AJ Bell vs Hargreaves Lansdown 2026: Which Platform Costs You Less?
By Alpesh Patel OBE, hedge fund manager and author
Choosing an investment platform is about more than brand recognition. In this AJ Bell vs Hargreaves Lansdown comparison for 2026, we look at platform charges, dealing fees and account costs to understand which provider may offer better value for different UK investors. The answer depends on how much you invest, what you hold and how frequently you trade.
Short answer: On fees, AJ Bell is cheaper than Hargreaves Lansdown in almost every case. It charges 0.25% a year on funds against HL's 0.35%, £5 to deal in shares against £6.95, and a lower cap on what you pay to hold shares and ETFs.
The gap is small for a share-only ISA, but a fund-heavy pension of £750,000 costs around £1,250 a year more at HL. HL's case rests on service, research and its app, not price. HL cut its fees in March 2026, so many comparisons online are out of date. The figures below come from both platforms' own charges pages in October 2026.
AJ Bell vs Hargreaves Lansdown fees at a glance
AJ Bell | Hargreaves Lansdown | |
|---|---|---|
Funds: yearly account charge | 0.25% to £250,000, 0.10% from £250,000 to £500,000, nothing above | 0.35% to £250,000, 0.25% from £250,000 to £1m, 0.10% from £1m to £2m, nothing above |
Shares, ETFs, investment trusts: yearly charge | 0.25%, capped at £3.50 a month (£42 a year) in the ISA and £10 a month (£120 a year) in the SIPP | 0.35%, capped at £12.50 a month (£150 a year) in the ISA and SIPP |
Online share deal | £5, or £3.50 if you made 10+ share deals the month before | £6.95, or £3.95 if you made 20+ share deals the month before |
Online fund deal | £1.50 | £1.95 |
Regular monthly investing | Free | Free |
Foreign exchange on overseas shares | 0.75% on the first £10,000, 0.50% on the next £10,000, 0.25% above | 0.99% to £10,000, 0.50% to £25,000, 0.20% above |
Phone dealing | £25 | £29 |
Holding cash, drawdown, transfers out | Free | Free |
Sources: AJ Bell charges and Hargreaves Lansdown charges, checked 12 October 2026. Fund managers' own charges come on top at both.
What you'd actually pay: five examples
These are yearly platform costs only, based on the published charges above. They leave out fund managers' charges, which are the same whichever platform you use (except where HL has negotiated a discount).
Your portfolio | AJ Bell | Hargreaves Lansdown | Difference |
|---|---|---|---|
£50,000 ISA in shares and ETFs, 12 share deals a year | £102 | £233 | AJ Bell £131 cheaper |
£50,000 ISA in funds, 4 fund deals a year | £131 | £183 | AJ Bell £52 cheaper |
£200,000 SIPP in shares and ETFs, 12 share deals a year | £180 | £233 | AJ Bell £53 cheaper |
£200,000 SIPP in funds, 4 fund deals a year | £506 | £708 | AJ Bell £202 cheaper |
£750,000 SIPP in funds, no deals | £875 | £2,125 | AJ Bell £1,250 cheaper |
The pattern is clear. If you hold mainly shares and ETFs, the caps keep both platforms cheap and the difference is modest. If you hold funds, HL's higher percentage and its slower tapering above £250,000 make the gap grow with your wealth. On £750,000 in funds, AJ Bell stops charging at £875 because it charges nothing above £500,000. HL keeps charging 0.25% up to £1m.
Over 20 years, a £200 a year difference left invested at 7% a year grows to roughly £8,200. A £1,250 difference grows to over £51,000. That's why I tell people to check their platform fees once, properly, rather than ignore them.
Buying US shares: AJ Bell vs HL
Many of the investors I work with hold US companies. Each time you buy or sell, you pay the dealing charge plus foreign exchange. On a £5,000 purchase of a US share:
AJ Bell: £5 dealing + £37.50 FX (0.75%) = £42.50
HL: £6.95 dealing + £49.50 FX (0.99%) = £56.45
Neither is cheap next to specialist brokers. Interactive Brokers and Trading 212 charge a fraction of this on currency conversion. If you trade US shares often, read my Interactive Brokers vs Hargreaves Lansdown comparison first.
