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Hargreaves Lansdown Active Savings
Comments
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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!0 -
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.
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]0 -
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.0 -
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 accountsRetired 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..."0 -
quirkydeptless wrote: »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.0
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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..."0 -
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.0
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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?0
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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.0 -
snowqueen555 wrote: »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%?0
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