The Verdict
With more than £5.17 billion of assets under administration, iWeb (owned by Lloyds Banking Group) is a well-established execution-only investment platform. Its aims to make investing as straight-forward as possible, are largely achieved with a platform that takes away unnecessary complexity, but there's no mobile app! Making my life simple as an investor in 2024 absolutely has to include giving me the option to login via app.
IWeb offers three accounts: a Stocks and Shares ISA, a Share Dealing Account and a Self-Invested Personal Pension (SIPP), however, the SIPP is currently closed to new applicants which is a little concerning. There's a better-than-usual selection of assets for a 'simple' platform: 2,500+ funds, 8000+ stocks, plus ETFs and investment trusts. You usually find that the trade-off with platforms concentrating on simplicity is a lack of choice, but there are thousands of options here, although the assets over cover seven UK and international markets, which isn't the widest reach.
On costs, there are no service fees which is good news, and no dealing fees on international trades which is also good news. In fact, if you have a large portfolio and concentrate on UK assets, this could be a very cheap home for your portfolio. But - and it's a big but - you're paying a very high 1.5% FX rate if you trade international assets. That adds up, especially if you're trading often, or with large amounts on international stocks. There used to be an off-putting £100 upfront fee for onboarding but that's now been permanently removed, which is really helpful for new investors. If you are a buy-and-hold investor, not planning to trade often, then there's savings to be made here with the lack of a service fee, but trading internationally will bring your costs up and puts iWeb in the upper price range for UK platforms.
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Pros
- No annual fees
- Security of being part of Lloyds Banking Group
- No inactivity fees
- Strong selection of funds, shares, ETFs and investment trusts
- Invest through an ISA or general trading account
- No dealing fees on international trades
- Cheap for large portfolios holding UK assets
Cons
- Not accepting new applications for SIPPs
- No mobile app
- Very high FX rate of 1.5% on all international investment trades
- No interest paid on cash balances held within an ISA / general trading account
- £5 per trade on all UK stocks, funds, ETFs, investment trusts, and bonds
- Not a flexible ISA
- No fractional shares
Fees
There used to be an account opening charge of £100 with iWeb, but it's recently been scrapped which is great news as it was hard to justify if you were only investing a small amount. And if you're only investing a small amount, there are savings to be made with this platform.
The big benefit of investing with iWeb is that you won't be charged any annual service charges. iWeb does charge a relatively steep £5 per trade on UK funds, ETFs and stocks. And while there are no dealing fees on international trades, you're be penalised with a 1.5%
A foreign exchange (FX) fee is added to all trades involving foreign currencies. If you buy a stock that trades in US dollars, for example, and your home account is in GB pounds, you'll need to pay an FX fee.FX fees
- the highest currency exchange charge I've come across. However, that can still leave your bills pretty low when you take the lack of account fees into consideration. And if you don't plan on trading very often, then this could be a really low-cost option.
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Pros
- No annual service charge to pay
- No dealing fees charged on international trades
- Simple charging model
- Cheap to hold UK assets
Cons
- Expensive to trade large volumes of international assets
- FX rates are the highest I've found (1.5%)
- No discounts on FX for large trade size
- £5 dealing fee per UK trade
Account Opening
Account opening is easy, smooth experience. You'll need your National Insurance number, home addresses over the last 3 years (2 addresses max so I'm not sure what happens if you have more than 2 in that time), your debit card and bank account details. Usually, you need to pay £100 just to onboard which is something I've not come across anywhere else, but that fee is currently suspended with a welcome offer.
Pros
- Fully digital process
- Took just 10 minutes to register for an account
Cons
- £100 onboarding fee (welcome offer makes it free currently)
Research
Research tools are good and cover the range of data and fundamentals that most investors are likely to want. It will be too basic for those looking to day trade, however.
Pros
- Stock, fund, ETF, investment trust, bond & gilt screener
- View past performance charts over 1W, 1M, 3M, 6M, 1Y, 3Y, and 5Y
- Intraday price information
- Key metrics include P/E ratio and EPS
- Dividends and earnings data
- Company information and related news stories
Cons
- No analyst ratings, projections, or stock price expectations
- No live pricing
- No Beta metric
Safety
iWeb is regulated by the UK Financial Conduct Authority and eligible deposits are covered by Financial Services Compensation Scheme (FSCS). All uninvested client money is held in bank accounts that are only used for holding client money. This keeps client money accounts separate from accounts iWeb uses for its own money. There's also the chance to pay to be included in an additional client segregation service (ICS) which is costly (£1000 plus annual fees of £6500) but does offer another level of protection.
iWeb is a Lloyds Banking Group company so you are getting the reassurance of being a part of one of the world's largest banks, which is financially secure.
Pros
- FCA regulated
- FSCS protection up to £85,000
- Your assets are segregated from Wealthyhood's own ensuring they're protected from creditors should the firm go bust
- Part of Lloyds Banking Group
- Launched in 2005
- Option to use Individual Client Segregation service can be added to a Share Dealing Account/ISA (for a fee)
Cons
- No biometric authentication or 2-factor authentication to strengthen account security
- Individual Client Segregation service comes with a set-up fee of £1000 + annual charge of £6500
Education
For a platform aimed at beginners, there is very little here to help educate those wanting to learn about investing. It's not hard to find free resources elsewhere, but it's an area that neglected by iWeb.
Pros
- ETF Academy
- Market news page
Cons
- Basic level of information only in ETF academy
- No other courses or learning materials
Customer Service
iWeb offers support from a human via web chat or on the phone, from Monday – Friday, 8am to 9pm. Outside of these hours, there is a Help section on the website where you can see answers to FAQs. Customer support is good because you get access to a dedicated client support department at Halifax, which is excellent (for investing clients anyway; banking clients may feel differently).
Pros
- Real-person web chat service
- Phone line with excellent customer service levels
- Support from the investment team at Halifax who are excellent
- Online Help Centre (FAQs)
Cons
- Support from a human only available Monday - Friday
Social Trading
iWeb has no social trading features.
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Cons
- No community forum
- No copy-trading or other social trading features
Corporate Actions
iWeb provides notifications in the customer portal to inform you of your opportunities to respond to corporate actions. To respond with your instruction, you’ll need to sign in to your account and select ‘Corporate actions’ and then ‘Notifications’.
Pros
- Notifies shareholders of voluntary corporate actions
- Dividends are usually paid quickly
Cons
- Doesn't provide help with voting at shareholder meetings
More info 
Fact Checked 
Disclosure 
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Verdict 
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Customer Service: 
Social Trading 
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