Hargreaves Lansdown Active savings
Discussion
With cash forming an ever important part of an investment plan, is anyone opening (or already have) one of these
Seems to take away most of the hassle of chasing a few tenths of a percent here and there and constantly opening new accounts with no fees to pay
Do they have accesss to the full range of savings accounts, or is it a bit limited. Only seem to be able to get this info when the account is open
Seems to take away most of the hassle of chasing a few tenths of a percent here and there and constantly opening new accounts with no fees to pay
Do they have accesss to the full range of savings accounts, or is it a bit limited. Only seem to be able to get this info when the account is open
I opened an active savings account a year ago, didn't put any money in, received my pension lump sum recently and I'm not wanting to go back into the stock market at the moment.
Contributed to 3 savings accounts, two with the same bank but maturing at different stages, if I'd held on the rates will increase again, pleased with how easy it was.
Contributed to 3 savings accounts, two with the same bank but maturing at different stages, if I'd held on the rates will increase again, pleased with how easy it was.
Easy enough to use and you can just park cash in a fixed rate deal and then forget about it.
Returns on fixed interest rate deals have caught up and are matching the returns on more cautious HL income funds, and unlike those funds the cash deals are FSCS protected so it's not all going down the pan if the provider goes bust or the markets throw another wobbly.
You can use the HL site as a comparison tool and then go direct to the provider if you prefer which with some of the providers opens up the option for monthly interest payments at a slightly lower % instead of waiting for maturity.
With all the turmoil going on in the world's markets what's not to like?
Returns on fixed interest rate deals have caught up and are matching the returns on more cautious HL income funds, and unlike those funds the cash deals are FSCS protected so it's not all going down the pan if the provider goes bust or the markets throw another wobbly.
You can use the HL site as a comparison tool and then go direct to the provider if you prefer which with some of the providers opens up the option for monthly interest payments at a slightly lower % instead of waiting for maturity.
With all the turmoil going on in the world's markets what's not to like?
Best thing on HL platform as no exorbitant fees and only reason I kept my account open. Had an active saver from the start and have about 8 savings accounts running with various maturity dates. Simple admin although takes a little while to get money cleared to savings accountbselected. You can view the rates by going to active savings, scroll down to view latest rates. Then filter by time/rate
Thanks for the responses, looks like a worthwhile option.
Can't use the ISA option this year anyway as the monthly drip into an S&S ISA and a previous deposit into a cash ISA will use it all up by the end of the year.
Was looking for options for the lump sum in my mortgage offset account as I can now get a better rate in savings than I am netting off on the mortgage. Lump sum isn't huge so I wouldn't hit the savings interest tax threshold this year, but might next. Might tip a £100 in now to open the account and see what they can offer over the next few months.
Can't use the ISA option this year anyway as the monthly drip into an S&S ISA and a previous deposit into a cash ISA will use it all up by the end of the year.
Was looking for options for the lump sum in my mortgage offset account as I can now get a better rate in savings than I am netting off on the mortgage. Lump sum isn't huge so I wouldn't hit the savings interest tax threshold this year, but might next. Might tip a £100 in now to open the account and see what they can offer over the next few months.
Greenmantle said:
Just had a look at the HL Active Savings Offerings. Quite poor I thought. Very limited.
This. I had some cash with them as it seemed a convenient way to do a rate comparison and then deposit. However, I'm now moving it out as there are much better rates elsewhere. Setting up with something like Atom (currently 1.9% instant access) or Zopa (1.85%) only takes two minutes. (Plus dead easy to switch into higher interest fixed term deals.)Ironically, it's taking several days to 'process the withdrawal' from HL, so it has not even been convenient!
Edited by walamai on Monday 26th September 11:45
Not via HL but something I hadn't seen before to manage the risk of tying up savings when interest rates are on the way up
https://www.moneysavingexpert.com/news/2022/09/fam...
https://www.moneysavingexpert.com/news/2022/09/fam...
Socks still firmly attached to feet. I can't get my head around the attraction of HL. Their fees are massive compared to say ii and I just can't see what you get for the extra money. ii currently pay 0.5% interest on cash over £10k in an ISA and 1.00% over £10k in a SIPP. What am I missing about HL?
Roman Rhodes said:
Socks still firmly attached to feet. I can't get my head around the attraction of HL. Their fees are massive compared to say ii and I just can't see what you get for the extra money. ii currently pay 0.5% interest on cash over £10k in an ISA and 1.00% over £10k in a SIPP. What am I missing about HL?
They don't charge for Active Savings do they?b
hstewie said:
hstewie said:Roman Rhodes said:
Socks still firmly attached to feet. I can't get my head around the attraction of HL. Their fees are massive compared to say ii and I just can't see what you get for the extra money. ii currently pay 0.5% interest on cash over £10k in an ISA and 1.00% over £10k in a SIPP. What am I missing about HL?
They don't charge for Active Savings do they?For just a savings account the HL idea has the attraction of simplicity but, e.g. Moneysupermarket, throws up plenty of better rates.
I feel like I must be missing about the overall package that is HL.
Active Savings is an aggregator (maybe there's an official term for it) so as I understand it your account is with HL and if you have £1000 in the pot (a number used for ease) you can put £200 in one bank £200 in another bank and £600 in another without having to go out and open three accounts with three different banks and then close them and open another three with another three banks when there's a better offer available.
I'm sure better rates will be available if you want to do all that work yourself but so far as I'm aware HL don't charge you for the service as a customer.
Might be wrong as whilst I use HL for some things I don't use Active Savings.
I'm sure better rates will be available if you want to do all that work yourself but so far as I'm aware HL don't charge you for the service as a customer.
Might be wrong as whilst I use HL for some things I don't use Active Savings.
bhstewie said:
hstewie said: Active Savings is an aggregator (maybe there's an official term for it) so as I understand it your account is with HL and if you have £1000 in the pot (a number used for ease) you can put £200 in one bank £200 in another bank and £600 in another without having to go out and open three accounts with three different banks and then close them and open another three with another three banks when there's a better offer available.
I'm sure better rates will be available if you want to do all that work yourself but so far as I'm aware HL don't charge you for the service as a customer.
Might be wrong as whilst I use HL for some things I don't use Active Savings.
Can't see the attraction as "all that work" is effectively a few mouse clicks. Unless you're depositing >£85k what is the point of 3 savings accounts? Pick the best one and move when someone else beats it.I'm sure better rates will be available if you want to do all that work yourself but so far as I'm aware HL don't charge you for the service as a customer.
Might be wrong as whilst I use HL for some things I don't use Active Savings.
As for the other products, well that's OT, but they are expensive and, maybe its me, I can't see why.
Roman Rhodes said:
Can't see the attraction as "all that work" is effectively a few mouse clicks. Unless you're depositing >£85k what is the point of 3 savings accounts? Pick the best one and move when someone else beats it.
As for the other products, well that's OT, but they are expensive and, maybe its me, I can't see why.
I don't think anyone is saying Active Savings have the best rates or are the right option for anyone but they're a pretty simple option for people who don't like fuss or who want to see their money in one place.As for the other products, well that's OT, but they are expensive and, maybe its me, I can't see why.
I would guess a lot of people are plain lazy about moving their money around for a better rate.
I don't use them but I can see why people would.
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