Hargreaves Lansdown now offers the highest easy access savings rate with an offer of 5.06%
- Hargreaves Lansdown has added an easy access account with a 5.06% fee
- Active Savings offers a £25 sign-up bonus for £10,000 in fixed rate deposits
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Savers can now get the best interest rate available by opening an account with Active Savings* – the savings platform from investment house Hargreaves Lansdown.
Currently, the best easy access offer on the platform is RateSetter – powered by Metro Bank – which offers 5.06 percent.
This is the best easy access account available, with the second best 5.05 percent coming from Paragon Bank.
Turbocharge your savings: Active Savings from Hargreaves Lansdown offers a 5.06% Easy Access account, the best Easy Access offer on a savings platform
Recently, Hargreaves Lansdown came under fire for profiting from savings by taking customers’ money and putting it into low-risk accounts – where it earned handsome sums of interest.
However, this easily accessible rate is far better than what you get at the big banks.
Santander launched a blockbuster deal on its Easy Access account earlier this month that made it to the top of best buy lists.
But the account proved so popular that Santander shut it down three days before its original end date.
Since then, the best easy access offers have been around 5 percent, and savers are wondering when there will be an offer that even comes close to what Santander is offering.
You can also claim a £25 sign-up bonus with Hargreaves Lansdown Active Savings.
This only applies to fixed rate accounts and an account must have a minimum of £10,000. The bonus will be paid out by December 8th.
To claim the bonus you need to click on the green banner at the top of the website that says “Cash Bonus Available*”.
This bonus is only available until September 29th. Savers have to act quickly if they want to secure the bonus.
If you need more time, you can sign up to Hargreaves Lansdown Active Savings via a form by September 29th and have until November 28th to qualify for the offer by depositing £10,000 into 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.
The money in its cash hub – where the money goes before going to a provider – is covered by Barclays’ FSCS license.
If you choose to open an account with RateSetter, Metro Bank offers FSCS protection. If you already have savings with Metro, you need to make sure you don’t exceed the £85,000 limit on both accounts.
As a savings platform, Hargreaves Lansdown’s Active Savings offers access to multiple savings products and banks. This allows savers to manage all their savings through a single app-based online account.
AJames Blower, founder of website Savings Guru, says: “Savings platforms are suitable for savers who want to spread their money across multiple providers to maximize FSCS protection, but without having to open a new account with each bank every time. “
“You can open a single account and access a variety of providers – some offering better deals than those available directly, others from providers not accessible to regular savers.”
Mark Hicks, head of savings at Hargreaves Lansdown, said: “Savers are benefiting from competition among providers on cash savings platforms and the highest interest rates since the financial crisis, with easily accessible interest rates above 5 per cent, pushing close to market leadership.” Best Buy with one-year fixed term.
“Hargreaves Lansdown is delighted to be partnering with RateSetter and adding another bank to the Active Savings service, which enables people to earn more from their money by simply signing up to multiple banks.”