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Halifax Share Dealing investment platform review

We analyse the charges levied by Halifax Share Dealing and ask its customers to rate it for service, tools, value for money and more

In this article
What is Halifax Share Dealing? Is Halifax Share Dealing any good? What do customers say about Halifax Share Dealing? What are Halifax Share Dealing's charges?
Who is Halifax Share Dealing good for? Who is Halifax Share Dealing expensive for? What accounts and services does Halifax Share Dealing offer? Is your money safe with Halifax?

What is Halifax Share Dealing?

Halifax dates back to 1852, when a small group gathered in the Old Cock Inn in Halifax to set up an investment and loan society. 

Today, Halifax is a well-known high street banking name that offers a variety of financial products and services. 

Halifax Share Dealing is the investment arm of the bank and was launched in 1996.

Is Halifax Share Dealing any good?

Members can log in to see our review of Halifax Share Dealing. If you're not already a member, join Which? to get full access to these results and all our reviews.

 

How Which? rates investment platforms

 

Which?'s rating for customer satisfaction is based on feedback from customers.

We ask investors to rate their current platform for the quality of its online tools and smartphone app, customer service, and information on investment opportunities and performance. We also ask whether it meets their needs, represents value for money and whether they would recommend it to someone else.

How do we pick Which? Recommended Providers?

A platform must allow investors to pick their own investments from an extensive list.

It have received at least a 70% customer rating and not received a rating below three stars on any of of the underlying criteria, such as customer service, investment information or the quality of its online tools.

It also must not be in the top four platforms for charges, based on our fee analysis.

What do customers say about Halifax Share Dealing?

We’ve heard from investors who use Halifax Share Dealing. This is what some of them had to say:

  • 'It's a no-frills, good-value platform for experienced investors.'
  • 'It's easy to deal with, manage buying and selling, and very cost effective compared with the old system of having a broker.'
  • 'I liked Halifax [Share Dealing] because it had reasonable commission charges and no monthly/annual fee. It has recently announced that it's introducing a fee from next year, which I'm unhappy about. I'll need to look around to see how competitive it will be.'

Find out more: check out our guide on the best and worst investment platforms to see how Halifax Share Dealing compares

What are Halifax Share Dealing's charges?

Annual charges

  • You can hold an Isa, a Share Dealing Account and a Share Builder (regular investment plan) for a single charge of £36 a year. 
  • Sipps cost £22.50 per quarter (if the Sipp value is £50,000 or less, or £45 if the value is above £50,000).

Trading charges

  • £9.50 online dealing commission per trade, covering: shares, funds, exchange-traded funds, investment trusts, bonds and gilts (government bonds).
  • You can trade regularly for £2 per trade with its scheduled investment service.

How much would I pay to invest with Halifax Share Dealing?

We’ve estimated the cost of investing with Halifax Share Dealing over the course of a year in a stocks and shares Isa.

Costs will vary depending on how much you invest and whether you trade funds or shares. All assume you make four purchases and four sales each year spread out over different months.

Amount invested Annual cost
£5,000 Logged out detail
£10,000 Logged out detail
£25,000 Logged out detail
£50,000 Logged out detail
£100,000 Logged out detail
£250,000 Logged out detail
£500,000 Logged out detail
£1m Logged out detail

Source: Analysis by Which? Money correct as of April 2022

Read our comparison of investment platform charges to see how much investing with Halifax Share Dealing costs compared with other platforms.

If you're thinking of using Halifax Share Dealing to take an income from your pension in a drawdown plan, read our comparison of pension drawdown charges

Who is Halifax Share Dealing good for?

Halifax Share Dealing is good for those with medium to large portfolios – above £100,000 it becomes the cheapest platform in our comparison, thanks to its low fixed fee. 

Given Halifax Share Dealing's considerable trading costs, this platforms suits investors who rarely change their portfolios.

Who is Halifax Share Dealing expensive for?

If you trade regularly, the £9.50 commission will ramp up your costs. Many other investment platforms offer free dealing in funds. 

Frequent traders should consider Freetrade, Interactive Investor or Charles Stanley Direct.

As Halifax's account management fee is fixed, investors with portfolios of less than £100,000 might want to consider the cheaper – and better-rated – AJ Bell Youinvest and Vanguard.

What accounts and services does Halifax Share Dealing offer?

The information below gives an at-a-glance view of the key things offered by Halifax Share Dealing's accounts and services. 

  • Advisory Services Allow you to access professional investment advice. Offered in partnership with Schroders Personal Wealth. 
  • General investment account Can hold different types of investments but doesn't give tax-free benefits like pensions and Isas. 
  • Sipp A pension where you have complete control over the investments you put your savings into.
  • Stocks and shares Isa A tax-free account that allows you to put your money in a range of investments
  • Income drawdown Allows you to take money out of your pension to live on in retirement.
  • Savings accounts Halifax offers a range of savings accounts and cash Isas.
  • Banking services Allow you to operate bank accounts, make transfers and make payments.

What can you invest in?

  • More than 3,000 funds, shares from UK, US and European markets as well as exchange-traded funds and investment trusts.

What tools and research does Halifax Share Dealing offer?

  • Investment search tools.
  • Select List of funds put together by FE fundinfo.
  • Market news.
  • Investor Meet Company, a third party service that lets you watch live presentations by businesses and access company results. 

Is your money safe with Halifax?

If Halifax went out of business, you would be compensated by the Financial Services Compensation Scheme (FSCS).

The FSCS will cover up to £85,000 of investments per person, per platform. You can claim for free online: there’s no reason to use a claims management company.

You won’t be compensated for investments falling in value, or if a company in which you hold shares goes bust, unless this poor performance resulted from bad advice given by a regulated Independent Financial Advisor that has since gone bust. 

 

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