Barclays Smart Investor ISA & SIPP Review 2026

Overview

Barclays Smart Investor — renamed Direct Investing in the Barclays app and website since April 2026, though “Smart Investor” remains the widely recognised name — is the self-directed investment arm of Barclays Bank. In June 2026, it removed its platform fee entirely — making it one of the few platforms in the UK where fund investing genuinely costs nothing beyond the fund’s own ongoing charge.

The platform offers access to over 2,000 funds, 4,000 shares, and 1,200+ ETFs across UK and international markets.

What changed in June 2026

Previously, Barclays charged a percentage-based platform fee. That fee has been eliminated. The current model is:

• Funds: zero platform fee, zero dealing charge — completely free
• ETFs, shares, bonds, investment trusts: zero platform fee, £6 per trade
• Regular investing: free when buying the same investment monthly

For fund investors, this makes Barclays the lowest-cost platform with a full investment range — something no other major UK platform offers.

Who is Barclays Smart Investor best for?

• Passive fund investors who want zero platform cost and access to a wide range of unit trusts and OEICs
• Infrequent ETF or share traders who trade a few times a year and can absorb £6/trade without it dominating total cost
• Barclays banking customers who want investments and banking in one place

Who should look elsewhere?

• Frequent ETF or share traders: at 12 trades/year, dealing costs are £72 — comparable to Freetrade, but InvestEngine is free for ETFs with no dealing charges
• ISA investors prioritising ETFs: InvestEngine charges nothing; Trading 212 charges nothing. Barclays’ £6/trade makes it less competitive for regular ETF buyers
• SIPP investors with large portfolios: consider whether the flat-fee model suits your drawdown strategy

The fund investing angle

Barclays’ zero-cost fund proposition is genuinely unusual. Platforms like Hargreaves Lansdown charge 0.35% with a £1.95 dealing fee. Fidelity charges 0.35% for funds. AJ Bell charges 0.25%.

At £100,000 in funds:

• Barclays: £0/year
• HL: £350 + dealing costs
• Fidelity: £350

The catch is limited fund research and tools compared to HL. But for investors who already know what they want to buy, the cost saving is significant.

Verdict

The zero fee structure makes Barclays Smart Investor compelling for fund investors — particularly those who buy and hold rather than trade actively. The £6/trade dealing charge is reasonable but means frequent ETF or share traders will find better value elsewhere.

Use our fee calculator to compare Barclays against all other platforms at your portfolio size.