Written by StockBrokers.com
In this head to head comparison of Lloyds Bank vs Freetrade, we will compare the trading platforms, mobile apps, investment options, costs, market research, and more. Let's dive in.
Alongside the cost per trade, most UK online brokers also charge a monthly, quarterly, or annual management fee, which varies based on the account type and balance. Based on our thorough review, Freetrade offers better pricing than Lloyds Bank for share dealing.
Assuming a £30,000 portfolio size, here are the total annual costs for share dealing with both brokers, given different monthly activity scenarios.
5 trades per year - Lloyds Bank would cost £95 per year, while Freetrade would cost £0 (Basic plan), £59.88 (Standard), £119.88 (Plus) per year.
12 trades per year - Lloyds Bank would cost £40 - £172 per year, while Freetrade would cost £0 (Basic plan), £59.88 (Standard), £119.88 (Plus) per year.
36 trades per year - Lloyds Bank would cost £40 - £328 per year, while Freetrade would cost £0 (Basic plan), £59.88 (Standard), £119.88 (Plus) per year.
120 trades per year - Lloyds Bank would cost £40 / £1,000 per year, while Freetrade would cost £0 (Basic plan), £59.88 (Standard), £119.88 (Plus) per year.
3 fund trades per year - Lloyds Bank would cost £0 per year, while Freetrade would cost £1 per year.
What type of trader are you?
New to the world of investing? See our picks for the Best UK Trading Platforms for Beginners. More experienced traders should read our guide to the Best UK Trading Platforms for Active Traders.
When it comes to investment options, both Lloyds Bank and Freetrade offer several opportunities for UK investors, though with distinct differences. Lloyds Bank provides a comprehensive range of services, including the ability to trade shares, ETFs, funds, corporate bonds, government bonds (gilts), and investment trusts. Additionally, they offer advisor services to guide investors through their financial journey. In contrast, Freetrade focuses on simplicity with share trading, ETF trading, and investment trusts, making it a user-friendly choice for those who prefer to manage investments without additional financial advice or the option to trade funds and bonds.
Evaluating these brokers reveals that Lloyds Bank excels in offering a broad spectrum of investment choices, achieving a 5-star rating and ranking 8th out of 21 brokers in the UK according to UK.StockBrokers.com. Freetrade, with its streamlined approach, receives a respectable 4-star rating, placing it 17th. Both platforms support share and ETF trading, but your choice may depend on whether you value the wider selection of investment products and advisor services from Lloyds or the straightforward, self-managed experience that Freetrade provides.
| Feature |
Lloyds Bank
|
Freetrade
|
|---|---|---|
| Share Trading | Yes | Yes |
| CFD Trading | No | No |
| ETFs | Yes | Yes |
| Funds | Yes | No |
| Bonds - Government (Gilts) | Yes | No |
| Investment Trusts | Yes | Yes |
| Spread Betting | No | No |
| Crypto Trading | No | No |
| Advisor Services | Yes | No |
| Investment Choices |
|
|
Low-cost US and UK shares.
Professional’s Gateway to the World’s Markets.
When comparing the trading tools of Lloyds Bank and Freetrade, both platforms provide similar basic functionalities, yet they differ slightly in certain areas. Neither Lloyds Bank nor Freetrade offers the ability to display corporate events like earnings or dividends on charts, and both lack drawing tools, technical indicators, or the ability to add notes, index overlays, or stock overlays to charts. Trading through a browser-based platform is available for both, along with the functionality to set alerts for stock price updates.
However, a noteworthy distinction lies in the provision of real-time market data. While Freetrade gives its users access to real-time updates, Lloyds Bank does not, which could be a significant factor for those keen on keeping up-to-the-minute with market fluctuations. Considering these factors, Freetrade may appeal more to traders who prioritize quick market feedback, while Lloyds Bank serves those who are satisfied with broader features sans real-time data.
| Feature |
Lloyds Bank
|
Freetrade
|
|---|---|---|
| Web Platform | Yes | Yes |
| Stock Alerts | Yes | Yes |
| Charting - Indicators / Studies | 0 | 0 |
| Charting - Drawing Tools | 0 | 0 |
| Charting - Notes | No | No |
| Charting - Display Corporate Events | No | No |
| Charting - Stock Overlays | No | No |
| Charting - Index Overlays | No | No |
When comparing retirement accounts offered by Lloyds Bank and Freetrade, both online brokers in the UK provide Individual Savings Accounts (ISAs) and Self-Invested Personal Pensions (SIPPs), catering to diversified investment needs. Lloyds Bank, a traditional financial institution, and Freetrade, a more recent player focused on simple, app-based trading, both offer comprehensive solutions for those seeking tax-efficient savings and retirement planning. While Lloyds Bank might appeal to those who prefer a broader range of traditional banking services, Freetrade can be attractive for tech-savvy individuals who value ease of use and streamlined investment options. Ultimately, the choice between the two may come down to your preferred trading style and the level of service you expect.
