Hargreaves Lansdown offers share dealing for people in the UK.
Several features make this company stand out, including the available consultations.
It has won numerous awards over the years demonstrating the company’s dedication to quality.
If you’re considering Hargreaves Lansdown for investing online, you’re in the right place.
I tried and tested the platform myself to better understand what was on offer.
Read below to learn more about Hargreaves Lansdown’s trading features, pricing, products, and resources.
After checking out my Hargreaves Lansdown review, you’ll have a better idea of whether this platform is right for you.
Table of Contents
Introduction to Hargreaves Lansdown
Hargreaves Lansdown has gained notoriety for being one of the top providers of ISAs.
It’s also well-known for being an established financial service business. It has amassed more than a million users and has well over £100 billion worth of assets.
The company has been around since 1981. It has had its roots in the financial services industry for decades.
So, let’s get into the details of what the platform has to offer.
Hargreaves Lansdown Products
I was pleased to find that the company offers an excellent variety of products.
These include investment, pension, and savings products.
- Savings products: Active Savings Account.
- Pension products: Pension Drawdown, SIPP, Junior SIPP, and Annuities.
- Investment products: Wealth Management, Investment Trusts, Junior ISA, Stocks and Shares ISA, Lifetime ISA, and Fund and Share Account.
In addition to this, the company offers Venture Capitalist Trusts, CFD Accounts, and Spread Betting. These are all features that more advanced traders can make use of.
I also found that discounts can be provided. You can inquire about these discounts directly with Hargreaves Lansdown. This can help you save money on the fees that are charged for trading.
Traders using this platform have incredible access to well over 4,000 funds. This provides a fantastic selection of funds to choose from which is ideal if you’re looking for a platform that offers variety.
The funds are handled by Hargreaves Lansdown Fund Managers, the sister company to Hargreaves Lansdown.
Therefore, you can deal with staff whose primary job concerns helping people invest in the available funds.
You even have access to shares that are on the London Stock Exchange, as well as the EU and Canadian stock markets.
If you wanted to create a diverse portfolio, you would make great use of the investment trust available. Investment trusts are available with Hargreaves Lansdown Vantage SIPP and the ISA.
I was also impressed with how you can have someone appointed to manage your investments. This is ideal if you’re looking for a more hands-off approach to investing.
For those who want a more hands-on approach to trading, you’ll be able to keep yourself busy with the range of available funds. There are 4,000+ funds to delve deep into.
If you’re struggling with where to start, you can choose one of the investment portfolio templates. This can help you get started by having an investment portfolio that’s already been made.
Another fantastic feature of Hargreaves Lansdown is its resources. The website is packed with information that helps everyone from beginners to experts learn something new about trading.
My experience navigating the site was smooth. The navigation is simple which meant that I was able to go through the learning resources and start applying them to my trades quickly and hassle-free.
Whilst using the platform, I also found that the company offers advice on investments.
This is helpful for both veterans and beginners. I liked being provided with guidance about where the best investments could be made for me. It costs 1-2% of your portfolio to receive investment advice.
Junior ISA for Under 18’s
If you’re under 18 years old, the Junior ISA is worth considering. It provides you with a tax-free method to invest money.
There are tons of funds to choose from which may feel overwhelming for someone younger than 18 years.
The investors from Hargreaves Lansdown can offer advice and support. In addition to this, parents/guardians can open accounts on behalf of their kids. You must invest at least £100 to open an account.
Alternatively, you can pay £25 a month via direct debit. There’s a 0.45% fee on the funds in a Junior ISA. There are no fees for buying and selling funds, but you should be aware of the additional costs.
This amount varies according to the number of deals that have been made in a month.
- 20 or more deals per month – £5.95
- 10-19 deals per month – £8.85
- 0-9 deals per month – £11.95
I liked how you can transfer your ISA to Hargreaves Lansdown and receive cashback. The cashback amounts vary depending on the amount that you transfer.
Another excellent feature is the available automatic reinvestment. If you want to reinvest income from shares automatically, Hargreaves Lansdown can take care of it. I was surprised that this is something they offer at no extra cost.
When I opened my ISA, I was provided with a promise. If I wasn’t completely satisfied with the service, I could close my account and have any account charges refunded.
The only caveat is that you’re given 12 months. This gives you plenty of time to see if you’re benefitting enough from the ISA to continue using it.
Hargreaves Lansdown Vantage SIPP Explained
The HL Vantage SIPP feature available from Hargreaves Lansdown has landed them several awards over the years.
A SIPP (Self-Invested Personal Pension) provides you with a flexible way to save for your retirement.
Whilst going through the site’s SIPP features, I found it easy to manage my account and invest. I also like how the platform offers a range of ways for you to access pensions.
One available option is to withdraw funds from your pension with the ability to leave the rest in the account where it can continue making you money.
You’re also able to withdraw 25% of the income without paying tax. It’s best to speak with a financial advisor before making this move but it’s good to know that you have it as an option.
