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Savers can now get the best easy-access interest rate available by opening an account with Active Savings* – the savings platform from investment house Hargreaves Lansdown.
Currently, the top easy-access deal it has on the platform is with RateSetter – powered by Metro Bank – which offers 5.06 per cent.
This is the top easy-access account available, with the next best 5.05 per cent coming from Paragon Bank.
Turbo charge your savings: Hargreaves Lansdown’s Active Savings is offering a 5.06% easy-access account, the best easy-access deal with a savings platform
Recently, Hargreaves Lansdown has come under fire for profiting from savings by taking customer cash and putting it in low-risk accounts – where it racks up tidy sums in interest.
However, this easy-access rate is far better than what you’ll get at the big banks.
Santander launched a blockbuster deal on its easy-access account at the start of this month which rocketed to the top of the best buy tables.
But the account proved so popular that it was pulled by Santander three days early than its original end date.
After this, the best easy-access deals have been hovering around 5 per cent, and savers are wondering when a deal will come along to come anywhere close to Santander’s deal.
You can also nab a £25 sign up bonus with Hargreaves Lansdown Active Savings.
This is for fixed-rate accounts only and an account must be a minimum of £10,000. The bonus will paid out by 8 December.
To get the bonus, you’ll need to click on the green banner at the top of the website where it says: ‘cash bonus available*’
This bonus is only available until 29 September so savers will need to move quick if they want to nab it.
If you need more time, you can sign up using a form on Hargreaves Lansdown Active Savings’ by 29 September and still have until 28 November to qualify for the offer by adding £10,000 to the account.
Hargreaves Lansdown says savings on its platform are protected by the Financial Services Compensation Scheme (FSCS), up to a maximum of £85,000.
Money in its cash hub – where money goes before heading to a provider – is covered by Barclays’ FSCS licence.
If you choose to open an account with RateSetter, FSCS protection is then offered by Metro Bank. If you already have savings with Metro, you’ll need to ensure you don’t breach the £85,000 limit in both accounts.
As a savings platform, Hargreaves Lansdown’s Active Savings offers access to multiple savings products and banks. It allows savers to manage all their savings through a single online app-based account.
AJames Blower, founder of website Savings Guru says: ‘Savings platforms are good for both savers who want to spread their money around multiple providers, maximising FSCS protection, but without having to open a new account at each bank every time.
‘They can open a single account and access a wealth of providers – some of whom offer deals better than those available direct and some with providers who aren’t accessible to ordinary savers.’
Mark Hicks, head of savings at Hargreaves Lansdown says: ‘Savers are benefiting from the competition amongst providers on cash savings platforms, and the highest interest rates since the financial crisis with easy-access rates above 5 per cent and pushing close to the market leading best buy one-year fixed terms.
‘Hargreaves Lansdown is delighted to be partnering with RateSetter and adding another bank to the Active Savings service which helps people earn more from their cash across multiple banks through one easy log in.’
