Vanguard, Hargreaves Lansdown, and AJ Bell are three of the UK’s most popular investment platforms. Each has a different fee structure and target audience — choosing the right one can save you thousands over time.
Quick answer: Vanguard = cheapest for Vanguard funds only. AJ Bell = good balance of low cost + wide choice. Hargreaves Lansdown = widest selection, best tools, but most expensive. For most index fund investors, Vanguard is the obvious choice.
Full Fee Comparison
| Feature | Vanguard Investor | AJ Bell | Hargreaves Lansdown |
|---|---|---|---|
| Platform fee (funds) | 0.15% (capped £375) | 0.25% | 0.45% |
| Platform fee (shares/ETFs) | 0.15% (capped £375) | £3.50/quarter (capped) | 0.45% (capped £45/year) |
| Fund dealing | £0 | £1.50 | £0 |
| Share dealing (regular) | £7.50 | £1.50 | £1.50 |
| Share dealing (one-off) | £7.50 | £5.00 | £11.95 |
| ISA fee | Included | Included | Included |
| SIPP fee | Included | £10/month (waived £100K+) | Included |
| JISA fee | Included | Included | Included |
Platform Fee by Portfolio Size
| Portfolio Size | Vanguard | AJ Bell (funds) | Hargreaves Lansdown |
|---|---|---|---|
| £10,000 | £15 | £25 | £45 |
| £25,000 | £37.50 | £62.50 | £112.50 |
| £50,000 | £75 | £125 | £225 |
| £100,000 | £150 | £250 | £450 |
| £250,000 | £375 | £625 | £1,125 |
| £500,000 | £375 | £1,250 | £2,250 |
Vanguard’s cap at £375 makes it unbeatable for large portfolios of Vanguard funds. AJ Bell becomes more expensive at scale.
Fund Selection
| Category | Vanguard | AJ Bell | Hargreaves Lansdown |
|---|---|---|---|
| Funds available | ~80 (Vanguard only) | 2,000+ | 3,000+ |
| ETFs available | ~80 (Vanguard only) | 1,500+ | 2,000+ |
| Investment trusts | No | Yes | Yes |
| Individual shares (UK) | Yes (limited) | Yes | Yes |
| Individual shares (US) | Yes (limited) | Yes | Yes |
| Curated fund lists | N/A | Favourite Funds list | Wealth Shortlist |
Best Platform for Each Situation
| Situation | Best Choice | Why |
|---|---|---|
| Vanguard index fund investor | Vanguard | Cheapest by far |
| Want wider fund choice | AJ Bell | Good selection, competitive fees |
| Want maximum choice + research | Hargreaves Lansdown | Most funds, best tools |
| Large portfolio (£100K+) Vanguard funds | Vanguard | £375 cap = unbeatable |
| Large portfolio (£100K+) mixed funds | AJ Bell or HL | Need non-Vanguard options |
| Individual share trading | AJ Bell | Cheapest dealing (£1.50 regular) |
| Beginner looking for simplicity | Vanguard | Fewest options = less confusion |
| Want research & fund ratings | Hargreaves Lansdown | Best educational content |
| SIPP / pension focus | Vanguard (cheapest) or HL (most flexible) | Depends on fund needs |
10-Year Fee Comparison (£200/month contributions, starting £0)
| Platform | Total Fees Over 10 Years | Portfolio Value at 8% Return |
|---|---|---|
| Vanguard | ~£270 | £36,800 |
| AJ Bell | ~£456 | £36,600 |
| Hargreaves Lansdown | ~£820 | £36,300 |
Assumes fund investments only. HL costs roughly 3x more than Vanguard over 10 years.
Mobile App & User Experience
| Feature | Vanguard | AJ Bell | Hargreaves Lansdown |
|---|---|---|---|
| Mobile app | Basic | Good | Excellent |
| Desktop platform | Basic | Good | Excellent |
| Research tools | Minimal | Good | Best in class |
| Educational content | Good | Good | Excellent |
| Customer service | Phone | Phone, chat | Phone, chat, email |
| Overall UX | Simple | Modern | Feature-rich |
Bottom Line
If you invest in Vanguard index funds (and most people should), Vanguard Investor is the cheapest option by a wide margin. If you want a broader range of funds, ETFs, and individual shares at a reasonable cost, AJ Bell is the best middle ground. Hargreaves Lansdown offers the best platform experience and widest selection, but you’ll pay a premium for it. For most UK investors building wealth with index funds, Vanguard is the clear winner.
For related guides, see best investment platforms UK, best index funds UK, and Stocks & Shares ISA guide.