Where Hargreaves Lansdown earns its higher fee
Price isn't everything, and HL has real strengths:
Service. A Bristol-based client helpdesk. If you value picking up the phone to a person, that has a price.
Research and tools. HL publishes a lot of free research, fund shortlists and market news.
Fund discounts. HL says it has negotiated lower ongoing charges on more than 500 funds, an average saving of 17%. For a fund-heavy investor, check whether your funds are on the list. It can narrow the gap.
Price improvement. HL says it gets a better share price than the quoted market price on 95% of trades.
Free Junior ISA. No account or online dealing charge on its Junior ISA.
Where AJ Bell is better
Lower charges almost everywhere, as shown above, especially for funds and for portfolios above £250,000.
Low cap on shares and ETFs in an ISA: £42 a year, against £150 at HL.
Transfer help: AJ Bell covers exit fees from your old provider up to £500 if you move £20,000 or more.
AJ Bell vs HL for a SIPP
For a SIPP the comparison is the same, with one twist: AJ Bell's cap on shares and ETFs is higher in its SIPP (£120 a year) than in its ISA (£42 a year). It's still below HL's £150. Neither charges to set up or change drawdown. For the detail on each, see my AJ Bell SIPP review and Hargreaves Lansdown SIPP review.
Which should you choose?
Choose AJ Bell if cost is your main concern, you hold funds, your portfolio is above £250,000, or you buy overseas shares.
Choose Hargreaves Lansdown if you value service and research enough to pay for them, or your funds carry HL discounts large enough to close the gap.
Look beyond both if you trade US shares often or have a large share-only portfolio, where flat-fee or low-FX brokers can be cheaper still. My ranking of ten UK investment platforms by 20-year cost covers the alternatives.
Remember that the platform is the cheap part of the decision. What you buy on it matters far more. A low-fee account full of the wrong investments will still let you down.
Watch: picking the right platform
Frequently asked questions
Is AJ Bell cheaper than Hargreaves Lansdown?
Yes, on its published charges. AJ Bell charges 0.25% on funds against HL's 0.35%, £5 per online share deal against £6.95, and caps the charge on shares and ETFs at £42 a year in an ISA against HL's £150.
What are Hargreaves Lansdown's fees in 2026?
0.35% a year on funds up to £250,000 (falling to 0.25%, 0.10% and then nothing on larger amounts), 0.35% on shares and ETFs capped at £150 a year, £6.95 per online share deal and £1.95 per online fund deal.
What are AJ Bell's fees in 2026?
0.25% a year on funds up to £250,000, 0.10% from £250,000 to £500,000 and nothing above. Shares and ETFs cost 0.25%, capped at £42 a year in an ISA and £120 in a SIPP. Online share deals cost £5 and fund deals £1.50.
Is it worth moving from Hargreaves Lansdown to AJ Bell?
It depends on what you hold. Moving a small share-only ISA saves around £100 a year. Moving a large fund portfolio can save well over £1,000 a year. Transfers are free to leave HL, and AJ Bell covers up to £500 of exit fees on transfers of £20,000 or more. Check that your funds are available, and that you won't be out of the market during the transfer.
Are AJ Bell and Hargreaves Lansdown safe?
Both are FCA-regulated, and your investments are held separately from the company's own money. Eligible investments are covered by the Financial Services Compensation Scheme up to £85,000 if a firm fails and can't return your assets.
Want to know if your portfolio is set up right, whichever platform you use?
Book a call with my team. We'll look at what you hold, how you pick investments now, and whether the Great Investments Programme makes sense for you.
Important: This article is for education only and is not personal financial advice. Alpesh Patel Ventures Ltd provides general investment education and is not authorised by the Financial Conduct Authority to give regulated investment advice. Fees were taken from AJ Bell's and Hargreaves Lansdown's websites on 12 October 2026 and can change. Check the latest charges before you open or transfer an account. The value of investments can go down as well as up, and you may get back less than you invest. Past performance is not a reliable indicator of future results.
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