Interactive Investor vs Hargreaves Lansdown
Honest comparison including HL's March 2026 fee cut. The answer depends on your portfolio size, what you hold, and whether you use a referral link.
Quick Verdict
ii wins for portfolios above ~£20,600 holding funds or ETFs. Below that, HL or Vanguard are cheaper. For shares-only portfolios, HL (capped at £150/yr) and AJ Bell (capped at £42/yr) are cheaper than ii at any size. Use a referral link for 6 months free on top.
Fee Comparison Table (Funds & ETFs)
| Portfolio Size | ii (Core/Plus) | HL (0.35% funds) | Annual Saving on ii |
|---|---|---|---|
| £10,000 | £72 | £35 | HL cheaper by £37 |
| £20,000 | £72 | £70 | Roughly equal |
| £21,000 | £72 | £74 | 🏆 ii just cheaper ✓ |
| £50,000 | £72 | £175 | Saves £103 |
| £100,000 | £72 | £350 | Saves £278 |
| £250,000 | £180 | £875 | Saves £695 |
| £500,000 | £180 | £1,500 | Saves £1,320 |
HL fees based on 0.35% fund charge (reduced from 0.45% from 1 March 2026). ii Core plan (£5.99/mo) for portfolios ≤£100k, Plus plan (£14.99/mo) for >£100k. Use the interactive calculator for your exact portfolio.
Shares-Only Portfolios — Different Story
If you hold only individual shares (no funds or ETFs), the comparison changes:
- HL shares: 0.35% capped at £150/yr
- ii shares: Flat £72/yr (Core) or £180/yr (Plus) — plus £3.99 per trade
- AJ Bell ISA shares: 0.25% capped at just £42/yr
For shares-only investors, AJ Bell is the cheapest, followed by HL. ii is the most expensive option if you only trade individual shares.
The Impact of the Referral Offer
A referral link gives new ii customers 6 months with no monthly platform fee — saving £35.94 on Core or £89.94 on Plus. This makes ii the cheapest option for almost any portfolio in year one, even below the £20,600 crossover point. Combine with the Summer cashback offer (ends 30 September) for maximum value. See how these costs apply to your portfolio →
Also stackable with Summer offer until 30 September