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Jun 2020

Best Sharedealing ISAs: 2020 Low Cost Platforms For Traders

Best Sharedealing ISAs: 2020 Low Cost Platforms For Traders

 Compare latest sharedealing ISA account platform providers. Use your 2020-21 ISA Allowance of up to £20,000.

Best Sharedealing ISAs: 2021 Low Cost Platforms For Traders

If you are considering a sharedealing platform for your 2020-21 ISA, in the last few years there have been improvements in functionality and cost from sharedealing account platform providers the following should rank highly in your decision process:

  • Cost - With a platform provider it is not only the cost of each trade you need to think about but also the cost of using a platform. Picking the “cheapest” is not as clear cut as it sounds, as each sharedealing platform has its own policy on costs and how these are broken down making like for like comparison challenging. If you are just interested in sharedealing in an ISA then this can make the process a lot easier e.g. if you are someone who buys and sells shares on a frequent basis then a platform geared up for low cost trading is more likely to be a better choice than one that is focused on funds. The amount you are going to invest can impact what DIY investment platform is best for you. If you setting up a regular monthly direct debit plan out of income for the first time, then the platform that is right for you will be probably different to someone transferring existing ISAs with a value of £250,000+ from an existing platform.
  • Functionality - Sharedealing platform providers are investing heavily in better functionality for their clients all the time, as they know that keeping you as a customer is key to their business model. As well as DIY research and analysis tools, some providers offer webinars on trading strategies and market trends to help you in your decision making. Access to global markets is now fairly standard, and the ability to trade in different currencies. Mobile apps are increasingly becoming important with providers investing in improving functionality in helping traders keep clients engaged. A number of DIY platforms allow you to set up virtual portfolio accounts, where you can set up watchlists, track performance of international shares and funds, and join up to investment forums where you can discuss and review investing strategies.
  • Tax wrappers offered - If you are looking for a Sharetrading ISA account but also need a Junior ISA account or Lifetime ISA account or Self Invested Personal Pension (SIPP) account facility for your investments, not all providers support this. Some will only offer an ISA wrapper.
  • Investment choice - Its good to be clear on what you actually need from a platform provider. Choice is great but be realistic on what you actually need. If you need it purely for buying and selling shares then opt for a platform that is strong in that department. If you trade more than 20 times a month a number of platforms will offer you a lower price per trade.

How do you choose a Sharedealing ISA platform?

Top 5 criteria you’ll want to consider:

The features on offer from Sharedealing platform providers vary widely, and so do the costs.

It is worth spending a bit of time reviewing what each provider has to offer as once you have made your choice like setting up a bank account this is not something you are probably going to revisit every year.

1. Do you want to do a lot of trading?

Active investors will want to look for a platform that offers the best research, and the lowest fees for volume buy and sell share trades. 

2. Do you want to just buy and sell shares?

Check what’s on offer, if you want to have the flexibility: some platforms don’t offer both.

3. Do you just need an ISA account?

You may want to look for a platform that can manage other types of account. Most platform providers will offer a general share trading account. However not all will offer a personal pension or SIPP account: also a junior ISA or Lifetime ISA account may not be offered.

4. How easy is this Sharetrading ISA platform to use: what kind of tools and customer service does it offer?

These are often the criteria that count most highly with users, so do some research and read the reviews.

  • Many investors are prepared to pay a bit more in fees for a platform that offers really useful apps and services.

5. How much will the Sharedealing ISA Account cost?

If you’ve worked through the other decision criteria first, you’ll understand that you shouldn’t choose solely on cost. However ultimately cost is often what drives our decision making.

Some of the more expensive platforms are highly rated by their clients for usability and client support, or show consistently good returns.

Interactive Investor operate on a flat fee basis charging £9.99 pm. Hargreaves Lansdown,  AJ Bell for example, charge tiered account management fees which are higher than others, but they’re rated highly by investors for ease of use and good customer support. Based on how much you are looking to invest this may sway your decision. 

