Hargreaves Lansdown fee changes: What you need to know

Hargreaves Lansdown made headlines this week by announcing a cut to its main platform fee, from 0.45% to 0.35%, due to take effect from 1 March 2026. The company says around 80% of customers will pay less as a result — and for many investors, that will genuinely be welcome news.

But once you look beyond the headline, the picture becomes more complicated.

Alongside the fee cut, Hargreaves Lansdown is making a number of other changes that could leave you paying more overall, even though the headline percentage looks lower. Based on our analysis, three groups in particular should take a closer look at what these changes mean for them.

1. You hold large amounts in shares, ETFs or investment trusts

One of the biggest changes is an increase in the annual cap on platform fees for shares, ETFs and investment trusts held inside ISAs and SIPPs.

Right now, that cap sits at £45 per year, no matter how large your portfolio is. If you have a sizeable portfolio, this has been great value, as it limits how much you pay in ongoing platform fees.

From March 2026, however, that cap will jump to £150 per year — more than tripling. In practical terms, that means you could be paying up to £105 more each year just to hold the same investments.

For example, if you have £20,000 in shares or ETFs in a Stocks and Shares ISA, your monthly platform fee could rise from around £3.75 to £5.83. On the same portfolio, AJ Bell would charge roughly £3.50 per month, while InvestEngine charges no platform fee at all — although it only allows ETF investing, not individual shares.

2. You trade funds regularly

You may also be affected if you buy and sell funds frequently.

Hargreaves Lansdown is introducing a new £1.95 charge every time you buy or sell a fund, where there was previously no fee. If you actively switch between funds, these costs can quickly add up and start to eat into your returns — potentially wiping out any benefit from the lower annual platform fee.

To put that into context, if you have £20,000 invested in funds and make four fund trades a month, your monthly costs could rise from around £7.50 to £11.68. By comparison, an AJ Bell customer with the same portfolio and trading pattern would pay closer to £5.67 per month.

There is a workaround if you want to stay with Hargreaves Lansdown: fund trades made through a regular monthly savings plan will still be free. That can work well if you’re drip-feeding money in, but it won’t suit you if you value flexibility over when and how you trade.

3. You use a General Investment Account (GIA)

Finally, this is a big one if you invest outside ISAs and pensions.

Previously, Hargreaves Lansdown didn’t charge an ongoing platform fee for holding shares in a General Investment Account. From March 2026, that changes. Using Hargreaves Lansdown’s own calculator, if you hold £20,000 in shares in a GIA, your fees could rise from effectively nothing to around £5.83 per month.

If that applies to you, it’s worth taking a step back and asking whether you’re still getting good value for money. The investment platform market is now highly competitive, and many providers are actively encouraging investors to switch — making this a sensible moment to review your options.

What you should do now

1. Check what you hold
Log into your account and look at what you’re invested in — shares, ETFs, funds, or a mix — and which accounts you’re using (ISA, SIPP, GIA). The impact of these changes depends heavily on both.

2. Pay attention if you trade funds or use a GIA
If you buy and sell funds regularly, or hold investments outside tax wrappers, you’re more likely to be affected by the new charges — and it’s worth comparing alternatives sooner rather than later. Don’t panic and make a rushed decisions — but don’t ignore it either.

3. Compare to other providers
Use one of the comparison tools below, which are based on our independent analysis of more than 40 platforms’ fee structures. They will recommend the lowest priced platforms for you based on your specific personal circumstances. Of course, cost isn’t the only factor that’s important to you – you might want to only use platforms with high customer services levels, for example. If that’s the case, click through from the list of recommendations to our full reviews of each platform.

4. If you do decide to switch, do it properly
Always use the official transfer process so you don’t lose your tax protections, and remember there’s no deadline for transferring older ISAs — you can take your time and do it carefully.