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Hargreaves Lansdown cuts fees – but price rises lurk in the small print
Some investors will actually end up paying more
Investment platform Hargreaves Lansdown has slashed its customer fees as it attempts to compete against rivals offering commission-free trading.
The overhaul, which affects stocks and shares Isa, self-invested personal pension (Sipp) and general investing accounts, will see platform charges reduced from 0.45% to 0.35%, as well as share trading fees falling from £11.95 to £6.95 per trade.
However, the £45 annual cap on platform fees for shares, trusts, exchange-traded funds (ETFs) and bonds has been raised to £150, meaning some investors will actually end up paying more annually. A small fund dealing fee of £1.50 has also been introduced per fund trade.
The new fee structure represents the most significant shake-up of the platform's charges for more than a decade. Read on to find out which investors will gain, and who will lose out.
Please note: this article is for information purposes only and does not constitute financial or investment advice.
How much will you pay with Hargreaves Lansdown?
Hargreaves Lansdown – the UK’s largest DIY retail investment platform – has said that eight in 10 clients will be better off or pay the same.
Those with larger portfolios invested in funds will see the biggest savings from the changes.
Someone with a £100,000 fund portfolio who makes eight fund trades a year would see their annual platform/trading fees drop from £450 to £365.60 (discounting fund charges, which vary).
Those with large portfolios made up of shares, ETFs, bonds and trusts, on the other hand, may actually end up worse off due to the annual price cap rising from £45 to £150.
An investor with a £100,000 portfolio made up of these assets, making eight trades a year, would see their annual platform/trading costs increase from £140.60 to £205.60.
The changes are instead beneficial for investors with smaller portfolios of these assets, worth less than about £25,000. Once you approach this point, the new fee structure will start to hurt rather than help you, unless you make very large volumes of trades.
The tables below outline the changes in more detail:
Account charge for funds
| Portfolio size | Current annual charge | Future annual charge |
|---|---|---|
| £0 - £250,000 | 0.45% | 0.35% |
| £250,000 - £1m | 0.25% | 0.25% |
| £1m - £2m | 0.1% | 0.1% |
| Over £2m | No charge | No charge |
Account charge for shares, ETFs, investment trusts and bonds
| Portfolio size | Current charge | Future charge |
|---|---|---|
| Any | 0.45% (capped at £45 a year) | 0.35% (capped at £150 a year) |
There are also no dealing charges when you buy selected shares, investment trusts and ETFs via monthly regular investing.
- Find out more: Compare investment platform fees and charges
How do Hargreaves Lansdown's new fees compare?
Despite the new fee structure, Hargreaves Lansdown continues to rank among the more expensive platforms for most portfolio sizes.
Source: Which? research Note: Based on the cost of investing in funds over the course of a year in a stocks and shares Isa, assuming that you make four purchases and four sales each year.
- Find out more: Best stocks and shares Isas 2026
How can you switch providers?
If you don’t feel like you’re getting value for money with Hargreaves Lansdown, you could switch your investments to another cheaper provider.
For general investment accounts, you’ll have to sell your investments, transfer out the cash, then close your account.
For a stocks and shares Isa, you might be able to stay invested and ask Hargreaves Lansdown to move your investments across to another platform directly. This is called an ‘in-specie’ transfer and prevents you from losing out in the window between selling and buying.
You can do an in-specie transfer only if the platform you're moving to offers the same funds you're invested in now.
To start a transfer, contact the platform you want to move to and complete its transfer form. It should take care of the rest within 30 days, and you can chase it up if there are any delays.
Some platforms are running offers, including cashback and temporary fee waivers, but you shouldn’t base your choice on these. Instead, prioritise choosing a platform with low fees and good customer service over the brief benefits of an introductory offer.
- Find out more: Best investment platforms in the UK 2026
