What is the cheapest investment platform?
The cheapest investment platform for you will depend on how much money you want to invest and what you want to invest in.
We’ve estimated the cost of investing various sums in investment platforms over the course of a year.
- The fees in the first table apply if you buy funds; the second if you buy shares (investment trusts, gilts and bonds are usually subject to the same charges as shares); the third if you buy ETFs, sometimes charged as shares and other times as funds.
- We assume you make four purchases and four sales each year, spaced out in different months, in a stocks and shares Isa. We don’t include fees charged by fund managers.
- You can sort platforms by cost for each portfolio size using the three horizontal lines icon.
Please note: the content contained in this article is for information purposes only and does not constitute financial or investment advice.
Investment fund fees
Shares, trusts, and bond fees
ETF fees
Note: Fees correct as of February 2025. Doesn’t include on-going fund charges, foreign exchange or other additional charges. Not all platforms offer each of funds, shares and trusts, ETFs, so may only be present in one table.
Platforms marked with * can have different fees for general investment accounts, in the case of Freetrade and Plum, investing in shares in a general investment account is available within their free tiers
Scottish Friendly charges a combined account and fund management fee, which cannot be fairly compared to the other brands for which the fund management fees are not included, so we have not listed it in our tables.
Cost is key
Megan Thomas, Which? investing expert says:
‘Unlike most other products that Which? reviews, the point of investment platforms is to leave you with more money than you had when you signed up.
‘For that reason, cost makes up a huge part of our analysis and is the reason why several platforms in our review didn’t make Which? Recommended Provider status, despite high customer scores for their stocks and shares Isas.
‘It can be easy to feel like you’re stuck with high fees, poor customer service, and little to no information on your investments. But, you could save hundreds of pounds a year by switching from one of the most to one of the least expensive platforms.’
What is the cheapest platform for portfolios under £50,000?
Investors with less than £50,000 should generally look for platforms with a low percentage-based annual fee and no fixed fees.
The cheapest platforms for investors investing in funds with less than £50,000 were Vanguard, Lloyds and iWeb.
For those investing in shares, exchange-traded funds, or investment trusts, the cheapest platforms for less than £50,000 were Freetrade, iWeb and AJ Bell.
- Find out more: Best investment platforms in the UK 2025
What is the cheapest platform for portfolios over £50,000?
Fixed-fee platforms usually work out cheapest for investors with the largest portfolios, particularly over £50,000.
But don’t rule out percentage-fee providers, as many percentage fee providers cap fees.
The cheapest platforms for investors investing in funds with more than £50,000 were Halifax Share Dealing, Interactive Investor, Vanguard, Lloyds and iWeb.
For those investing in shares, exchange-traded funds, or investment trusts, the cheapest platforms for more than £50,000 were Freetrade, AJ Bell, and iWeb.
The Financial Services Compensation Scheme (FSCS) only protects sums up to £85,000 in the event of platform failure, so you may wish to divide large pots between platforms.
- Find out more: Are your investments protected?
What is the cheapest platform for frequently buying and selling shares?
If you frequently buy or sell investments – particularly shares, exchange-traded funds (ETFs) or investment trusts – then pay close attention to the cost per trade.
Some platforms charge no fees at all for trading shares – including Freetrade, Moneybox and Plum.
However, not all of these platforms offer a comprehensive range of shares, so it’s worth looking to see if they have the shares you want to invest in before you’re won over by no trading costs.
What is the cheapest ‘do-it-for-me’ investment platform?
You can now find investment platforms that pick a portfolio of investments for you, based on a questionnaire about your investing aims and attitude to risk.
Do-it-for-me platforms (sometimes referred to as ‘roboadvisers’ or ‘managed portfolios’) tend to be more expensive than DIY platforms, although bear in mind that do-it-for-me platform fees tend to include fund fees, whereas DIY fees do not.
Annual cost of an active management portfolio
Table note: Fees correct as of February 2025. Unlike our comparisons for DIY investment platforms, this table includes the fees charged by fund managers.
Do investment platform fees matter?
Yes, platform fees make a huge difference to returns.
For a start, they apply whether your investments perform well or badly. Reducing the sum you pay your platform is one of the few ‘guaranteed’ ways to improve your returns.
Every £1 you pay your investment platform is money that could have been re-invested for future growth. Over time, the cumulative cost of an expensive platform will increase – as will the benefit of a cheaper one.
Should you only consider fees?
Investment platforms aren’t just divided by price, but also by customer service, investment choice, investment information and ease of access.
We’ve ranked stocks and shares Isas provided by investment platforms based on customer score, and picked Which? Recommended Providers.
We’ve also compiled in-depth reviews of platforms covering aspects of what you can invest in, with more information about their fees.
- Find out more: Best investment platforms in the UK 2025