Active savings cashback with HL

AskAsk

HL is offering cashback on savings made of at least 10k into their active savings account.  You must keep the money in the account for at least 6 months to qualify for the cashback.  I had a look and I am interested in the 12 months fixed savings account with Allica Bank, which is offering 2.1% pa interest rate.  Seems decent enough for me.

Anyone got any experience with Allica Bank?  I am planning to put in 85k, which would give me £100 cash back.  I know it is FSCS protected but I want to know if the bank is reliable and not going to be a pig at giving my money back when the fixed period ends.

ColdIron

It's all handled by HL so it's pretty irrelevant

AskAsk

ColdIron said:

It's all handled by HL so it's pretty irrelevant

i have had an active savings account with HL before, where I invested with charter bank.  the reviews on them are as poor as allica bank but there was no hassle in getting my money back after the fixed 6 months period had expired, so guess will be fine with this.  thanks.

Section62

AskAsk said:

HL is offering cashback on savings made of at least 10k into their active savings account.  You must keep the money in the account for at least 6 months to qualify for the cashback.

Worth mentioning that the offer isn't available to people who already have an Active Savings account - this is for new accounts only.

Albermarle

In reality the cashback is not that generous .
£50 for £50K = 0.1% for the first year . Or over 5 years 0.02% pa 
That's not going to help much with inflation....

By the way HL have a more generous current cashback deal for transferring an ISA or pension.

masonic

Albermarle said:

In reality the cashback is not that generous .
£50 for £50K = 0.1% for the first year . Or over 5 years 0.02% pa 
That's not going to help much with inflation....

Yes, seems a lot less generous than previous incarnations. It doesn't appear there's much there over and above what can be obtained directly. It seemed to have some value during falling markets in giving a bit more time to secure rates that had just been pulled by the provider. Now that the direction of travel has reversed, I suspect there is more of a danger of securing a lower rate than the latest available.

Rollinghome

As I remember, there's also the irritation of having your cash sitting in HL's account before they get round to placing it with a bank to earn interest, and again when an account matures.  Will likely be a tiny amount lost, but irritating, and I'll let someone else do the sums.

AskAsk

Section62 said:

AskAsk said:

HL is offering cashback on savings made of at least 10k into their active savings account.  You must keep the money in the account for at least 6 months to qualify for the cashback.

Worth mentioning that the offer isn't available to people who already have an Active Savings account - this is for new accounts only.

that was what i was wondering.  i did have one but i closed it in June 2020, so if i open a new one now, i had assumed it would be considered a new account?

i should check with HL before i make the savings to be on the safe side i guess.  i got the letter through the post to say that there are cashback available so i am guessing i would qualify, but i best check with them to be sure as you say.

Section62

AskAsk said:

Section62 said:

AskAsk said:

HL is offering cashback on savings made of at least 10k into their active savings account.  You must keep the money in the account for at least 6 months to qualify for the cashback.

Worth mentioning that the offer isn't available to people who already have an Active Savings account - this is for new accounts only.

that was what i was wondering.  i did have one but i closed it in June 2020, so if i open a new one now, i had assumed it would be considered a new account?

i should check with HL before i make the savings to be on the safe side i guess.  i got the letter through the post to say that there are cashback available so i am guessing i would qualify, but i best check with them to be sure as you say.

I don't know, but I thought it was worth flagging as their offer terms for Active Savings differs from what they normally do with transfers into SIPPs, ISAs and GIAs.

I also got a letter - which included the Active Savings offer - but probably because have investments with them as well.