Hargreaves Lansdown is big in the investment world, and it’s no surprise! It has a huge number of different options available to you, including share dealing, individual savings accounts (ISAs) and a self-invested personal pension (SIPP). In some cases, especially if you have a small amount to invest, you might prefer an alternative to Hargreaves Lansdown that offers similar options at a lower price.
Whether you save money by using an alternative to Hargreaves Lansdown will depend on what you plan to use it for. If you want a cheaper option for more than 20 trades per month then IG or Trading 212 would suit you. If you’re looking for a platform that has learning resources, then IG is a great alternative and has loads of resources available.
Here are some alternatives to Hargreaves Lansdown and a summary of what they offer.
IG: Similar platform with fewer educational resources
IG is another big player in investing. It doesn’t have quite as many products on offer as Hargreaves Lansdown does, such as the lifetime ISA (LISA) or junior products, but it’s still pretty solid in what it offers.
Trades are cheaper with IG than they are with Hargreaves Lansdown, even when purchasing 20 or more trades in a month. However, ready-made portfolios can be more expensive with IG than Hargreaves Lansdown, so it’s worth making a decision based on what you plan to use the platform for.
Hargreaves Lansdown has a better set of educational and learning resources available, but that doesn’t mean to say that IG is lacking. IG Academy is a really great tool and can help you learn everything you need to know about share trading and investing.
interactive investor: Cheaper for investments over £100,000
Open an account with interactive investor
Capital at risk, investments may fall
- Over 40,000 UK and global stocks to choose from
- Reduce FX costs by managing money in 9 currencies
- One free trade per month
- Start investing today for a flat fee £9.99 a month
interactive investor is a nice alternative to Hargreaves Lansdown as it offers a lot of the same things. It has all of the same products on offer as Hargreaves Lansdown, except for the Lifetime ISA.
You’ll get cheaper trades with interactive investor up to 19 per month. If you plan to trade more than this, Hargreaves Lansdown will cost you less. When it comes to ready-made portfolios, it completely depends on how much you invest.
interactive investor charges a flat monthly fee, regardless of how much you invest. This means that you’ll pay £119.88 annually whether you invest £1 or £1 million. This makes Hargreaves Lansdown cheaper for investments of £10,000 but a more expensive option for investments of £100,000 or £1 million.
There isn’t a demo account available with interactive investor, which is a little frustrating, but there’s no reason why you can’t use Hargreaves Lansdown’s or IG’s demo accounts to give it a go before you start. They’re both pretty good with their learning resources, so you get similar options with interactive investor as you would with Hargreaves Lansdown.
Fidelity: Cheaper for less than 10 trades per month
Fidelity is another option that’s pretty similar to Hargreaves Lansdown, as it offers share trading and ready-made portfolios. The only thing that Hargreaves Lansdown has that Fidelity doesn’t is the Lifetime ISA (LISA). It has a similar fee structure to Hargreaves Lansdown, as it charges less per trade if you make more trades per month, but it’s only cheaper in this regard if you’re making less than 10 trades per month.
This is a cheaper option for ready-made portfolios up to the value of £10,000, but if you’re investing £100,000 or more then Hargreaves Lansdown will be cheaper.
Fidelity doesn’t have a demo account, but it does have plenty of educational tools that can help you learn about investing and how to get started. This is especially useful if you’re a beginner and just getting the hang of it.
Trading 212: Great alternative for share trading
If you’re just looking for a trading account without any of the bells and whistles of pre-made portfolios, then Trading 212 is a pretty good choice. The main reason is that it’s free. It doesn’t have the Lifetime ISA, a pension or junior products that Hargreaves Lansdown has, but it can save you on commission costs.
Trading 212 is great for its learning resources too. It has a demo account and loads of online resources to teach you about investing. It doesn’t have any information on retirement or pensions, as expected, given that it doesn’t offer these products.
Alternatives to Hargreaves Lansdown: A summary
- IG. A very similar platform with slightly fewer educational resources.
- interactive investor. If you’re investing over £100,000 this could be a cheaper option.
- Fidelity. A cheaper alternative to Hargreaves Lansdown if you’re making less than 10 trades per month.
- Trading 212. A great alternative if you’re not interested in ready-made portfolios.
Other alternatives to Hargreaves Lansdown
All investing should be regarded as longer term. The value of your investments can go up and down, and you may get back less than you invest. Past performance is no guarantee of future results. If you’re not sure which investments are right for you, please seek out a financial adviser. Capital at risk.