£20,000 annual allowance · Invest tax-free · Compare platforms by fees and features · Updated May 2026
A Stocks and Shares ISA lets you invest up to £20,000 per tax year completely free of income tax, capital gains tax, and dividend tax. The right platform depends on what you invest in, your portfolio size, and how active a trader you are. Fees vary enormously — choosing the wrong platform can cost hundreds of pounds per year on a mid-sized portfolio.
| Platform | Platform fee | Min investment | Best for |
|---|---|---|---|
| Vanguard | 0.15%/yr (max £375) | £500 lump / £100/mo | Low-cost passive investing |
| InvestEngine | 0% (DIY ETFs) | £1 | Zero-cost ETF portfolios |
| Trading 212 | 0% | £1 | Commission-free, fractional shares |
| AJ Bell | 0.25% (tiered) | £500 / £25/mo | Wide fund choice, active investors |
| Hargreaves Lansdown | 0.45% funds (max £45 shares) | £100 | Largest platform, best research |
Vanguard is the natural home for index fund investors. Platform and fund fees are among the lowest available, and the annual cap of £375 means costs become a flat fee for larger portfolios. The trade-off: only Vanguard's own funds are available — no third-party ETFs, investment trusts, or shares.
InvestEngine charges zero platform fee on their DIY ETF ISA — you only pay the underlying ETF fund fees (typically 0.07–0.20%). No minimum investment. The ETF range is good (400+ ETFs), and the experience is clean and modern. For ETF investors who don't need shares or active funds, this is extremely cost-effective.
Trading 212 charges zero platform fee and zero dealing commission. Fractional shares mean you can invest in any stock from £1. The platform is beginner-friendly and includes a practice account. Best for self-directed investors who want to buy individual shares and ETFs at no cost.
AJ Bell offers a wide range of funds, ETFs, investment trusts, and shares. The platform is well-regarded for its clean interface, good research tools, and responsive customer service. Fees are reasonable but higher than Vanguard/InvestEngine for fund-heavy portfolios below ~£100k.
Hargreaves Lansdown is the UK's largest investment platform. The fund fee cap on shares (£45/yr) makes it very cost-effective for share portfolios — but the uncapped 0.45% on funds is expensive for larger fund-based ISAs. Best-in-class research, customer service, and user experience.
UKCalc may receive a commission if you open an account through the links above. This does not affect our editorial independence or the fees you are charged. Capital at risk. The value of investments can fall as well as rise. Tax treatment depends on individual circumstances and may change. ISA rules apply.
If you invest in index funds only: Vanguard is the clear winner on cost, with a 0.15% fee capped at £375/yr and no dealing charges on their own funds.
If you invest in ETFs and want zero fees: InvestEngine's 0% DIY platform fee is hard to beat — you only pay the underlying ETF costs.
If you want individual shares at no cost: Trading 212's commission-free model wins.
If you want the best research and service: Hargreaves Lansdown is premium — especially efficient if your ISA is share-heavy (capped at £45/yr on shares).
For large portfolios (£100k+) in funds: Consider Interactive Investor's flat-fee model (£12.99/mo SIPP + ISA) — percentage fees become expensive at scale.
Project your ISA returns and understand the tax benefits.