Trading 212 and InvestEngine are the cheapest stocks and shares ISAs with zero platform fees and zero trading commissions. AJ Bell offers the best balance of low fees and wide investment choice. Hargreaves Lansdown provides the broadest range and strongest research tools, though at higher fees. Your best pick depends on whether you prioritise cost, investment range or hands-off management.
A stocks and shares ISA lets you invest up to £20,000 per tax year completely free from capital gains tax, dividend tax and income tax on your returns. Over the long term, that tax-free wrapper can save you thousands of pounds compared to investing in a standard account.
Choosing the right platform matters more than most people realise. The difference between a 0% platform fee and a 0.45% fee on a £50,000 portfolio works out to £225 every single year, money that could be compounding in your favour instead. Multiply that over 20 or 30 years and you are looking at thousands of pounds in lost returns.
This guide compares the seven best stocks and shares ISA providers in the UK for 2026, breaking down exactly what each one charges, what you can invest in and who each platform suits best.
What to look for in a stocks and shares ISA
Before diving into individual platforms, it helps to understand the four factors that matter most when choosing an investment ISA.
Platform fees are the annual charge for holding your investments. Some platforms charge a percentage of your portfolio (such as 0.25% or 0.45%), while others charge a flat monthly fee. Percentage fees suit smaller portfolios, while flat fees become better value as your investments grow.
Trading commissions are what you pay each time you buy or sell an investment. Several platforms now offer commission-free trading on UK and US shares, which is a significant advantage for anyone building a portfolio gradually through regular contributions.
Investment range varies enormously. Some platforms offer thousands of individual stocks, funds, ETFs, bonds and investment trusts. Others focus on a narrower selection of low-cost index funds or ETFs.
FX fees apply when you buy investments priced in a foreign currency, such as US stocks or international ETFs. These can range from 0.15% to over 1%, and they apply on both the purchase and sale.
Best stocks and shares ISAs at a glance
| Platform | Platform Fee | Trading Commission | FX Fee | Investments | Best For |
|---|---|---|---|---|---|
| Trading 212 | £0 | £0 | 0.15% | 13,000+ stocks/ETFs | Cost-conscious DIY investors |
| InvestEngine | £0 (DIY) | £0 | None (GBP ETFs) | ~550 ETFs | Passive ETF investors |
| Freetrade | £0 | £0 | 0.99% (Basic) | 7,000+ stocks/ETFs/funds | Beginners wanting simplicity |
| AJ Bell | 0.25% (capped £42 shares) | £1.50 funds / £9.95 shares | 0.75% | Funds, shares, ETFs, bonds | All-round investors |
| Vanguard | £4/month or 0.15% | £0 | N/A | ~86 Vanguard funds | Set-and-forget investors |
| Hargreaves Lansdown | 0.45% (capped £45 shares) | £0 funds / £11.95 shares | From 1% | Widest range | Experienced investors |
| Interactive Investor | From £5.99/month | £3.99 UK (Core) | 0.75% (Core) | Shares, funds, ETFs, bonds | Larger portfolios (£50K+) |
1. Trading 212: best for zero-fee investing
Trading 212 has built its reputation on one straightforward proposition: no platform fees and no trading commissions. For investors who want to keep every penny working in their portfolio, it is hard to beat.
The platform offers access to over 13,000 stocks and ETFs from markets across the globe. You can buy fractional shares starting from just £1, which makes it easy to build a diversified portfolio even with small amounts. The “Pies” feature lets you create custom portfolios that automatically rebalance and reinvest dividends according to your chosen allocation.
The only fee you will encounter is a 0.15% foreign exchange charge when buying investments not priced in pounds. That is the lowest FX fee of any major UK platform and only applies to non-GBP investments.
Trading 212 pays interest on uninvested cash held in your ISA, which is a nice bonus while you decide where to invest. The platform is FCA-regulated and covered by FSCS protection up to £85,000 for investments (with cash deposits protected up to £120,000 through partner banks).
One limitation is that Trading 212 does not offer mutual funds, bonds or a SIPP. If you want to consolidate your ISA and pension in one place, you will need to look elsewhere.
Who it suits: Anyone who wants to invest in stocks and ETFs with the absolute lowest fees. Particularly good for regular investors who make frequent contributions and want every pound invested without commissions eating into returns.
Read our full Trading 212 reviewTrading 212 stocks and shares ISA
2. InvestEngine: best for commission-free ETF investing
InvestEngine is the standout choice for investors who want a pure ETF portfolio with zero fees. The DIY account has no platform charge and no trading commission, meaning you can invest in around 550 ETFs without paying a single penny in fees (beyond the fund’s own ongoing charge).
