Platform fees have a larger impact on long-term returns than most investors realise. At 0.35% on a £100,000 portfolio, you’re paying £350/year — money that could be compounding for you instead. Over 20 years, the difference between paying £0 and £350/year on a £100,000 portfolio is significant.
Here’s a full breakdown of costs at each portfolio size, based on published fees as of June 2026.
The full cost table
Annual cost for an ISA invested in funds, with monthly trading (12 trades/year).
| Portfolio | Barclays | Freetrade | Vanguard | ii Core | HL | AJ Bell | Fidelity |
|---|---|---|---|---|---|---|---|
| £10,000 | £0 | £0 | £48 | £120 | £58 | £43 | £35 |
| £25,000 | £0 | £0 | £48 | £120 | £111 | £81 | £88 |
| £50,000 | £0 | £0 | £75 | £120 | £198 | £143 | £175 |
| £100,000 | £0 | £0 | £150 | £120 | £373 | £268 | £350 |
| £250,000 | £0 | £0 | £375 | £120 | £898 | £643 | £875 |
| £500,000 | £0 | £0 | £375 | £120† | £1,523 | £1,268 | £1,375 |
†ii Core plan is limited to portfolios up to £100,000. Above that, the Plus plan (£179.88/year + £1.49/trade) is required. InvestEngine (£0, ETFs only) and Trading 212 (£0, ETFs and shares) not shown as they don’t offer funds.
Figures include platform fees and dealing charges for 12 trades/year. Verify all fees directly with providers before investing.
Use our fee calculator for your exact figures across ETFs, shares, and different trading frequencies.
The new standout: Barclays for fund investors
In June 2026, Barclays Smart Investor removed its platform fee and charges nothing to buy or sell funds. For a fund investor — someone buying unit trusts or OEICs — this makes Barclays uniquely free at any portfolio size.
Previously, the only zero-cost platforms (InvestEngine, Trading 212, Freetrade) were limited to ETFs and shares. Barclays is the first major platform to offer a complete fund range at zero cost.
The trade-off: ETF and share dealing costs £6 per trade. For frequent ETF traders, the free platforms remain cheaper.
Under £30,000 in funds
Cheapest: Barclays (£0) or Freetrade (£0)
Barclays and Freetrade both charge nothing. For funds specifically, Barclays is the only free option. Fidelity at 0.35% is the next cheapest percentage platform (£35 on £10,000).
Vanguard now charges a minimum of £48/year for portfolios under £32,000 — its flat £4/month minimum fee makes it less competitive at this size than previously.
£30,000–£80,000
Cheapest for funds: Barclays (£0) — but ii Core (≈£120/year) is the cheapest full-range paid platform
The old answer here was Vanguard. That’s changed: Vanguard now costs £48–£120/year in this range, and Barclays costs £0. ii Core at ≈£120/year offers the broadest investment range of any paid platform at a flat cost.
£80,000–£100,000
Cheapest full-range paid option: ii Core (≈£120/year)
At £100,000, ii Core costs approximately £120/year while Vanguard reaches £150/year. HL costs £373/year. Above £100,000, you’d need to upgrade to ii Plus at £179.88/year — making Vanguard cheaper again for investors between £100k and £250k who can accept Vanguard’s fund-only range.
£100,000–£250,000
Cheapest with full range (ignoring Barclays): ii Plus at £179.88/year
Barclays is free for funds at any portfolio size. For investors wanting the full market (shares, investment trusts, bonds), ii Plus at £179.88/year is the most competitive flat-fee option. HL costs £898/year at £250,000.
Over £250,000
Cheapest full range: ii Plus (£179.88/year)
At £250,000, Vanguard’s 0.15% hits its annual cap of £375/year. ii Plus stays at £179.88. HL charges £898. The case for a flat-fee platform is overwhelming at large portfolio sizes.
The ETF picture is different
The table above is for fund investors. ETF investors have a completely different cost profile:
| Platform | ETF annual fee (ISA, 12 trades/year) | Notes |
|---|---|---|
| InvestEngine | £0 | ETFs only |
| Trading 212 | £0 | ETFs and shares |
| Freetrade | £0 | ETFs, shares, and now funds |
| AJ Bell | £42 cap + dealing | £5/trade, but cap limits total |
| HL | £150 cap + £6.95/trade | Cap raised from £45 in March 2026 |
| Barclays | £72 (12 × £6) | No annual cap, £6/trade |
| Vanguard | £48 minimum + 0.15% | ETFs only from Vanguard’s range |
For ETF investors, InvestEngine, Trading 212, and Freetrade are all free. HL’s ETF cap rose to £150/year in March 2026 — making it considerably less competitive for ETF-only investors than it was.
What “free” platforms give up
For the genuinely free platforms:
- Barclays (funds): Full range, established bank, good research. ETF/share trades cost £6. Not app-focused.
- InvestEngine: ETF-only, no individual shares or funds. Strong for passive ETF portfolios.
- Trading 212: ETFs and shares, fractional shares. No funds or investment trusts.
- Freetrade: ETFs, shares, and now funds. App-only. 0.99% FX fee on non-GBP trades.
Fee estimates based on published rates as of June 2026. Figures include platform fees and dealing charges for monthly trading. Always verify current fees directly with your provider.