The Top Fixed Interest Savings Discussion Area

sparkiemalarkie

auser99 said:

dharm999 said:

Is there a reason why HL Active Savings is not showing in the best rates table?  They are offering 5.15% on 2 year term and 5.18% on a 3 year term, so the best available at the moment.  Is it something to do with HL?

Was asking similar myself.
The suggestion of the Money savings site not keeping up with the quick fire changes was mooted. But I wonder if the above examples especially come with a charge, and thus aren't included?

I've been using Hargreaves Lansdown Active Savings for a good number of years now. I have never been charged to open or close an account. I think HL take commission from the Bank/ Building society.

The downside is that deposited funds can sit without making any interest for a few days before being invested.

You deposit funds into the cash hub, I always use a debit card as it's there instantly.

Choose which savings product you want to open and with how much , and the funds move out of the cash hub and can be seen in your account summery as pending.

Some products might have a closing date up to 7 days ahead... your money isn't invested and earning interest until after the closing date.

The Investec bond has a closing date of 23:59 today 25/05/23 and doesn't start until 30/05/23... so they have your money for 5 days before paying interest on it.

HTH

sx

BreakingGlass

sparkiemalarkie said:

The Investec bond has a closing date of 23:59 today 25/05/23 and doesn't start until 30/05/23... so they have your money for 5 days before paying interest on it.

Who 'has your money'?  HL or Investec? 

I opened the Investec account directly and AFAIK I am getting interest during the 'funding window'.

ETA:  I just opened a chat with Investec and asked.  Response: Yes, you will receive interest during the 7 day funding window.

refluxer

The issue with HL being omitted from the top tables may not be anything to do with MSE not keeping up to date, as the fixed rate accounts mentioned above don't seem to get a mention on Savings Champion or Moneyfacts either.

sparkiemalarkie

BreakingGlass said:

sparkiemalarkie said:

The Investec bond has a closing date of 23:59 today 25/05/23 and doesn't start until 30/05/23... so they have your money for 5 days before paying interest on it.

Who 'has your money'?  HL or Investec? 

I opened the Investec account directly and AFAIK I am getting interest during the 'funding window'.

ETA:  I just opened a chat with Investec and asked.  Response: Yes, you will receive interest during the 7 day funding window.

I'm going through the HL Active Savings ...I have no idea if its Investec or HL that has my money as it's showing as pending...
so I'm assuming that it's in limbo until the start date of the bond.

Maybe I need to ask some questions ....

auser99

sparkiemalarkie said:

auser99 said:

dharm999 said:

Is there a reason why HL Active Savings is not showing in the best rates table?  They are offering 5.15% on 2 year term and 5.18% on a 3 year term, so the best available at the moment.  Is it something to do with HL?

Was asking similar myself.
The suggestion of the Money savings site not keeping up with the quick fire changes was mooted. But I wonder if the above examples especially come with a charge, and thus aren't included?

I've been using Hargreaves Lansdown Active Savings for a good number of years now. I have never been charged to open or close an account. I think HL take commission from the Bank/ Building society.

The downside is that deposited funds can sit without making any interest for a few days before being invested.

You deposit funds into the cash hub, I always use a debit card as it's there instantly.

Choose which savings product you want to open and with how much , and the funds move out of the cash hub and can be seen in your account summery as pending.

Some products might have a closing date up to 7 days ahead... your money isn't invested and earning interest until after the closing date.

The Investec bond has a closing date of 23:59 today 25/05/23 and doesn't start until 30/05/23... so they have your money for 5 days before paying interest on it.

HTH

sx

Sounds good, apart from the tiny amount of time to get it opened and the small amount of time before interest.

I suppose we all have our preferred parties. Like I've no problem with the likes of Shawbrook/Kent Reliance, the types of banks I'd never heard of before 3months ago. Whereas older relatives would only ever use high street "name" banks, despite the interest being pony.

TheBanker

I like the HL service because you can open accounts with a range of banks without going through repeated ID checks. And having everything accessible through one log in, and being able to produce a consolidard statement is useful. For me that's worth sacrificing a few days interest.

sparkiemalarkie

TheBanker said:

I like the HL service because you can open accounts with a range of banks without going through repeated ID checks. And having everything accessible through one log in, and being able to produce a consolidard statement is useful. For me that's worth sacrificing a few days interest.

This is exactly why I like it....

I wanted to reduce the number of my accounts in case of my demise, so that things would be easier for my family to sort out.
I am picky about which accounts I open with HL - they have to be competitive - and I do have accounts with other institutions.

I will contact HL to find out if there is any interest earnt while the cash is pending

sx

sparkiemalarkie

auser99 said:

Sounds good, apart from the tiny amount of time to get it opened and the small amount of time before interest.

Most products have a much longer window to open an account than the recent Investec ones...but they do say that the account can become unavailable once they have met their funding target

Doctor_Who

sparkiemalarkie said:

Most products have a much longer window to open an account than the recent Investec ones...but they do say that the account can become unavailable once they have met their funding target

Yes, that has caught me out. It can easily be a couple of weeks before your money starts earning interest if the closing date is 7-10 days and then the start date is another 5 days. One reason I prefer to use Raisin (although they are not perfect), another being the better interest rates (until recently). 

becky_rtw

We weren't able to get Raisin to approve anything for our last batch so went Atom, but I'm interested in HL as another platform so thanks for mentioning.

We will have more pots available in 2-3 weeks (money is in place, but awaiting accountant tax calculations before amounts confirmed).