing, 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.