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.
Your capital is at risk.
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.
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.
Lloyds Bank and Freetrade both provide UK investors with avenues for share trading and exchange-traded funds (ETFs), but the range of their investment choices diverges significantly. Lloyds Bank offers additional options, including funds trading, corporate and government bonds, along with investment trusts, giving investors a broader spectrum of traditional investment choices. They also provide advisor services, which can be beneficial for those seeking guidance in managing their portfolios. In contrast, Freetrade, which does not offer funds trading, bonds, or advisory services, focuses on a streamlined, user-friendly experience predominantly centered on shares, ETFs, and investment trusts.
When evaluating these platforms based on ratings, Lloyds Bank earns top marks with a 5-star rating for investment choices by UK.StockBrokers.com, securing the 8th position out of 21 brokers. Meanwhile, Freetrade is rated slightly lower at 4 stars and ranks 17th for its investment offerings. This indicates that, while Lloyds Bank may cater to more diverse investment needs, Freetrade may appeal to those prioritizing straightforward and simple trading experiences.
| Feature |
Lloyds Bank
|
Freetrade
|
|---|---|---|
| Share Trading | Yes | Yes |
| CFD Trading | No | No |
| ETFs | Yes | Yes |
| Mutual 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 |
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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 |
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Dive deeper: Best UK Trading Platforms for Beginners.
For UK investors navigating between Lloyds Bank and Freetrade, understanding their market research features can be pivotal. Lloyds Bank stands out by providing comprehensive research reports for funds, shares, ETFs, and bonds, offering a wealth of information for the informed investor. In contrast, Freetrade limits its research offerings to shares and ETFs, omitting detailed reports on funds and bonds. However, Freetrade allows users to view their portfolio allocation by asset class, a feature not available with Lloyds Bank. Both brokers offer shares and ETFs research, but the choice between them largely depends on the specific research needs of the investor, such as detailed fund insights with Lloyds or asset allocation visibility with Freetrade.
| Feature |
Lloyds Bank
|
Freetrade
|
|---|---|---|
| Research - Shares | Yes | Yes |
| 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
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Freetrade
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Both Lloyds Bank and Freetrade do not offer crypto trading, making them similar in this aspect for investors seeking online brokerage services.
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0 of 5| Overall Rating | Lloyds Bank | Freetrade | |
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| 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 | |
| Mutual 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 | |||
| 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) | |||
| 12 trades per year (£30k portfolio) | |||
| 36 trades per year (£30k portfolio) | |||
| 120 trades per year (£30k portfolio) | |||
| 3 fund trades per year (£30k portfolio) | |||
| Annual Platform Fee (Funds): £0 - £250,000 | £40 | £0 (Basic plan), £59.88 (Standard), £119.88 (Plus) | |
| Annual Platform Fee (Funds): £250K-£500K | £40 | £0 (Basic plan), £59.88 (Standard), £119.88 (Plus) | |
| Annual Platform Fee (Funds): £500,000 - £1m | £40 | £0 (Basic plan), £59.88 (Standard), £119.88 (Plus) | |
| Annual Platform Fee (Funds): £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 | |
|---|---|---|---|
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| 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 | |||
| 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 | |
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| Review | Lloyds Bank Review | Freetrade Review | |
| Winner | check_circle |
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