£25 HL Active Savings offer - expires 17/06/2020

colsten

Bobblehat said:

Thanks TD14 …. Do you think a new applicant will have to wait for anything in the post before you can go online and manage the account or allocate funds to one of the "product" accounts? If so, it might be cutting it fine the get one of the 1 year 1.35% accounts.

If you already have any account with HL, starting and using the Active Savings one is instant. They advertise that setting up with HL just takes 10 minutes.

EDIT: turns out that, on Bobblehat's experience, this is another HL Marketing promise, and it takes a lot longer as you need to have a PIN sent in the snail mail.

trickydicky14

Bobblehat,

My active savings account was set up instantly but I did already have a SIPP up and running with HL at the time so not sure how long for a new client.

Bobblehat

Thanks folks … I had a go at applying, but it looks like I have to wait for a pin in the post. With the bank holiday coming up, it sounds like I will be cutting it extremely fine. I'll just have to wait and see now!

masonic

Bobblehat said:

Thanks folks … I had a go at applying, but it looks like I have to wait for a pin in the post. With the bank holiday coming up, it sounds like I will be cutting it extremely fine. I'll just have to wait and see now!

My reading of the T&Cs is that you must open the active savings account by 17 June 2020 (which you've now done - the PIN is for online access to the account), and you then have 60 days from the date the account was opened (i.e. today) to fund the account and take out a savings product. Unless it takes 60 days for the PIN to arrive in the post, you should be fine.

Bobblehat

masonic said:

Bobblehat said:

Thanks folks … I had a go at applying, but it looks like I have to wait for a pin in the post. With the bank holiday coming up, it sounds like I will be cutting it extremely fine. I'll just have to wait and see now!

My reading of the T&Cs is that you must open the active savings account by 17 June 2020 (which you've now done - the PIN is for online access to the account), and you then have 60 days from the date the account was opened (i.e. today) to fund the account and take out a savings product. Unless it takes 60 days for the PIN to arrive in the post, you should be fine.

Thanks masonic …. I read it the same way too …. but ….. I was attracted by the 1 year 1.35% accounts on offer that end on 25th & 28th May (plus the £25 bonus). The 1.35% accounts are the bits that I may miss out on, not the £25 bonus, due to the tight schedule of waiting for the PIN and the end dates of applying for those accounts. 

HL's CS say that the PIN won't be sent out until Tuesday 26th at the earliest, so I don't know if I will have time to transfer my chosen amount from the linked account into the HL holding account and then specify where I want that amount to be invested (in time to choose one of the 1.35% account). I don't yet have my HL account details, which sound like they won't arrive until the letter arrives, so it's finger drumming time until then! HL sent an email after the application just confirming I have successfully applied, but no account details!

I'll just have to wing it after the letter arrives, and just choose the best option available during the 60 day period. I am not yet savvy enough with the HL Active Saver to know if there are alternative ways to specify the amount to draw into the holding account or specify what account I want to fund (other than doing it online). I hope more will become clear when the letter arrives.

I'll appreciate any HL Active Saver account holders suggestions, taking into account the time restrictions I have now encountered!

masonic

Ah, ok, frustrating that they require this postal step with active savings when they allow new customers to open and fund a S&S ISA completely online within minutes.

molerat

Clubcard points ?

Usa2019

Interesting offer.
Which account is the best value? 
Would easy access not be a better value, u can withdraw everything as soon £25 is paid?

Usa2019

4. We reserve the right to reclaim the £25 if the overall balance of your Active Savings Account drops below £5,000 within 6 months of the date of the qualifying deposit. We will notify you if we intend to reclaim the £25, and will claim it within 7 working days.

Usa2019

Guess it's either 6 months or 1 year. 
My maths say 1 year is better. Am I right with below?
6 months = £5k*1.1%/2+£25 = £52.50  
Other 6 months in lowest rate account (BOS ca) £5k*1.2%/2 =£30
Total £82.50
1 year = £5k *1.35%+£25 =£92.50

Also is the £25 taxable?