No annual fee share dealing backed by Lloyds Banking Group
Best for: Self-directed investors who want low-cost, no-platform-fee share dealing from a major UK bank.
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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.
Best for: Self-directed investors who want low-cost, no-platform-fee share dealing from a major UK bank.
| Platform fee | £0 on ISA and Share Dealing Account; SIPP 0.25% capped at £16.50/month |
|---|---|
| Share dealing | £5.00 per UK trade (£0 commission on international, 1.5% FX applies) |
| Fund dealing | £5.00 per trade |
| FX fee | 1.5% |
| Stocks & Shares ISA | No annual charge |
| SIPP | 0.25% per year, capped at £198 |
| Withdrawals | Free (CHAPS same-day payment £25) |
| Minimum to start | £50 |
Verified July 2026 against Scottish Widows's published charges. Always check the provider's current schedule before opening an account.
Your cash is protected by the FSCS up to £120,000. Your investments are ring-fenced in your name, held separately from the firm's own assets, so they remain yours if the firm fails, with FSCS cover of up to £85,000 for any shortfall. Authorised and regulated by the FCA.
Scottish Widows scores 4.6 out of 5 on Trustpilot (Excellent) from over 13,000 reviews.
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.
Scottish Widows's platform fee is £0 on ISA and Share Dealing Account; SIPP 0.25% capped at £16.50/month. Share dealing is £5.00 per UK trade (£0 commission on international, 1.5% FX applies) and fund dealing is £5.00 per trade. Foreign exchange is charged at 1.5%. Fees verified July 2026 against Scottish Widows's published charges.
Scottish Widows charges £5.00 per UK trade (£0 commission on international, 1.5% FX applies) to buy or sell shares, ETFs and investment trusts. Fund dealing is £5.00 per trade. The share dealing service is operated by Halifax Share Dealing Limited, part of Lloyds Banking Group, and is the rebranded IWeb platform.
On Scottish Widows's Stocks and Shares ISA: No annual charge. The underlying platform fee is £0 on ISA and Share Dealing Account; SIPP 0.25% capped at £16.50/month. You can start with £50. It is a flexible ISA, so you can withdraw and replace money in the same tax year without using up allowance.
Scottish Widows offers a SIPP. On the SIPP: 0.25% per year, capped at £198. Dealing inside the SIPP is charged at the same £5.00 per UK trade (£0 commission on international, 1.5% FX applies) for shares and £5.00 per trade for funds. Withdrawals are free (CHAPS same-day payment £25).
Your cash is protected by the FSCS up to £120,000. Your investments are ring-fenced in your name, held separately from the firm's own assets, so they remain yours if the firm fails, with FSCS cover of up to £85,000 for any shortfall. Authorised and regulated by the FCA.
Scottish Widows scores 4.6 out of 5 on Trustpilot (Excellent) from over 13,000 reviews. 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. It suits self-directed investors who want low-cost, no-platform-fee share dealing from a major UK bank.
Scottish Widows can hold your investments, but it will not tell you whether they add up to the retirement you want. Delphina models your whole financial life and gives you a straight answer.
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Capital at risk. This page is information, not financial advice.