AJ Bell SIPP Review 2026: The Low-Cost Alternative That Most Investors Overlook
Updated: 5 days ago
Hargreaves Lansdown cut its fees in March 2026, but AJ Bell is still cheaper on almost every charge.
AJ Bell is the UK's second-largest retail investment platform with over 500,000 clients and more than £85 billion under administration. It is listed on the London Stock Exchange (FTSE 250) and is FCA-authorised. Its SIPP offering covers everything HL does: individual UK and international stocks, ETFs, funds, investment trusts, and bonds.
The platform fee for shares and ETFs is lower than HL's. The dealing commissions are lower. And for most self-directed investors in the £50,000 to £500,000 range, AJ Bell costs a few hundred pounds a year less, and more if you hold funds.
And yet most investors default to HL because it is better known. This review gives you the data to make an informed choice.
Alpesh Patel OBE is a hedge fund manager, Bloomberg TV alumnus, Financial Times author, and former Visiting Fellow at Corpus Christi College, Oxford. AJ Bell appears in every GIP platform conversation as the cost-conscious alternative to HL for UK self-directed investors.
AJ Bell SIPP Charges 2026: The Full Breakdown
AJ Bell's SIPP charges (checked 12 October 2026):
Shares, ETFs and investment trusts: 0.25% a year, capped at £10 a month (£120 a year) in the SIPP
Funds: 0.25% a year up to £250,000, 0.10% from £250,000 to £500,000, nothing above
Dealing: £5 per online share deal, or £3.50 if you made 10+ share deals the month before. Fund deals £1.50
FX on overseas shares: 0.75% on the first £10,000, 0.50% on the next £10,000, 0.25% above £20,000
Transfers in: AJ Bell covers exit fees up to £500 if you move £20,000 or more
AJ Bell vs HL: The Direct Cost Comparison
For a self-directed investor holding shares and ETFs, making 20 trades a year (10 UK, 10 US) of £8,000 each:
£100,000 portfolio: HL £150 cap + £139 dealing + £792 FX = £1,081 a year. AJ Bell £120 cap + £100 dealing + £600 FX = £820 a year. Saving: £261 a year
£250,000 or £500,000 portfolio, same trading: both platforms hit their caps, so the saving stays about £261 a year
£250,000 in funds, 4 fund deals: HL £883, AJ Bell £631. Saving: £252 a year
£500,000 in funds, 4 fund deals: HL £1,508, AJ Bell £881. Saving: £627 a year
For a typical GIP investor buying US shares, the saving comes mainly from AJ Bell's lower FX rate (0.75% against HL's 0.99%) and cheaper deals, plus a slightly lower cap (£120 against £150). Left invested at 7% a year for 20 years, a £260 yearly saving grows to about £10,700. For the full side-by-side, including ISAs, see my AJ Bell vs Hargreaves Lansdown 2026 comparison.
Where AJ Bell Genuinely Wins
AJ Bell's SIPP cap of £120 a year on shares and ETFs is below HL's £150, and its dealing (£5 against £6.95) and FX (0.75% against 0.99%) are cheaper too. For fund investors the gap is bigger: AJ Bell charges 0.25% to £250,000 and nothing above £500,000, while HL charges 0.35% and keeps charging up to £2 million. AJ Bell's mobile app has improved substantially and is now regarded as one of the better retail investment apps in the UK. Its fund and ETF range is broad and comparable to HL's.
Where AJ Bell Falls Short of HL
HL's primary advantage over AJ Bell remains service quality and brand investment. HL's research tools, fund performance data, and portfolio analytics are deeper and more polished. HL's customer service is faster and more comprehensive. For investors who use HL's research library and analytical tools regularly as part of their investment process, the premium over AJ Bell may well be justified. AJ Bell's research tools are functional but less extensive.
The Verdict: Who Should Use AJ Bell?
AJ Bell is the better choice for GIP investors who hold mainly individual stocks and ETFs, buy US shares, hold funds worth more than £250,000, and want to minimise costs without giving up access to UK and international markets. In the SIPP, its £120 cap applies once you hold more than £48,000 in shares and ETFs.
HL remains the better choice for investors who actively use HL's research tools and analytics, value its customer service, or have funds on HL's discounted list. AJ Bell's saving is real, typically a few hundred pounds a year, but the far bigger lever is the investment framework, not the platform fee.
Frequently Asked Questions: AJ Bell SIPP
What are AJ Bell SIPP charges in 2026?
Shares, ETFs and investment trusts: 0.25% a year, capped at £10 a month (£120 a year) in the SIPP. Funds: 0.25% up to £250,000, 0.10% from £250,000 to £500,000, nothing above. Online share deals £5 (£3.50 after 10+ deals the previous month); fund deals £1.50. FX: 0.75% on the first £10,000, 0.50% on the next £10,000, 0.25% above.
Is AJ Bell SIPP safe?
Yes. AJ Bell is FCA-authorised, listed on the London Stock Exchange (FTSE 250), and FSCS-protected up to £85,000. Client assets are held separately from AJ Bell's own balance sheet under FCA custody rules. It is a well-regulated, financially stable platform.
Is AJ Bell cheaper than Hargreaves Lansdown?
Yes, on almost every charge. AJ Bell's SIPP cap on shares and ETFs is £120 a year against HL's £150, online share deals are £5 against £6.95, and FX on the first £10,000 is 0.75% against 0.99%. Funds cost 0.25% against 0.35%. For an active stock picker buying US shares, AJ Bell typically saves £100 to £300 a year, and more on a large fund portfolio.
Can I hold international stocks in an AJ Bell SIPP?
Yes. AJ Bell provides access to UK, US, and major international exchange equities, ETFs, and investment trusts. The universe is broadly comparable to HL for the stocks on the GIP Approved List, the majority of which are US-listed. FX conversion charges apply for non-GBP trades.
Should I switch from HL to AJ Bell?
If you hold mainly stocks and ETFs, buy US shares or hold large fund positions, and do not rely heavily on HL's research tools, switching to AJ Bell will typically save you a few hundred pounds a year. HL doesn't charge to transfer out, and AJ Bell covers up to £500 of exit fees on transfers of £20,000 or more. The transfer takes 4 to 8 weeks and is managed by AJ Bell as the receiving platform. If HL's service matters to you, the saving may not be worth the switch.
For a holistic assessment of your current platform and investment framework, book a free portfolio review here.
Sources & Further Reading
AJ Bell SIPP charges, ajbell.co.uk/pensions/sipp/charges (checked 12 October 2026)
Hargreaves Lansdown SIPP charges, hl.co.uk/pensions/sipp/charges-and-interest-rates (checked 12 October 2026)
Financial Times — SIPP platform comparison and investment account fee analysis. ft.com/personal-finance
Good Money Guide — Best SIPP providers 2026. Independent platform comparison. goodmoneyguide.com
Which? — Investment platform and SIPP reviews. which.co.uk/money/investing
Times Money Mentor — UK investment platform comparison 2026. thetimes.co.uk/money-mentor
Disclaimer: This article is for educational purposes only. Fee figures were taken from AJ Bell's and HL's websites on 12 October 2026 and are subject to change. This does not constitute a personal recommendation to use any specific platform. Always verify current charges directly with the provider.
Alpesh Patel OBE
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