Savings platforms

ChilliBob

Does anyone have any experience or knowledge of something like Hargreaves and Landsdown Active Savings platform, or Raisin UK?

I'm contemplating them but only just stumbled upon them. Note, neither of these charge a fee unlike say Flagstone. 

Keen to hear people's views! Thanks 

cattie

You don't usually have to pay for just savings accounts. Stocks & shares are different & you usually have to pay to invest money that way.

I have Active savings with HL & in the past had savings via Raisin. Sometimes they offer a slightly better rate than high street or internet offerings, which is one of the main appeals. Before adding to savings I usually check if I can get a better rate via my Active savings account, sometimes I can & if not I just go with the best rate on the type of account I want featured here on mse.

ChilliBob

Okay cool, thanks. So you'd say it's a decent and reliable option vs opening dozens of savings and current accounts instead then?!
Can it be treated as a 'bank account' so to speak which has a sort code and account number, or, as I suspect, that's not the case? 

colsten

Both HL Active Savings and Rasin are fine, though not necessarily offering the best rates. Check here: https://moneyfacts.co.uk/

HL Active Savings doesn't have a sort code and account number. Rasin does, they use a current account operated by Starling Bank. But these accounts are just there to pass money back and forth between you and the actual savings providers. In most cases, you can get the same or better interest with the providers directly.

ChilliBob

Thanks colsten. So I guess the usual route is 'conventional' savings or current account which you use to feed the hub, then push from hub to an account right?

Sounds a bit odd but if its an account without a card, as many savings ones are, how do you find the platform? Do you need to go:

Conventional savings - - current account - - hub? 

pip895

I have always used a Debit card to add money to my HL active savings account.  Last time I looked Rasin didn't have an instant access account which is a definite disadvantage. 
With Active savings you can make your instant access account the default destination for any maturing funds.  This is very useful if you are not totally on top of things as it saves any money sitting around earning no interest.  The shear convenience of active savings is well worth a few fractions of a percent for me, but usually I have found them very competitive.

ChilliBob

It's definitely something I will dig into next week, I just need to understand/decide more about where I dump the money before it gets there, to make moving it not too painful, and work out how I can get it out again to invest it!