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Hargreaves Lansdown Active Savings

2

Comments

  • Zanderman
    Zanderman Posts: 4,812 Forumite
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    villieb wrote: »
    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?

    It's not new - they launched it last autumn - see original thread here: https://forums.moneysavingexpert.com/discussion/5896700/hl-active-savings-account

    As you'll see from that very few were impressed then either - and still aren't!
  • ColdIron
    ColdIron Posts: 9,637 Forumite
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    Rheumatoid wrote: »
    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.
    I wasn't actually responding to your post but since you've rattled my cage ...

    As I recall Charter Savings at the time could have been beaten by one of the banks without FSCS protection, though they were covered by the equivalent European deposit scheme. Sometimes the best rates are with organisations that have shortcomings in terms of administration, communication or timeliness that we read about on these boards. For others with an existing account it might just be the benefit to not having to provide supporting ID/address documentation. It's not all about the highest possible rate to the exclusion of all other considerations

    In my case I judged that eeking out one or two hundredths of a percent wasn't worth my time or peace of mind. Others may take a different view, it's a judgement call for each of us. As for me and my 2.04% Chartered Savings I'm happy with my decision and would make it again in the same circumstances

    The likelihood of their rates 'being able to be as good as rates available elsewhere' will change from week to week so I wouldn't dismiss it out of hand and which is why I believe it is worth worth keeping an eye on. Another string to your bow, arrow in your quiver or [add your own metaphor]
  • Chloe_G
    Chloe_G Posts: 358 Forumite
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    HL don't charge you their 0.45% on your savings, do they?

    I looked at this but none of the rates offered seemed to match up to the rates I'm currently getting.
  • quirkydeptless
    quirkydeptless Posts: 1,225 Forumite
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    Chloe_G wrote: »
    HL don't charge you their 0.45% on your savings, do they?


    They don't charge you, they charge the banks 0.25%


    I got a 1 year fix with Aldermore at 2.1% on HL when it was no longer available on the Aldermore site direct and I'd just missed the deadline.



    I expect their target market is the people with wads of cash sitting in pathetic 0.2% Bank savings accounts
    Retired 1st July 2021.
    This is not investment advice.
    Your money may go "down and up and down and up and down and up and down ... down and up and down and up and down and up and down ... I got all tricked up and came up to this thing, lookin' so fire hot, a twenty out of ten..."
  • ColdIron
    ColdIron Posts: 9,637 Forumite
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    I got a 1 year fix with Aldermore at 2.1% on HL when it was no longer available on the Aldermore site direct and I'd just missed the deadline.
    I opened that account early February but before the deadline so it was available on both sites and I had a choice. In the end I elected to open it with Aldermore directly because when I opened my Charter Savings account, although I could deposit the money into the cash hub on Thursday, it wouldn't be transferred until Monday. I don't know whether this latency is built in but it's one to watch for
  • quirkydeptless
    quirkydeptless Posts: 1,225 Forumite
    Sixth Anniversary 1,000 Posts Name Dropper Photogenic
    ColdIron wrote: »
    I don't know whether this latency is built in but it's one to watch for


    Yes, there is a small latency with Active Savings as the money sits in a 0% account with HL for a few days whilst the Savings account is set up, so interest is lost for a few days.


    Therefore direct is a smidge better even with equal interest, but I'd just missed out on the direct account, so opened the Active Savings one.
    Retired 1st July 2021.
    This is not investment advice.
    Your money may go "down and up and down and up and down and up and down ... down and up and down and up and down and up and down ... I got all tricked up and came up to this thing, lookin' so fire hot, a twenty out of ten..."
  • Iain_For
    Iain_For Posts: 134 Forumite
    Fifth Anniversary 100 Posts
    Have used HL Active Savings for a while, the rates on offer seem competitive within a few basis points, to the point of making little actual difference on a 1 or 2 year fixed rate account for all but very large sums. Certainly easier to keep track of 4 or 5 different savings accounts in both mine and my wife's name alongside other investments held with HL. The Coventry BS Instant Access account isn't as good as Marcus (with its bonus). Overall, I find it convenient and slightly more reassuring than placing deposits directly with some challenger banks that I've not always heard of that seem to have some customer service issues at times.
  • Chloe_G
    Chloe_G Posts: 358 Forumite
    Part of the Furniture 100 Posts Photogenic Name Dropper
    If you took away the necessity of searching for the best interest rate, I would have nothing to live for! What would I do with my weekends? :D
  • snowqueen555
    snowqueen555 Posts: 1,544 Forumite
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    edited 2 May 2019 at 9:39PM
    Surprised that Moneysupermarket don't show the Metro Bank a 1 year fixed rate bond 2%.

    Not a bad deal considering their best rate on their website 1.85% right now.

    -
    We don’t charge you directly, instead we charge the banks and building societies up to 0.25% of balances held per year. This means the same or similar products offered directly by the banks and building societies may have different interest rates to those available on Active Savings.

    This isn't very clear at all. If they charge the banks am I still getting the quoted rate, or the quoted rate minus 0.25%?

    Would be a game changer if they were able to offer it inside the Lisa.
  • ColdIron
    ColdIron Posts: 9,637 Forumite
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    This isn't very clear at all. If they charge the banks am I still getting the quoted rate, or the quoted rate minus 0.25%?
    You are getting the quoted rate
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