Hargreaves Lansdown vs InvestEngine UK 2026/27

The short version

The two platforms are built differently, so this isn't a like-for-like contest. InvestEngine sells ETFs only. Its DIY service has no platform fee and no dealing fee: you pay only the ETFs' own charges. Hargreaves Lansdown offers funds, shares, ETFs and investment trusts across every main UK account type, and charges 0.35% a year for it (capped at £150 per account on shares and ETFs). It also charges for one-off trades.

If you would hold only ETFs either way, InvestEngine's DIY service is cheaper at every portfolio size, because HL's charge can't fall below zero. HL's case rests on what InvestEngine doesn't do: funds, individual shares, investment trusts, a Lifetime ISA, a Junior ISA and phone dealing. Use the calculator below to put a number on the gap for your own portfolio.

How the calculator works

• HL, funds: 0.35% on the first £250,000, 0.25% from £250,000 to £1m, 0.10% from £1m to £2m, nil above.
• HL, shares and ETFs: 0.35%, capped at £150 a year for the account.
• HL dealing: £6.95 per online share/ETF trade, or £3.95 if you average 20 or more a month (HL bases this on the previous month's trades). £1.95 per one-off fund trade. Regular investing is free.
• InvestEngine DIY: no platform fee and no dealing fee. Managed: 0.25% a year.

The ten-year figure multiplies one year's difference by ten at today's portfolio value. It doesn't model growth, so if your portfolio grows the real gap on funds will be larger, and on capped ETFs it stays the same.

Worked examples (checked 2 November 2026)

Working: (1) 0.35% × £20,000 = £70, under the £150 cap, plus 4 × £6.95 = £27.80. (2) Funds 0.35% × £50,000 = £175, plus ETFs 0.35% × £50,000 = £175 capped to £150. (3) 0.35% × £250,000 = £875, plus 0.25% × £50,000 = £125. In each case InvestEngine would hold ETFs rather than funds.

Two points stand out. Once an all-ETF account passes about £42,857, HL's charge stops at £150 a year. And InvestEngine's Managed service can cost more than HL on a large ETF-only account: on £100,000 of ETFs, Managed costs £250 against HL's capped £150.

Side by side

InvestEngine's fee page lists ISA, SIPP, general and business accounts. It doesn't mention a Lifetime ISA or Junior ISA, so don't assume either is available there.

When HL can make sense despite the cost

• You want funds or individual shares. Active funds, multi-asset funds such as LifeStrategy, investment trusts and single UK or US shares aren't available at InvestEngine.
• You want a Lifetime ISA or Junior ISA on the same login. HL's Junior Stocks and Shares ISA has no account or online dealing charge.
• Your ETF holdings are large. Above about £43,000 of shares and ETFs, HL's charge is a flat £150 per account. The gap to £0 then stays the same however large the account grows.
• You want to deal by phone (HL charges £29 a trade).

When InvestEngine is likely to cost less

• Your plan is a small number of index-tracking ETFs in an ISA, SIPP or general account.
• Your portfolio is under about £43,000, where HL's 0.35% applies in full.
• You make frequent one-off purchases. HL charges £6.95 each outside regular investing; InvestEngine charges nothing.

On either platform, keep uninvested cash low. Cash waiting to be invested doesn't grow with the market, and InvestEngine says it keeps the interest earned on uninvested cash.

Is my money safe on either platform?

InvestEngine says it is authorised and regulated by the FCA, holds client cash in segregated accounts and holds ETFs in a nominee company for clients. If an authorised investment firm fails and client money or assets are missing, the FSCS can pay up to £85,000 per person, per firm. Neither platform's FSCS cover protects you against investments falling in value. You can check either firm on the FCA register.

Switching between them

If you move an ISA, always transfer it through the new provider instead of withdrawing and paying back in. Withdrawing uses up allowance. InvestEngine holds only ETFs, so a transfer from HL usually has to be in cash: your HL holdings are sold, and you are out of the market for a while. Our ISA transfer guide covers the steps.

Frequently asked questions

Which is cheaper, HL or InvestEngine?

For an ETF-only portfolio, InvestEngine's DIY service: it has no platform or dealing fee, while HL charges 0.35% (capped at £150 a year per account for ETFs) plus £6.95 per one-off trade. HL's extra cost on £20,000 of ETFs is £70 a year before dealing.

Does InvestEngine offer a SIPP?

Yes. InvestEngine's fee page lists ISAs, SIPPs, general and business accounts, with no platform fee on DIY portfolios. Managed portfolios cost 0.25% a year.

Can I buy funds or individual shares on InvestEngine?

No. InvestEngine offers ETFs only. If you want funds, investment trusts or individual shares, you'd need a platform such as HL.

When does HL's £150 cap apply?

To shares, ETFs, investment trusts and bonds in each Stocks and Shares ISA, SIPP, Junior SIPP and Fund and Share Account. 0.35% reaches £150 at about £42,857. Funds aren't capped.

Is my money protected?

If an authorised investment firm fails and client assets are missing, the FSCS can pay up to £85,000 per person, per firm. It doesn't cover losses from investments falling in value.