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.
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.
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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.
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 Trustpilot| 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 |
Trading 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.
It depends on what you hold and how often you trade. Trading 212'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, Trading 212 charges £0 commission for shares and eTFs only, £0 commission 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.
Trading 212 is best for cost-conscious DIY investors who want to keep every fee at zero. 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 Trading 212'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 £1 at Trading 212 and £50 at Scottish Widows.
Trading 212 offers a SIPP (free). Scottish Widows offers a SIPP (0.25% per year, capped at £198).
Trading 212 scores 4.6 out of 5 on Trustpilot (Excellent) from tens of thousands of reviews. Scottish Widows scores 4.6 out of 5 (Excellent) from over 13,000 reviews. The most common criticisms are slow identity verification for new accounts and support that can take time to respond. 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. Trading 212 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.
Trading 212 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.
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