This makes InvestEngine particularly attractive for passive investors following a simple index-tracking strategy. You can invest in popular ETFs like the Vanguard FTSE Global All Cap, iShares Core MSCI World or SPDR S&P 500, all without any platform costs reducing your returns.
InvestEngine also offers managed portfolios for investors who prefer a hands-off approach. The managed option charges 0.25% annually and builds a diversified ETF portfolio based on your risk tolerance.
The main trade-off is the limited investment range. You cannot buy individual stocks, mutual funds, bonds or investment trusts through InvestEngine.
Who it suits: Passive investors building a low-cost ETF portfolio. Ideal for anyone following a simple strategy like investing in a global index tracker through regular monthly contributions.
3. Freetrade: best for beginners
Freetrade made ISA investing more accessible when it scrapped its ISA subscription fee in September 2025. The Basic plan now includes a free stocks and shares ISA alongside a free SIPP, with commission-free trading on over 7,000 investments across UK, US and European markets.
The app is clean, straightforward and deliberately avoids overwhelming new investors with complicated charts and data. You can set up recurring orders and direct debits to automate your investing.
Freetrade’s main drawback on the Basic plan is the 0.99% FX fee on US and European stocks. The Standard plan (£5.99/month) reduces FX fees to 0.59% and adds access to gilts and mutual funds. The Plus plan (£11.99/month) cuts FX fees to 0.39%.
Who it suits: Beginners who want a simple, app-first investing experience. Also good for UK-focused investors who mainly buy FTSE stocks and London-listed ETFs where FX fees do not apply.
Want to see how Freetrade compares directly? Our Trading 212 vs Freetrade
4. AJ Bell: best all-rounder
AJ Bell consistently ranks among the top-rated ISA providers in independent surveys, including receiving a Which? Recommended Provider award for 2025-26 with a 78% customer satisfaction score.
The platform offers one of the widest ranges of investments available. Platform fees are 0.25% for funds (capped at £875/year) and 0.25% for shares and ETFs (capped at just £42/year). That share cap makes AJ Bell exceptionally good value for larger share and ETF portfolios.
AJ Bell also offers ready-made portfolios, a SIPP, Lifetime ISA and Junior ISA alongside the stocks and shares ISA, making it a genuine one-stop platform for all your tax-efficient investing.
Who it suits: Investors who want a broad range of investments at competitive fees. The share fee cap makes it particularly good value for larger portfolios holding individual stocks and ETFs.
5. Vanguard: best for set-and-forget investing
Vanguard pioneered low-cost index investing and remains one of the most trusted names in the industry. The Vanguard ISA gives you access to around 86 of its own funds, including the popular LifeStrategy range.
Platform fees are 0.15% of your portfolio value, capped at £375 per year. However, Vanguard introduced a minimum fee of £4 per month (£48/year) in January 2025, which affects investors with portfolios under £32,000.
It is worth noting that you can buy Vanguard funds through other platforms like Trading 212, InvestEngine and AJ Bell, often at lower overall cost than Vanguard’s own platform.
Who it suits: Long-term investors who want a simple, low-cost portfolio using Vanguard’s index funds. Best for those with portfolios above £32,000.
6. Hargreaves Lansdown: best for investment choice and research
Hargreaves Lansdown is the UK’s largest investment platform with over £172 billion in client assets. The platform offers the widest selection of investments in the UK, covering funds, shares, ETFs, bonds, gilts, investment trusts and more.
HL’s research tools, expert commentary and “Wealth Shortlist” of recommended funds set it apart from cheaper rivals. For investors who value in-depth analysis and guidance, HL offers a level of support that budget platforms cannot match.
The downside is cost. For a £20,000 portfolio of funds, you would pay £90 per year in platform fees alone, compared to nothing with Trading 212 or InvestEngine.
Who it suits: Experienced investors who value research, guidance and the broadest possible investment range. Also good for anyone who wants strong customer service.
7. Interactive Investor: best flat-fee platform for larger portfolios
Interactive Investor (ii) is the UK’s leading flat-fee investment platform. The Core plan costs £5.99 per month and covers portfolios up to £100,000 with access to a stocks and shares ISA, SIPP and general investment account all in one plan.
The flat-fee model becomes excellent value as your portfolio grows. A £100,000 portfolio on ii’s Core plan costs £71.88 per year in platform fees, compared to £250 at AJ Bell or £450 at Hargreaves Lansdown on a percentage model.