  • If you are not interested in funds then choosing a platform more geared for traders may be .
  • There has been a push to get platforms away from commission-based charges towards “clean pricing” annual fees.
  • You need to be looking at annual administration charges, dealing fees, and any other costs, including exit charges.

Selected Sharedealing ISA Platforms For Your 2020-21 ISA

Share Dealing ISAs

Share Dealing ISA

from IG

Allows ISA Transfers
  • Trade From (frequent trader rate): £3.00
  • Trade From (standard trader rate): £8.00

Why we like it: Pay zero commission on US share trades, and just £3 on UK share trades, when you trade three or more times a month with IG. No admin or transfer fees. Custody fee of £24 per quarter, charged if you hold share dealing or ISA assets at the end of the quarter.

Important information: The value of your investments can rise as well as fall. You may get back less than you invested. If you’re unsure, we recommend you ask for independent advice.

Share Dealing ISA

from AJ Bell

Allows ISA Transfers
  • Trade From (frequent trader rate): £4.95
  • Trade From (standard trader rate): £9.95

Why we like it: Voted ‘Best Execution Only Broker 2020’ in the ADVFN International financial Awards. Place 10 deals or more per month and pay only £4.95 per online deal in the next month. Deal from £1.50 and never pay more than £9.95 per online trade. AJ Bell is one of the UK’s largest online investment platforms with £48.3 billion in assets under administration for 262,000 customers.

Important: The value of your investments can rise as well as fall. You may get back less than you invested. If you’re unsure, we recommend you ask for independent advice.

Share Dealing ISA

from Interactive Investor

  • Trade From (frequent trader rate): £7.99 (Investor Plan: Flat fee of £9.99pm with one free trade)

Why we like it: ii offer a fixed fee service which is ideal for frequent traders. For £19.99 pm (Super Investor Plan) as well as one free trade, you can trade at £3.99 and for US trades at £4.99. Alternatively for £9.99 pm (Investor Plan) get one free trade and trade at £7.99. Over 40,000 UK & global stocks to choose from across 17 stock exchanges. Invest directly in shares, ETFs, funds, investment trusts & more. Trade using iOS or Android Apps. Get award winning Quotestream, Level 2 streaming prices and real estate portfolio management for a low fixed price of £20 +VAT pm.

Important: The value of your investments can rise as well as fall. You may get back less than you invested. If you’re unsure, we recommend you ask for independent advice.

Share Dealing ISA

from Hargreaves Lansdown

  • Trade From (frequent trader rate): £5.95 per trade - 20 trades + pm
  • Trade From (standard trader rate): £11.95 per trade

Why we like it: Online share dealing at £11.95 per deal, or as low as £5.95 per deal for active traders. For regular savings, pay just £1.50 per deal. You can also trade shares by phone or post.

Important: The value of your investments can rise as well as fall. You may get back less than you invested. If you’re unsure, we recommend you ask for independent advice.

Share Dealing ISA

from Fidelity

Allows ISA Transfers
  • Trade From (frequent trader rate): N/A
  • Trade From (standard trader rate): £10 per online trade. Other charges apply.

Why we like it: An easy way to invest in the stock market, with live prices on an extensive range of UK shares, investment trusts and exchange-traded funds, there’s also online guidance tools and expert insights from Fidelity specialists to help you find investment ideas.

Platform Fees: Typical annual service fee of 0.35%. No service fee on exchange-traded investments (such as shares) held in an Investment Account, on junior accounts or on cash. 

Important: The value of investments can go down as well as up so you may get back less than you invest. This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser.

Tax treatment depends on individual circumstances and all tax rules may change in the future.

Important Risk Information:

The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website aims to provide information to help you make your own informed decisions. It does not provide personal advice based on your circumstances. If you are unsure of how suitable an investment is for you, please seek personal advice.

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