Hargreaves Lansdown overhauled its charges on 1 March 2026. The headline rate fell, but it also added a fund dealing charge and a fee on shares in the Fund and Share Account. Here’s the full picture.
HL fees at a glance (from March 2026)
| Charge | Funds | Shares, ETFs, investment trusts |
|---|---|---|
| Annual account charge | 0.35% (tiered, no cap) | 0.35%, capped at £150/year |
| Online dealing | £1.95 per trade | £6.95 per trade (£3.95 after 20+ trades the previous month) |
| Regular investing | Free | Free |
| Transfer out | Free | Free |
The tiered rate on funds is 0.35% up to £250,000, 0.25% from £250,000 to £1 million, 0.10% from £1 million to £2 million, and 0% above £2 million.
These charges are the same in the Stocks & Shares ISA, the SIPP and the Fund and Share Account.
What HL costs at each portfolio size
Account charges only, before dealing:
| Portfolio | Funds | Shares / ETFs |
|---|---|---|
| £10,000 | £35 | £35 |
| £25,000 | £87.50 | £87.50 |
| £50,000 | £175 | £150 |
| £100,000 | £350 | £150 |
| £250,000 | £875 | £150 |
| £500,000 | £1,500 | £150 |
The £150 cap on shares and ETFs applies from about £42,900. Above that, a share or ETF portfolio costs the same however big it gets. A fund portfolio has no cap, so the cost keeps rising.
Dealing charges add up
The £1.95 fund dealing charge is new. If you buy one fund every month by placing manual trades, that’s £23.40 a year. If you set up a monthly regular investment by Direct Debit instead, it’s free. The same goes for shares and ETFs: £6.95 a trade manually, or nothing through regular investing.
If you rebalance a few times a year or buy lump sums, budget for dealing on top of the account charge.
What changed in March 2026
- Account charge cut from 0.45% to 0.35% on the first £250,000
- Share dealing cut from £11.95 to £6.95
- Fund dealing went from free to £1.95 a trade
- ISA share cap rose from £45 to £150 a year
- SIPP share cap fell from £200 to £150 a year
- Fund and Share Account: shares now charged 0.35% capped at £150, where they used to be free to hold
Most fund investors pay less than before. ETF and share investors in an ISA pay more once their portfolio is above about £13,000, because of the higher cap. See when it makes sense to leave HL for the break-even points, and our 2026 fee changes tracker for what other platforms changed this year.
HL SIPP fees
The SIPP charges are the same as the ISA’s. HL doesn’t charge for setting up drawdown or taking income, and there’s no charge to transfer out. HL’s Ready-Made Pension Plan has a lower account charge of 0.15%.
How HL compares
At £100,000:
| Platform | Funds | ETFs (12 trades/year) |
|---|---|---|
| Barclays Smart Investor | £0 | £72 |
| Interactive Investor | £71.88 + £3.99/trade | £119.76 |
| Vanguard | £150 | £150 (Vanguard ETFs only) |
| AJ Bell | £250 + £1.50/trade | £102 |
| Hargreaves Lansdown | £350 + £1.95/trade | £233.40 |
HL is one of the most expensive platforms for funds, with no cap, and it isn’t cheap for ETFs either. What you get for the money is the widest investment range, strong research and highly rated customer service. Whether that’s worth £200 to £350 a year more depends on how much you use them.
Compare HL directly: HL vs Vanguard, AJ Bell vs HL, Fidelity vs HL, Barclays vs HL, HL vs Interactive Investor.
Is the HL ISA flexible?
No. If you withdraw from an HL Stocks & Shares ISA and pay the money back in the same tax year, it counts against your £20,000 allowance again. Vanguard, Barclays, Trading 212, InvestEngine and Freetrade all offer flexible ISAs.
Junior ISA
The HL Junior ISA has no account charge and no online dealing charges, which makes it one of the cheapest Junior ISAs available. See our Junior ISA fees comparison.
Use the fee calculator to see what HL costs at your exact portfolio size, or read the full Hargreaves Lansdown review.