The Lump Sum option gives you total access to your invested funds at once. This is an even riskier move because it means that all of the money you’ve withdrawn is now depreciating. Again, it’s useful to know in case you need a big lump sum of cash.
If you wanted to play it safer, you may prefer the Annuity feature. This means that the money you invest will continue growing.
However, there’s less room for flexibility here. 25% of the funds you withdraw, to begin with, are tax-free.
Hargreaves Lansdown provides a Mix and Match feature to strike a balance between the Drawdown and Annuity options.
This enables you to have an income for life whilst also setting some funds aside to continue investing. This gives you the best flexibility and security.
The annual fee for a SIPP between £0 and £250,000 is 0.45%.
This can end up being costly if your portfolio is £250,000 or under. The fees are reduced to 0.25% for portfolios that are between £250,000 and £1,000,000.
Hargreaves Lansdown Accounts
There are several accounts when using this trading platform.
Here’s a breakdown of the accounts and what they have to offer.
Fund and Share
This account grants users access to investing in 4,000+ funds, bonds, shares, EFTs, investment trusts, and spread betting.
You must have at least £100 to start investing. Alternatively, you can pay £25 per month via direct debit.
I liked how this account gave me access to share prices, as well as tools for researching. This made it easier for me to gather information and make the most informed investment decisions.
Savings Account
The Hargreaves Lansdown Savings account provides you with access to numerous building societies and banks.
This means that you can find the best saving interest rates. Some of the available banks and building societies include Charter Savings Bank, Paragon, and Investec.
I found that switching bank account providers using this savings feature was quick and easy. I appreciate how I was able to avoid lengthy verification processes. I also liked how the platform shows me the saving interest rates clearly on the site.
Investment Account
Whilst navigating the Hargreaves Lansdown platform’s Investment account, I was glad to find that it’s intuitive. This made it easy for me to click around to trade and manage my portfolio without spending too much time learning how to use the platform.
The search function was fantastic. It allowed me to search for whatever I was looking for via asset ticker and company names.
I was also given further insight into investments with the reports. This enabled me to see the costs that a specific investment would cost me in the coming years.
I liked the simple navigation as it prevented me from being overwhelmed by all of the investment options. Having said that, the platform lacks customisable features which may be disappointing for some users.
I also noticed that you can set alerts exclusively for UK stocks. This means that you can’t create alerts or notifications for trading in stocks outside of the UK marker.
Some users may find this to be a major downside when trying to keep up to date with their diverse portfolios.
How to Open a Hargreaves Lansdown Account
I was pleased with how I was able to open my account within just 10 minutes.
When opening your account, make sure that you know what account you want to use. This is because you must select an account type to finish completing it.
You’ll also need your National Insurance Number and payment details (bank details if you’re opening an account via monthly direct debits or a debit card if opening it with £100 cash).
I opened my account online. However, you also have the option to open your account through the post or by phone.
You’ll need to give them your details, including name, date of birth, nationality, address, email, and phone number.
The company will then verify the details and you’ll be able to start using your account.
Are There Any Deposit Fees?
You can deposit money into your Hargreaves Lansdown account for free. This only applies to deposits that are in Sterling.
So, if you’re depositing money from a different currency, be prepared to be charged a currency conversion fee.
You can deposit funds for free in Sterling via a direct bank transfer or a debit/credit card. I tried depositing money with direct bank transfers and debit card transfers.
The bank transfers took 3 days to appear in my account. The debit card transfers, on the other hand, were available in my account straight away.
How Can I Withdraw Funds?
Simply select the account that you want to withdraw funds with and click ‘Action’. You can then click ‘Withdraw Money’ and enter the amount and the account details of the bank you want to use.
When withdrawing money from my Hargreaves Lansdown account, I noticed the funds reached my bank account within a couple of days.
Does the App Work Well?
The Hargreaves Lansdown app is available on iOS and Android devices. Whilst using the iOS app, I found that it was easy to use and helped me to keep track of my investments from wherever I was.
One of the standout features of the app is that I was able to see my portfolio chart in full view. Oftentimes, trading platform apps lack this level of insight. Being able to see charts in a complete view was a great additional benefit.
Although, the app is lacking in a couple of major areas. For one, there’s only one step when logging into the account. I chose to log in via Face ID on my iPhone. This is a good security feature, but I would have preferred a 2-step authentication login process.
This may take an extra few moments but having that extra layer of protection would have given me more reassurance when using the app on my phone.
In addition to this, I was disappointed by how I couldn’t create notifications or alerts on the app. This meant that I had to keep pulling out my phone to check investments rather than being given alerts.
Research Tools
The available research tools make Hargreaves Lansdown worth considering for traders of all experience levels.
Beginners can learn the basics of trading online by using the guides. These walk you through the basics of investing so that you understand the fundamentals before investing your money.
These research tools also come with reports and essential company information. Investors can use these tools to gain hard data about investments and companies which they can use to make informed decisions.
I also made use of the many calculators that are available on the website. This made it super easy for me to understand the numbers quickly so that I could make faster decisions.
