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Scottish Widows review: fees, accounts and what customers say

No annual fee share dealing backed by Lloyds Banking Group

4.6 on Trustpilot (Excellent)Fees verified July 2026Already with Scottish Widows? See if you are on track

The short version

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.

Scottish Widows fees

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 fee1.5%
Stocks & Shares ISANo annual charge
SIPP0.25% per year, capped at £198
WithdrawalsFree (CHAPS same-day payment £25)
Minimum to start£50
  • The share dealing service is operated by Halifax Share Dealing Limited, part of Lloyds Banking Group, and is the rebranded IWeb platform.
  • Stamp duty of 0.5% is charged on UK share purchases on top of the dealing commission.
  • Regular investing via a Regular Investment Plan is commission-free; international trades carry no commission but the 1.5% FX fee applies.

Verified July 2026 against Scottish Widows's published charges. Always check the provider's current schedule before opening an account.

Accounts available

General Investment AccountStocks & Shares ISASIPP

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.

What the reviews say

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.

Pros and cons

Where it wins

  • No annual platform fee on the ISA or Share Dealing Account
  • £5 flat commission on UK trades is among the cheapest flat fees available
  • SIPP admin capped at £16.50 a month keeps pension costs predictable
  • Backed by Lloyds Banking Group, with FSCS cover up to £85,000 on investments

Where it loses

  • 1.5% FX fee on US trades is steep next to Trading 212's 0.15%
  • No Junior ISA or Lifetime ISA on the share dealing platform
  • No interest paid on cash held in the ISA or Share Dealing Account
  • Fund range is whole-of-market but the platform feels lighter than AJ Bell or HL

Compare Scottish Widows with other brokers

Scottish Widows vs FreetradeScottish Widows vs Trading 212Scottish Widows vs AJ BellScottish Widows vs VanguardScottish Widows vs FidelityScottish Widows vs IGScottish Widows vs Interactive InvestorScottish Widows vs Hargreaves LansdownScottish Widows vs ProsperScottish Widows vs Moneybox

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Capital at risk. This page is information, not financial advice.