New HL fee structure from 01/03/26

Rattusnorvegicus

https://forums.moneysavingexpert.com/discussion/comment/81858918#Comment_81858918

yes you did. i apologise. i have rubbed the 2 brain cells together to get them to spark, and fully grasped the intended meaning now.

😅

FIREDreamer

https://forums.moneysavingexpert.com/discussion/comment/81860227#Comment_81860227

Just get a grip on yourself! 😉

ClarityInvestUK

Thanks for posting this — it’s useful to see the full set of changes in one place, especially as HL haven’t emailed everyone yet.

A couple of additional points may help people compare platforms more accurately.

1. The headline fee cut doesn’t tell the whole story
HL’s 2025 accounts show that platform fees (£304m) are only part of the revenue picture.
They also earned £254m in net interest income — almost as much as the platform fees themselves.

For anyone holding meaningful cash balances inside an ISA or SIPP, the interest retention can make a bigger difference to total cost than a 10bps change in the headline fee. Some brokers pass through more interest than others, so it’s worth looking at both numbers together when comparing platforms.

2. Direct equity investors should factor in FX and third‑party charges
For those who buy individual overseas shares to avoid fund fees, HL’s FX schedule is still material:

• Up to £10,000: 0.99%
• £10,001–£25,000: 0.50%
• Over £25,000: 0.20%

And FX now applies to international dealing in Junior ISAs too.

In addition, HL pass on third‑party fees for overseas trades. These vary by market and are outside HL’s control, but they typically add around 0.3% to the cost of each international transaction. For anyone trading US or European stocks regularly, these charges can outweigh the reduction in dealing fees.

3. HL may still feel expensive for certain use‑cases
The fee cap of £150/year for holding shares is welcome, but for fund‑heavy portfolios or for investors who trade internationally, HL may still sit at the higher end of the cost spectrum compared with some flat‑fee or low‑FX platforms.

None of this is to criticise HL — just to highlight that the “effective” cost of a platform is a combination of:

• custody/platform fees
• interest retention
• FX charges
• third‑party overseas dealing fees
• dealing fees

…and the right answer varies depending on how each person invests.

Albermarle

None of this is to criticise HL — just to highlight that the “effective” cost of a platform is a combination of:

• custody/platform fees
• interest retention
• FX charges
• third‑party overseas dealing fees
• dealing fees

…and the right answer varies depending on how each person invests.

Although it is not just about cost. There is customer service, answering the phone/queries quickly, good website, choice of investments and the comforting feeling that you are with a well established, profitable platform etc . I do not refer just to HL, but to any platform.