Hargreaves Lansdown and ISA

ST73ST73 Forumite
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I am looking into opening an Active Savings Account with HL. I have never used one of these platforms before but have now read lots about them and it seems pretty clear. I am going to have about £50,000 to put into savings accounts soon, I’d like to earn some interest over the next 6 years until  I retire to supplement my pension. I just wondered if a savings platform is a good idea and why their cash ISA rates are so low. Thanks in advance for any advice. 

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  • Band7Band7 Forumite
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    HL take a cut for the service they provide. In most cases, you will get much better rates if you go directly to a savings provider rather than use the HL service.

    If you don't need your money for the next six year, why not go for a a fixed term account? The currently best fixed term ISA a 3 and a bit years one from Coventry, maturing on 30.11.25, 4.4%. The best non-ISA account is a 5-year 5.1% at Gatehouse.


  • ST73ST73 Forumite
    17 Posts
    10 Posts
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    Band7 said:
    HL take a cut for the service they provide. In most cases, you will get much better rates if you go directly to a savings provider rather than use the HL service.

    If you don't need your money for the next six year, why not go for a a fixed term account? The currently best fixed term ISA a 3 and a bit years one from Coventry, maturing on 30.11.25, 4.4%. The best non-ISA account is a 5-year 5.1% at Gatehouse.


    I was just looking at the changing interest rates and putting money into several accounts for different periods of time. Whether this is worth the effort I suppose depends on whether the interest rate keeps rising. A fixed term isa may be an easier option, thanks for your help.
  • AlbermarleAlbermarle Forumite
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    The main advantage of HL active savings ( or similar) is that you can switch to a new savings provider without having to register with them as a new customer. This can be a faff sometimes,
    Of course you can only switch to providers/deals that HL offer.
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