Comparison · Investment Platforms · UK
7 minute read · Updated February 2026
AJ Bell and Hargreaves Lansdown are two of the UK's most popular investment platforms, both offering ISAs, SIPPs, LISAs and a wide range of investments. The differences are real but often misunderstood. This guide compares them honestly for UK investors in 2026.
| AJ Bell | Hargreaves Lansdown | |
|---|---|---|
| ISA platform fee | 0.25% (max £3.50/mo funds) | 0.45% (max £45/yr shares) |
| SIPP platform fee | 0.25% (max £3.50/mo funds) | 0.45% (max £200/yr) |
| Fund dealing | £1.50 online | Free online |
| Share dealing | £9.95 online | £11.95 online |
| Fund range | ~2,000 funds, ETFs, shares | 2,500+ funds, ETFs, shares, trusts |
| LISA available | Yes | Yes |
| Junior ISA | Yes | Yes |
| App quality | Very good — clean, modern | Excellent — comprehensive |
| Research tools | Good | Extensive |
For most investors AJ Bell is cheaper. On a £50,000 fund ISA, AJ Bell charges ~£125/year; HL charges ~£225/year. That £100 annual difference over 20 years at 7% growth results in approximately £5,000 more with AJ Bell — purely from lower fees with identical performance. The exception: very large portfolios (£100,000+) held in individual shares, where HL's £45/year cap makes it competitive or cheaper.
HL charges nothing for fund deals online. AJ Bell charges £1.50 per fund deal. For frequent fund traders HL has the edge — but for most investors buying and holding a handful of index funds, this is irrelevant in practice.
| If you prioritise… | Choose | Open account |
|---|---|---|
| Lower annual fees | AJ Bell | Open with AJ Bell → |
| Widest fund choice and research tools | Hargreaves Lansdown | Open with HL → |
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These two platforms are genuine rivals — similar in range, similar in quality, separated mainly by cost. Where Vanguard vs HL is a comparison between simplicity and breadth, AJ Bell vs HL is a comparison between two broadly similar full-service platforms at different price points.
The honest answer for most investors is: AJ Bell gives you almost everything HL gives you, at meaningfully lower cost. The question is whether HL's incremental advantages — slightly wider fund range, better research tools, stronger brand reputation, more familiar customer service — are worth the extra fee on your specific portfolio size.
| Portfolio size | AJ Bell cost (0.25%, funds) | HL cost (0.45%, funds) | Annual saving with AJ Bell |
|---|---|---|---|
| £10,000 | £25 | £45 | £20 |
| £50,000 | £125 | £225 | £100 |
| £100,000 | £250 | £450 | £200 |
| £250,000 | £625 | £1,125 | £500 |
Note that HL caps fees for shares at £45 per year, which makes it competitive for share-heavy portfolios. AJ Bell caps fund fees at £3.50 per month (£42 per year), also making it competitive for larger fund portfolios. For most investors holding a mix of funds and ETFs, AJ Bell comes out cheaper across the range of portfolio sizes above.
Both platforms give access to thousands of funds, ETFs, investment trusts and individual UK and international shares. The practical difference is smaller than the marketing suggests. Both will have the index funds most investors want — Vanguard LifeStrategy, iShares world trackers, Fidelity index funds. Both give access to popular investment trusts. Both let you hold cash, bonds, and REITs.
HL's edge is at the margins — more obscure funds, more research on individual investments, a wider range of structured products. For most investors investing in straightforward funds or ETFs, the choice never matters in practice.
AJ Bell has a strong reputation for its SIPP specifically — it was founded by pension industry professionals and pension administration is core to its business. The SIPP fee structure is competitive, the drawdown options are comprehensive, and the platform handles pension transfers efficiently.
HL's SIPP is also excellent and the brand name gives some investors additional confidence, particularly for consolidating large pension pots. HL's pension drawdown tools are arguably more polished for those actively managing retirement income.
For straightforward pension accumulation — contributing monthly and investing in index funds — AJ Bell at 0.25% vs HL at 0.45% produces a meaningfully larger pot over 20-30 years. For complex drawdown needs or pension consolidation involving multiple legacy schemes, HL's breadth may justify the cost.
HL wins on customer service reputation — it has consistently high ratings, readily available phone support, and a well-resourced client services team. For investors who value being able to pick up the phone and speak to someone, this matters.
AJ Bell's customer service is good but not HL-level. The platform is clean and functional, the app is solid, and for investors comfortable managing their portfolio online without frequent support calls, it is more than adequate.
AJ Bell edges it on fees and modern interface for most investors. HL wins on fund choice, research depth, and is better value for large share portfolios. Both are safe, well-regulated, established platforms — you cannot go badly wrong with either.
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