The Limit Order and Stop-Loss features were incredibly handy when using the website. This enabled me to give myself a level of protection to stop investments if they reached a certain price.
I could also use these features to invest in funds once they reached my desired rate. Having automated features like these makes trading online more automated and easy.
Introductory Call
When I was signing up for a Hargreaves Lansdown account, I noticed that I could receive a free consultation call.
They answered my questions and were helpful when it came to giving me advice based on my specific situation.
This is incredibly helpful if you’re unsure about whether you should invest in the company’s financial help services or not.
They gave me a huge list of financial advisors, who also offered the first consultation for free. This feature heightened my experience and gave me more confidence in investing with the platform.
To take things a step further, I was also allowed to book into webinars. The available webinars are made for seasoned and beginner investors.
These include information about being confident with investing, and how to prepare for retirement and inheritance.
Customer Support
The level of customer support available from Hargreaves Lansdown is one of the major factors that has contributed to its success. I was impressed with how the customer support team is hands-on.
Team members were knowledgeable about trading and investments which reassured me that I could always receive help.
However, I was disappointed with the lack of a live chat function. Many online trading platforms offer live chat features to help users quickly and easily receive help. I found that the waiting times when phoning the customer support team could be lengthy.
The poor waiting times and lack of live chat features prevent customer support from being top-notch.
Is Hargreaves Lansdown Expensive?
Compared to competitors, such as interactive investor, Hargreaves Lansdown is more expensive.
Here’s a breakdown of the costs:
- Cost per trade – £11.95
- Annual custody charge – £0.45%
- Frequent trader – £5.95
- Investment trusts charge – £11.95
- EFTs charge – £11.95
- Bonds charge – £11.95
- Phone fee – Between £20 and £50
Hargreaves Lansdown Alternatives
One of the popular alternatives to Hargreaves Lansdown is AJ Bell. It’s a trading platform that’s significantly cheaper than Hargreaves Lansdown. For example, its cost per trade is £9.95 compared to Hargreaves Lansdown’s cost per trade of £11.95.
AJ Bell also offers lower annual custody fees at 0.25% compared to Hargreaves Lansdown’s 0.45%.
If you’re interested in cheaper investments in shares, you may want to consider Freetrade. It allows you to invest in trading shares for free. The app is also super easy to use on mobile for keeping up with investments on the move.
Interested in investing for under 18’s? Fidelity provides Junior SIPP and ISAs completely free of charge for children. You can save on the annual fees which are 10% cheaper than Hargreaves Lansdown. There are also no dealing charges.
Hargreaves Lansdown Pros & Cons
Pros
- Excellent range of funds to invest in
- Superb financial advice is available.
- Helpful customer support team
- Good resources for beginners
- Great research tools are available
- Simply signup process
Cons
- Expensive than many other online trading platforms
- No alerts/notifications on the mobile app
- No live chat feature is available
Hargreaves Lansdown Review – Final Thoughts
The customer support team, simple navigation, range of investment options, and the level of financial help available make Hargreaves Lansdown one of the top trading platforms in the UK.
The research tools and guides make it excellent for both beginners and expert traders.
However, the costs when using this platform are higher than many other online trading options. The higher costs reflect the level of service and the quality of the features available. But you should consider whether the higher costs are worth the available service.
Hopefully, the details found throughout my review have been useful. Before making any decision, make sure to think about your financial situation and the kinds of features and services from a trading platform that would benefit you the most.
FAQs
Is Hargreaves Lansdown safe?
Yes, Hargreaves Lansdown is considered safe and trustworthy. The company is regulated by the Financial Conduct Authority (FCA) and is a member of the Financial Services Compensation Scheme (FSCS). This means that if Hargreaves Lansdown were to become insolvent, eligible customers could receive compensation of up to £85,000. Hargreaves Lansdown takes a conservative approach to accounting and their ISA and SIPP procedures are independently assessed by HM Revenue & Customs. Additionally, they use trustees or depositaries to protect investors’ money in unit trusts and OEICs. These measures demonstrate that Hargreaves Lansdown prioritises the safety and security of their client’s funds. However, it is important to note that like any investment platform, there are inherent risks involved.
Is Hargreaves Lansdown good for beginners?
Hargreaves Lansdown is a solid choice for beginners. Opening an account is easy, and the platform offers a wide range of educational materials to help newcomers understand the basics of investing and how the platform works. While a demo account would be a useful addition, Hargreaves Lansdown focuses more on investment rather than trading, which may explain its absence. The platform provides educational materials such as trading platform tutorials and videos, which can aid beginners in their learning journey. However, the inclusion of a demo account would further enhance the learning experience. Hargreaves Lansdown’s customer service is highly responsive, offering relevant answers through phone or email support. For new traders, the deposit and withdrawal processes are attractive, with low minimum deposits, free withdrawals, and no deposit fees. In summary, Hargreaves Lansdown is a good option for beginners, although there is room for improvement in certain areas.