On 1st March 2026, Hargreaves Lansdown will be introducing their new fee structure across all accounts. This is likely linked to the 2025 private equity acquisition. Some types of fees are increasing, while others will decrease. Read on to find out whether your fees will go up or down after 1st March.
Key takeaways
We’ve included a full breakdown below so you can see all the fee changes. You can also use our Platform Fees Calculator to compare the current vs new HL annual platform fees to understand how it will impact you and your investments.
If you don’t have time to read the full details, here are the key themes:
- Platform fees for holding funds are becoming cheaper (for S&S ISAs, SIPPs, and Fund and Share accounts)
- Platform fees for holding shares and ETFs are changing:
-
S&S ISAs - more expensive for larger portfolios, cheaper for smaller portfolios (<£12,860)
-
Fund and Share accounts - more expensive for everyone, used to be £0, now 0.35% capped at £150 per year
-
SIPPs - cheaper for everyone. Now 0.35% capped at £150 per year
-
S&S LISAs - no change
-
Use our Platform Fees Calculator to find out how these changes might impact you. Keep reading to see the full details.
Stocks and Shares ISAs
Shares and ETFs
Platform Fees
| Current fees | New fees |
|---|---|
| 0.45% (capped at £45 per year) | 0.35% (capped at £150 per year) |
Despite the percentage fee being reduced, the cap has increased to more than triple the current limit. Here are some examples:
| Amount invested | Current fees | New fees | Percentage change |
|---|---|---|---|
| £10,000 | £45 | £35 | -22% |
| £12,860 | £45 | £45 | 0% |
| £20,000 | £45 | £70 | +55% |
| £43,000 | £45 | £150 | +233% |
| £100,000 | £45 | £150 | +233% |
As you can see, for smaller portfolios, there will be a reduction in annual platform fees. A portfolio with £10,000 invested in shares or ETFs will see their fees reduce from £45 per year to £35 per year. A £10 reduction.
However, a portfolio with £20,000 invested in shares or ETFs will see their fees increase from £45 per year to £70 per year.
The biggest impact will be felt by portfolios with £43,000 or more invested in shares or ETFs. These portfolios will incur the new maximum annual platform fees of £150. An enormous 233% increase in platform fees per year.
Funds
Platform Fees
| Amount invested | Current fees | New fees |
|---|---|---|
| £0 - £250,000 | 0.45% | 0.35% |
| £250,000 - £1m | 0.25% | 0.25% |
| £1m - £2m | 0.1% | 0.1% |
| £2m+ | 0% | 0% |
For portfolios invested solely in funds, the fees have reduced for the first tier of £0 - £250,000 invested. Lowering from 0.45% to 0.35%. See some examples below to understand how it might affect you:
| Amount invested | Current fees | New fees | Percentage change |
|---|---|---|---|
| £20,000 | £90 | £70 | -22% |
| £100,000 | £450 | £350 | -22% |
| £500,000 | £1,750 | £1,500 | -14% |
| £1.5m | £3,500 | £3,250 | -7% |
| £2.5m | £4,000 | £3,750 | -6% |
For any Stocks and Shares ISAs that are fully invested in funds, the change to the fee structure is positive. For any amount invested, the new annual platform fees will be cheaper than the current ones. The biggest percentage saving is seen by those with smaller portfolios.
Fund and Share Account
Shares and ETFs
Platform Fees
| Current fees | New fees |
|---|---|
| No charge | 0.35% (capped at £150 per year) |
This change represents a big shift. Hargreaves Lansdown’s platform fees for Shares and ETFs in a Fund and Share Account are currently £0. The new fee structure introduces fees for this type of account and investment.
| Amount invested | Current fees | New fees |
|---|---|---|
| £10,000 | £0 | £35 |
| £20,000 | £0 | £70 |
| £43,000 | £0 | £150 |
| £100,000 | £0 | £150 |
Any Hargreaves Lansdown customers who use the Fund and Share Account to invest in shares and ETFs will be worse off as a result of this change.
