Hargreaves Lansdown Active Savings

villieb

Morning Ladies and Gentlemen... I had an email from HL about a new service their offering - 'Active Savings' - where apparently, you can save with HL, but take advantage of banks and building society interest rates...

https://www.hl.co.uk/investment-services/active-savings

Has anyone signed up to this? If so, what's your thoughts?

Rheumatoid

What's the point when you can get better rates direct?

aroominyork

Active Savings is not available in ISA or SIPP accounts, though HL's FAQs say they hope to offer that service in future. That would be useful for people who want to be out of the market for a while.

OldMusicGuy

Pointless IMO. Like Rheumatoid said, it's easy to find and choose the best rates and set up accounts online. I've already set up a bond ladder with my savings that are outside my SIPP.

What I do want is access to fixed rate savings products from within my SIPP, which they don't offer (at present).

ColdIron

It's worth keeping an eye on. I got a 1 year fix at 2.04% with Charter Savings last year at a rate better than they were offering direct. A quick look today shows Charter Savings is offering 1.90% and the same at HL is 1.95%. I do agree that if it was possible to use it within an ISA or SIPP it would be very useful indeed. Like anything compare and make your own judgement, it's hard to argue with more choice

marlot

villieb wrote: »

Has anyone signed up to this? If so, what's your thoughts?

Yes, I use it. As I already have an HL account, its very easy - no need to enter all my information again.


The rates I got were competitive and form part of my portfolio.


I'd love it to be available as part of my ISA - but hopefully that'll happen in time.

colsten

The fact that some providers offer better rates via HL will only be meaningful to me if these rates are the best in the market. I have as yet not found anything on HL that couldn't be beaten by going direct to some provider or other but I don't check every day.

badger09

colsten wrote: »

The fact that some providers offer better rates via HL will only be meaningful to me if these rates are the best in the market. I have as yet not found anything on HL that couldn't be beaten by going direct to some provider or other but I don't check every day.

I find that hard to believe:p

firestone

while it may not be aimed at the more savvy investors on here i can see the appeal for some people.Not everybody wants to spend time searching for the very best rate and opening/closing or doing a transfer.I would also assume but stand to be corrected,that if you are careful which banks/BS you use within the account (and also have outside of HL) that you can go over the £85,000 protection within the One HL umbrella account
I have an elder relative who uses Octopus Cash which does the same thing but Once invested will roll you over to their best rate on maturity if required rather then you picking another fix like HL,He also really liked the fact they accepted cheques when he started as well as online payment(but it was opened online first)But there was no way he would do the same using more then One provider

Rheumatoid

ColdIron wrote: »

It's worth keeping an eye on. I got a 1 year fix at 2.04% with Charter Savings last year at a rate better than they were offering direct. A quick look today shows Charter Savings is offering 1.90% and the same at HL is 1.95%. I do agree that if it was possible to use it within an ISA or SIPP it would be very useful indeed. Like anything compare and make your own judgement, it's hard to argue with more choice

When I said direct I did not mean with the same provider. It may be that HL can offer a better rate from a specific provider but that is unlikely to be as good as rates available elsewhere.

TheLastMongoose

I use it and it seems easy and efficient. For most terms the rates available are very close to market leading. I don't have enough in savings to be bothered over 0.05% differences. The only let down for me currently is the easy access account they offer which is 0.25% less than available elsewhere but in fairness to HL a lot of the 1.5% accounts available elsewhere include teaser rates or restrictions.