Dive deeper: Best SIPP Providers, Best Stocks and Shares ISA Providers.
When comparing mobile apps for online trading, Lloyds Bank and Freetrade both offer accessibility with their iPhone and Android apps. Rated by UK.StockBrokers.com, Lloyds Bank's app receives 3.5 out of 5 stars and holds the 17th position among 21 brokers, indicating a moderate user experience. In contrast, Freetrade's app is rated higher, achieving 4 out of 5 stars and ranking 12th, suggesting a more favorable user experience for those looking to trade on the go. With these considerations, Freetrade may provide a slightly more user-friendly mobile app experience for UK traders.
Dive deeper: Best Stock Trading Apps UK.
For beginner investors in the UK looking to choose between Lloyds Bank and Freetrade for educational resources, there are notable differences to consider. While both Lloyds Bank and Freetrade do not offer educational webinars or archived sessions for on-demand viewing, Freetrade provides education on share trading, funds, and retirement, whereas Lloyds Bank does not cover these topics. Despite this, Lloyds Bank is rated slightly higher by UK.StockBrokers.com for its overall beginner education, receiving 4 stars and a #14 ranking out of 21 brokers, compared to Freetrade's 3.5 stars and #16 ranking. Both platforms have their own strengths, but Freetrade's targeted educational content on crucial investment topics might appeal more to those seeking knowledge in these areas.
| Feature |
Lloyds Bank
|
Freetrade
|
|---|---|---|
| Client Webinars | No | No |
| Client Webinars (Archived) | No | No |
| Education (Share Trading) | No | Yes |
| Education (Funds) | No | Yes |
| Education (Retirement) | No | Yes |
| Education |
|
|
Dive deeper: Best UK Trading Platforms for Beginners.
For UK investors seeking detailed market insights, Lloyds Bank and Freetrade offer different strengths in research features. Lloyds Bank provides comprehensive research reports for funds and bonds, making it a solid choice for those focused on these areas. Both Lloyds Bank and Freetrade deliver research for shares and ETFs, catering to users interested in these popular investment options. However, for investors keen on analyzing their portfolio by asset class, Freetrade stands out by offering this specific feature, whereas Lloyds Bank does not. Neither platform offers research for CFDs, maintaining similarity in this area. Ultimately, your choice may depend on whether you prioritize detailed fund and bond insights or comprehensive portfolio allocation visibility.
| Feature |
Lloyds Bank
|
Freetrade
|
|---|---|---|
| Research - Shares | Yes | Yes |
| Research - CFDs | No | No |
| Research - ETFs | Yes | Yes |
| Research - Bonds | Yes | No |
| Research - Funds | Yes | No |
| Fund Research - Research Reports | Yes | No |
| Portfolio Allocation Breakdown | No | Yes |
Which broker is better overall, Lloyds Bank or Freetrade? After collecting more than 900 data points over a 10-week period, we found Lloyds Bank to be a better trading platform overall.
It's easy for current Lloyds Bank customers to open a Lloyds Bank Share Dealing investment account. But there are other platforms that are easier, more comprehensive and cheaper to use, including Halifax, which is also owned by Lloyds Banking Group.
| Feature |
Lloyds Bank
|
Freetrade
|
|---|---|---|
| Overall Rating |
|
|
| Charges & Fees |
|
|
| Investment Choices |
|
|
| Mobile App |
|
|
| Website |
|
|
| Ease of Use |
|
|
| Education |
|
|
Both Lloyds Bank and Freetrade do not offer crypto trading, making them similar in this aspect for investors seeking online brokerage services.
