Savings platforms and FSCS

poseidon1

poseidon1 said:

Eyeful said:

GoldenOldy
Below is a link to the HL Active Savings Account, which explains in detail the protections there are for your money.
I hope it will help to set your mind at rest. It is long but worth reading. 
https://www.hl.co.uk/savings/are-your-savings-safe

Remember HL is in the FTSE 100, so one of the largest companies in the UK.

As well to remember that HL will in due course drop out of the quoted stockmarket, having been acquired by private equity.   

Such acquisitions tend to be allied to substantial debt financing arrangements that impact on the businesses' future profitability for tax purposes.  What (if anything) this means for HL's  future services remains to be seen.

https://www.whitecase.com/news/press-release/white-case-advises-lenders-financing-offer-adia-cvc-capital-partners-and-nordic

Link to the law firm that advised on the syndicated debt consortium that helped back the HL takeover. Note the consortium will be senior secured creditors of the business going forward.

k12479

miss_curly said:

What is the attraction to HL rather than Raisin if there is any risk? I'd like to understand what the bigger pull is to HL in this instance.

One thing to bear in mind is that, for fixed rate accounts at least, once funded on Raisin they are generally opened in about 2 working days. For HL though, once funded you 'apply' for the account, the cash then sits there earning zero interest until the closing date for applications and then the account is opened. That period can be a week or two.

friolento

miss_curly said:

@Eyeful @masonic @aroominyork ....... thanks folks 

Do people that are moneywise put 80'ish K in an institution or would they split it down further? If there was a large sum involved to distribute I mean

I would not because I have always found better rates by going directly to savings account providers. The only exception were sign-up offers, to the savings platform, but those never required more than a £10k deposit.

I don’t believe the convenience of having a single login, and a single presentation of (some) of my savings accounts is completely wiped out by the added complexities such as the ones you and many others are struggling with to understand 

Albermarle

friolento said:

miss_curly said:

@Eyeful @masonic @aroominyork ....... thanks folks 

Do people that are moneywise put 80'ish K in an institution or would they split it down further? If there was a large sum involved to distribute I mean

I would not because I have always found better rates by going directly to savings account providers. The only exception were sign-up offers, to the savings platform, but those never required more than a £10k deposit.

I don’t believe the convenience of having a single login, and a single presentation of (some) of my savings accounts is completely wiped out by the added complexities such as the ones you and many others are struggling with to understand 

Especially as there seems to be some lack of clarity about who reports the interest to HMRC. Raisin, HL etc or the savings providers. On other threads there was even mentioned the possibility that neither were reporting it.
I have no idea if that is really the case though.