Who it suits: Investors with larger portfolios (£50,000+) who benefit most from flat fees. Also excellent for families consolidating multiple accounts on one platform.
How to choose the right stocks and shares ISA
If you are just starting out with smaller amounts, Trading 212 or Freetrade offer the lowest barrier to entry with zero fees. If you are completely new to investing, our guide on how to start investing in the UK
If you want a passive strategy built around index funds and ETFs, InvestEngine or Vanguard provide focused, low-cost options.
If you want flexibility to hold funds, shares, ETFs and bonds in one place, AJ Bell gives you that breadth at reasonable fees.
If your portfolio exceeds £50,000, Interactive Investor’s flat fee model starts to save you real money compared to percentage-based platforms.
If you value research and support above all else, Hargreaves Lansdown remains the gold standard.
Understanding the tax benefits
Any gains on investments inside your ISA are completely exempt from capital gains tax. Outside an ISA, you would pay 18% CGT on gains up to the higher-rate threshold and 24% above it, after using your £3,000 annual CGT allowance.
Dividends inside your ISA are also tax-free. Outside the wrapper, dividends above the £500 annual allowance are taxed at 8.75% for basic-rate taxpayers, 33.75% for higher-rate and 39.35% for additional-rate.
For someone receiving £5,000 in annual dividends as a higher-rate taxpayer, the ISA wrapper saves over £1,500 every year in dividend tax alone.
To understand exactly how the ISA tax benefits work, read our guide to stocks and shares ISAs explainedISA allowance 2025/26 rules.
Fees comparison: what you would actually pay
Here is what each platform would cost on portfolios of different sizes, assuming you hold shares and ETFs:
| Platform | £5K Portfolio | £20K Portfolio | £50K Portfolio | £100K Portfolio |
|---|---|---|---|---|
| Trading 212 | £0 | £0 | £0 | £0 |
| InvestEngine | £0 | £0 | £0 | £0 |
| Freetrade (Basic) | £0 | £0 | £0 | £0 |
| AJ Bell | £42 | £42 | £42 | £42 |
| Vanguard | £48 | £48 | £75 | £150 |
| Interactive Investor | £71.88 | £71.88 | £71.88 | £71.88 |
| Hargreaves Lansdown | £45 | £45 | £45 | £45 |
Platform fees only for shares and ETFs. Fund-based portfolios will differ. Trading commissions and FX fees are additional.
Can you have more than one stocks and shares ISA?
Yes. Since April 2024, you can open and pay into multiple stocks and shares ISAs in the same tax year. The only rule is that your total contributions across all ISAs cannot exceed the £20,000 annual allowance.
You can also transfer existing ISAs between providers without losing your tax-free status or using up any allowance.
Stocks and shares ISA vs Cash ISA
If you are deciding between a stocks and shares ISA and a Cash ISA, the key factor is your time horizon. Cash ISAs are better for money you might need within one to three years. A stocks and shares ISA is generally better for money you can leave invested for five years or longer.
Our detailed Cash ISA vs stocks and shares ISA
Frequently Asked Questions
Trading 212 and Freetrade are the most beginner-friendly options. Both offer zero platform fees, commission-free trading and clean mobile apps. Trading 212 edges it on FX fees (0.15% versus 0.99% on Freetrade Basic).
You can invest any amount up to the £20,000 annual ISA allowance. Many successful investors start with whatever they can afford, even £50 or £100 per month, and increase contributions over time.
Your investments are protected by the FSCS up to £85,000 per provider if the platform goes bust. All platforms in this guide are authorised and regulated by the FCA.
Yes. With a flexible ISA, you can withdraw and redeposit in the same tax year without it counting against your allowance. With a non-flexible ISA, any withdrawal permanently uses up that portion of your allowance.
If you are paying high fees, transferring could save you significant money over time. Always use the formal ISA transfer process rather than withdrawing and reinvesting.
For portfolios above £50,000, Interactive Investor's flat-fee model typically offers the best value. Trading 212 and InvestEngine remain cheapest at any portfolio size.
Trading 212 charges just 0.15% for foreign exchange. InvestEngine avoids FX fees entirely because all its ETFs are denominated in GBP. Hargreaves Lansdown is the most expensive, starting at 1%.
Capital at risk. The value of investments can go down as well as up, and you may get back less than you invest. ISA rules apply. Tax treatment depends on individual circumstances and may change in future. This guide is for informational purposes only and does not constitute financial advice.
