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.
Cost-conscious DIY investors who want to keep every fee at zero.
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 | Trading 212 | Scottish Widows |
|---|---|---|
| Platform fee | £0 | £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 | 0.15% | 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 | £1 | £50 |
Reviewers consistently rate the app as easy to use and good value, and many mention the competitive interest paid on uninvested cash.
The most common criticisms are slow identity verification for new accounts and support that can take time to respond.
Read Trading 212 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 TrustpilotTrading 212 built its name on removing fees. There is no platform fee, no dealing commission and no account charge on its ISA or SIPP. The only cost most investors pay is a 0.15% currency conversion fee when buying shares priced in dollars or euros.
The trade-off is scope. You can hold shares and ETFs but not traditional funds, and support is app-based. For an investor who wants a global tracker ETF inside an ISA at close to zero cost, it is very hard to beat on price.
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.