Funds
Platform Fees
| Amount invested | Current fees | New fees |
|---|---|---|
| £0 - £250,000 | 0.45% | 0.35% |
| £250,000 - £1m | 0.25% | 0.25% |
| £1m - £2m | 0.1% | 0.1% |
| £2m+ | 0% | 0% |
For portfolios invested solely in funds, the fees have reduced for the first tier of £0 - £250,000 invested. Lowering from 0.45% to 0.35%. Consider the examples below to understand how it might impact you:
| Amount invested | Current fees | New fees | Percentage change |
|---|---|---|---|
| £20,000 | £90 | £70 | -22% |
| £100,000 | £450 | £350 | -22% |
| £500,000 | £1,750 | £1,500 | -14% |
| £1.5m | £3,500 | £3,250 | -7% |
| £2.5m | £4,000 | £3,750 | -6% |
For any Fund and Share Accounts that are fully invested in funds, the change to the fee structure is positive. For any amount invested, the new annual platform fees will be cheaper than the current ones. The biggest percentage saving is seen by those with smaller portfolios.
SIPP
Shares and ETFs
Platform Fees
| Current fees | New fees |
|---|---|
| 0.45% (capped at £200 per year) | 0.35% (capped at £150 per year) |
Any Hargreaves Lansdown SIPP customers that invest in shares and ETFs will see a reduction in annual platform fees. The percentage fee has been reduced, and the cap has also been lowered to £150. See some examples below:
| Amount invested | Current fees | New fees | Percentage change |
|---|---|---|---|
| £10,000 | £45 | £35 | -22% |
| £20,000 | £90 | £70 | -22% |
| £45,000 | £200 | £150 | -25% |
Funds
Platform Fees
The fee structure change for SIPPs invested in funds is identical to the changes for Fund and Share Account and Stocks and Shares ISAs.
| Amount invested | Current fees | New fees |
|---|---|---|
| £0 - £250,000 | 0.45% | 0.35% |
| £250,000 - £1m | 0.25% | 0.25% |
| £1m - £2m | 0.1% | 0.1% |
| £2m+ | 0% | 0% |
Here are some examples:
| Amount invested | Current fees | New fees | Percentage change |
|---|---|---|---|
| £20,000 | £90 | £70 | -22% |
| £100,000 | £450 | £350 | -22% |
| £500,000 | £1,750 | £1,500 | -14% |
| £1.5m | £3,500 | £3,250 | -7% |
| £2.5m | £4,000 | £3,750 | -6% |
For any SIPP customers that are fully invested in funds, there will be a reduction in annual platform fees paid.
Stocks and Shares LISA
Platform Fees
There were no changes announced to platform fees for the Hargreaves Lansdown S&S LISA.
Summary
Hargreaves Lansdown was acquired by a private equity consortium in early 2025, so it may come as no surprise that they’ve hiked the fees on some products. These changes will be felt by their customers across the full range of portfolio sizes.
We’ve always known that Hargreaves Lansdown is not a “cheap” provider for investing in funds. The new fee structure doesn’t change things very drastically in that regard. It is still an expensive provider to hold funds with, but nonetheless this will be a welcome change for those invested in funds.
For shares and ETFs however, Hargreaves Lansdown was always a relatively good value for money option. This is no longer the case. The tripling of the annual platform fees cap for S&S ISAs and the introduction of fees for Fund and Share accounts will have wide impact. The slight reduction in annual platform fees for SIPPs will go a small way to lessen that blow. Many will likely be left considering other providers. To compare the new fees against other investment platforms, you can use our Platform Fees Calculator.
What to do next?
Every investor is different. Some prioritise high‑quality service, while others have “set and forget” portfolios that require very little ongoing support from their provider.
The fee changes introduced by Hargreaves Lansdown may feel unsettling for some more than others. Regardless of how you feel about the update, it’s a good moment to review your portfolio, understand your cost of investing, and decide whether Hargreaves Lansdown still offers the best value for you.
We’ve built a number of free tools to help you make the most of your money:
- Platform Fees Calculator - great for understanding annual platform fees
- Investment Forecast Tool - helps you to consider the compounding effect of platform fees over time
This does not constitute financial advice. Always do your own research.