Select Brokers
↓×Compare
0 of 5| Overall Rating | Lloyds Bank | Freetrade | |
|---|---|---|---|
| Overall Rating |
|
| |
| Charges & Fees |
|
| |
| Investment Choices |
|
| |
| Mobile App |
|
| |
| Website |
|
| |
| Ease of Use |
|
| |
| Education |
|
| |
| Review | Lloyds Bank Review | Freetrade Review | |
| Winner | check_circle |
| Investments | Lloyds Bank | Freetrade | |
|---|---|---|---|
| ISA | Yes | Yes | |
| SIPP | Yes | Yes | |
| Share Trading | Yes | Yes | |
| CFD Trading | No | No | |
| Funds | Yes | No | |
| ETFs | Yes | Yes | |
| Bonds - Corporate | Yes | No | |
| Bonds - Government (Gilts) | Yes | No | |
| Investment Trusts | Yes | Yes | |
| Spread Betting | No | No | |
| Crypto Trading | No | No | |
| Advisor Services | Yes | No |
| Trading Fees | Lloyds Bank | Freetrade | |
|---|---|---|---|
| Minimum Deposit | £0 | £1 | |
| Share Trading: 0-9 Deals/ Month | £8 - £11 | £0 | |
| Share Trading: 10-19 Deals/ Month | £8 | £0 | |
| Share Trading: 20+ Deals/ Month | £8 | £0 | |
| 5 trades per year (£30k portfolio) | £95 | £0 (Basic plan), £59.88 (Standard), £119.88 (Plus) | |
| 12 trades per year (£30k portfolio) | £40 - £172 | £0 (Basic plan), £59.88 (Standard), £119.88 (Plus) | |
| 36 trades per year (£30k portfolio) | £40 - £328 | £0 (Basic plan), £59.88 (Standard), £119.88 (Plus) | |
| 120 trades per year (£30k portfolio) | £40 / £1,000 | £0 (Basic plan), £59.88 (Standard), £119.88 (Plus) | |
| 3 fund trades per year (£30k portfolio) | £44.50 | N/A | |
| Annual Custody Fee: £0 - £250,000 | £40 | £0 (Basic plan), £59.88 (Standard), £119.88 (Plus) | |
| Annual Custody Fee: £250K-£500K | £40 | £0 (Basic plan), £59.88 (Standard), £119.88 (Plus) | |
| Annual Custody Fee: £500,000 - £1m | £40 | £0 (Basic plan), £59.88 (Standard), £119.88 (Plus) | |
| Annual Custody Fee: £1m and over | £40 | £0 (Basic plan), £59.88 (Standard), £119.88 (Plus) | |
| Bonds - Corporate - Fee | £8 - £11 | N/A | |
| Bonds - Government (Gilts) - Fee | £8 - £11 | N/A | |
| ETFs - Fee | £8 - £11 | £0 | |
| Investment Trusts - Fee | £8 - £11 | £0 | |
| Telephone Dealing Fee | £35 | N/A |
| Broker Screenshots | Lloyds Bank | Freetrade | |
|---|---|---|---|
| Website Gallery (click to expand) |
|
| |
| Mobile Trading Apps Gallery (click to expand) |
|
| |
| Education Gallery (click to expand) |
| Platforms & Tools | Lloyds Bank | Freetrade | |
|---|---|---|---|
| Web Platform | Yes | Yes | |
| iPhone App | Yes | Yes | |
| Android App | Yes | Yes | |
| Stock Alerts | Yes | Yes | |
| Charting - Indicators / Studies | 0 | 0 | |
| Charting - Drawing Tools | 0 | 0 | |
| Charting - Notes | No | No | |
| Charting - Display Corporate Events | No | No | |
| Charting - Stock Overlays | No | No | |
| Charting - Index Overlays | No | No |
| Research | Lloyds Bank | Freetrade | |
|---|---|---|---|
| Research - Shares | Yes | Yes | |
| Research - CFDs | No | No | |
| Research - Funds | Yes | No | |
| Fund Research - Research Reports | Yes | No | |
| Research - ETFs | Yes | Yes | |
| Research - Bonds | Yes | No | |
| Portfolio Allocation Breakdown | No | Yes |
| Education | Lloyds Bank | Freetrade | |
|---|---|---|---|
| Education (Share Trading) | No | Yes | |
| Education (Funds) | No | Yes | |
| Education (Retirement) | No | Yes | |
| Client Webinars | No | No | |
| Client Webinars (Archived) | No | No |
| Overall Summary | Lloyds Bank | Freetrade | |
|---|---|---|---|
| Overall Rating |
|
| |
| Charges & Fees |
|
| |
| Investment Choices |
|
| |
| Mobile App |
|
| |
| Website |
|
| |
| Ease of Use |
|
| |
| Education |
|
| |
| Review | Lloyds Bank Review | Freetrade Review | |
| Winner | check_circle |
Trading 212 Review
Interactive Brokers Review
Hargreaves Lansdown Review
XTB Review
IG Group Review
eToro Review
Saxo Review
CMC Invest Review
Freetrade Review
Halifax Review
Vanguard Review
