Hargreaves Lansdown Active Savings Product - Opinions?

[Bobajobbob]

Hi all, as the yield curve is steepening for the first time in a decade and rates are rising it looks like Cash deposit rates may climb to levels where it is actually worth shifting funds around. With this in mind I was looking at the HL Active Savings service which seems like a streamlined way to split funds across multiple accounts and duration products.

I know that they are missing certain options (Chase springs to mind) however with the expectation that the products and rates will change and improve as rates tick higher it does seem like an easy way to invest large sums, taking advantage of bank guarantee, and chop and change if, as and when rates move.

I just wondered if anyone has experience with this service and how quickly they add new products/accounts when they come to market?

thanks

[williaa68]

They should be better than they are. Raisin is free and seems to have better rates. I use flagstone for my company but only because raisin don’t do corporate accounts.

[mark seeker]

I would compare HL Active Savings / Raisin / Atom Bank as a minimum, 2.2% risk free on 12 months seems to be the best I've seen so far lately (although this changes weekly almost)

[oldaudi]

I use the HL active savings products. I have some in Coventry, Investec, and BLME and then some others in a 6 months and a 1 year no access. They sit alongside your other investments in their investment portal.

They have this service called a “cash hub”. So you put money in there and from there move it about between your products.

I came into some money in an unfortunate circumstance last year (life insurance) and I’m scared to invest it at the moment because I want to get as much of it as possible to my kids, so it’s all sat in a low interest account but obviously losing value real term with the inflation. So for me this service was useful because all my savings are in one place rather than having it sat in a high street bank accounts. with the money spilt between different providers you get the £85k cover but the benefit of seeing it all in one total in their portal.

The active savings is useful albeit low rates as we would expect. They are creeping up though, I saw some 2.2 rates last week Some are coming up to mature and I’ll move them to another fixed rate.

They add new products all the time but some are on offer for a short period of time and I guess once full subscribed after a month or two they get removed from their offers

Edited by oldaudi on Sunday 8th May 08:03

Edited by oldaudi on Sunday 8th May 08:06

[Bobajobbob]

Thanks for all the feedback. The process has been pretty smooth for me from setting up and then allocating funds across different products. It remains to be seen whether the products and rates on offer improve in line with the market as rates raise but it certainly seems like an easy way to manage large amounts of cash efficiently and safely. I have previously looked at short term money market products but couldn't be bothered whereas now I can see myself splitting and rolling funds between easy access, 6mths and 1-2 year products continually. Rates are still terrible but better than NSI and savings accounts.