£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 | £4/mo under £32k, then £4/mo under £32k, then 0.15% (max £375/yr) | £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 | 0.35% max (funds); £45/yr cap on 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 account charge on funds — a maximum of 0.35% a year — is uncapped and adds up on larger fund-based ISAs. Best-in-class research, customer service, and user experience.
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 monthly plans (Core £5.99, Plus £14.99) — percentage fees overtake a flat fee as the pot grows.
Project your ISA returns and understand the tax benefits.
A Stocks and Shares ISA shelters investments from income tax, dividend tax and capital gains tax. Because the tax treatment is identical whichever provider you use, the platform charge is the main thing that separates them. These are the charges as published on 2 September 2026.
The account or platform charge only — the fee the platform levies for holding your money. We compare it because it is the one cost you can control by choosing a provider, it is published, and it compounds.
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| Platform | Account charge, verified 2 September 2026 | Source |
|---|---|---|
| Vanguard | £4 a month (£48/yr) while your total invested balance is under £32,000; 0.15% a year above that, capped at £375. One account fee across all your Vanguard accounts. | Vanguard: Fees explained |
| AJ Bell | Capped at 0.25% a year. Monthly investing is free; online dealing from £1.50. International dealing and FX capped at 0.75%. | AJ Bell: Charges |
| Hargreaves Lansdown | Account charge is a maximum of 0.35% a year, billed monthly. Share holdings are capped separately. | Hargreaves Lansdown: Charges |
| Interactive Investor | Flat monthly plans: Core £5.99 (portfolios up to £100,000), Plus £14.99, Premium £39.99. Dealing £9.99 (Core) or £7.99 (Plus). | Interactive Investor: Our charges |
| InvestEngine | £0 platform fee on the DIY service; commission-free dealing and no FX charge. Managed portfolios are charged separately. ETFs only. | InvestEngine: Costs |
| PensionBee | 0.50%–0.95% a year below £100,000 depending on plan (Tracker 0.50%, 4Plus 0.85%, Shariah 0.95%), tapering above £100,000. | PensionBee: Fees |
Applying the verified charges above to a range of pot sizes. Cheapest in each row is highlighted. Fund charges are excluded, so these are platform costs only.
| Pot size | Vanguard | AJ Bell | Hargreaves Lansdown | Interactive Investor | InvestEngine (DIY) |
|---|---|---|---|---|---|
| £5,000 | £48 | £12 | £18 | £72 Core | £0 |
| £10,000 | £48 | £25 | £35 | £72 Core | £0 |
| £25,000 | £48 | £62 | £88 | £72 Core | £0 |
| £50,000 | £75 | £125 | £175 | £72 Core | £0 |
| £100,000 | £150 | £250 | £350 | £72 Core | £0 |
| £250,000 | £375 | £625 | £875 | £180 Plus | £0 |
What the arithmetic shows. Vanguard's £4 monthly minimum means it is not the cheapest option on a small pot — below about £19,200 AJ Bell's 0.25% costs less. Vanguard is cheapest between roughly £19,200 and £47,900, after which Interactive Investor's flat £5.99 Core plan overtakes it. The ii Core plan is limited to portfolios of £100,000; above that the Plus plan at £14.99 a month beats Vanguard from about £119,900. InvestEngine's DIY service charges no platform fee at all, but holds ETFs only — it is not comparable if you want funds, investment trusts or individual shares.