Hargreaves Lansdown cashback

F1Fan

I was thinking of opening a new savings account through the Hargreaves Lansdown site to get the cashback.  I was wondering how well it works?  Anyone with good or bad experience would help. 

Thanks.

IvanOpinion

Is this the Active Savings? If so I have been using it for a few years now. 
Overall the process has been very simple. Deposit some money (very quick and easy) and then select the product(s) you want. When the product matures the money has been available for moving back to your bank or putting into another product on the expected maturity day of the product. Not had any issues.

nottsphil

There's some relevant information here about the timing of your deposit into the HL Active Savings Account 
https://forums.moneysavingexpert.com/discussion/comment/80868822#Comment_80868822

gtmoon

For the tiered cashback, as per T&C, within 60days opening to meet the criterion (deposit the qualified amount), cashback credit within 65days. So in theory, you could only payin on 59th day, and get the cashback by 65th day?

T&C wasn't clear about the tier is based on total deposit or net deposit, say deposit 10k, then withdrawn 3k, deposit 2k.
total deposit: 12k
net deposit: 9k

masonic

The offer is usually contingent on you saving into a fixed term savings product (and in any case maintaining a minimum balance for a period of time), so withdrawing wouldn't be an option and delaying would just start the clock later.

phlebas192

masonic said:

The offer is usually contingent on you saving into a fixed term savings product (and in any case maintaining a minimum balance for a period of time), so withdrawing wouldn't be an option and delaying would just start the clock later.

For the just expired cash back offer I can't see anything in the terms to state that it must be put into a fixed term product or even that you cannot withdraw the cash. These are the relevent sections:

"2. To qualify for the offer, you’ll need to

a) Register for the offer: You can do this by completing the online cashback offer registration form or by asking us by secure message (using your online account) or by telephone to register you manually. If you do not register for the offer no cashback will be paid.

b) Open a new Active Savings Account between 9 December 2024 and 5 February 2025.

c) Fund your new Account, with at least £5,000 by debit card or Pay by Bank, and subsequently use this money to instruct us to add at least £5,000 to one or more savings products within your Active Savings Account. Both of these actions must be taken within 60 days of the opening of the account to qualify (“the Qualifying Period”). For the avoidance of doubt you can open an account without adding any money and still qualify for the offer, provided that your account is topped up to a balance of at least £5,000 and you use this money to instruct us to add at least £5,000 to one or more savings products. Both of these actions must be taken within 60 days of opening the account in order to qualify.

3. If you open an account within the Offer Period and also satisfy the criteria listed in clause 2, we will credit the cash hub in your account with a cash amount between £10 and £150, depending on the amount you add to one or more savings products. We will credit the cash within 65 days after the end of the Offer Period. We’ll notify you by email once the cash amount has been added.

4. The value of the cashback will be based on the total amount added to savings products within 60 days of the opening of the account. The value of the cashback will also only be based on the amount added to your account by debit card or Pay by Bank during the Qualifying Period, money added from your Fund and Share Account will not qualify."

masonic

phlebas192 said:

masonic said:

The offer is usually contingent on you saving into a fixed term savings product (and in any case maintaining a minimum balance for a period of time), so withdrawing wouldn't be an option and delaying would just start the clock later.

For the just expired cash back offer I can't see anything in the terms to state that it must be put into a fixed term product or even that you cannot withdraw the cash. These are the relevent sections:

"2. To qualify for the offer, you’ll need to

a) Register for the offer: You can do this by completing the online cashback offer registration form or by asking us by secure message (using your online account) or by telephone to register you manually. If you do not register for the offer no cashback will be paid.

b) Open a new Active Savings Account between 9 December 2024 and 5 February 2025.

c) Fund your new Account, with at least £5,000 by debit card or Pay by Bank, and subsequently use this money to instruct us to add at least £5,000 to one or more savings products within your Active Savings Account. Both of these actions must be taken within 60 days of the opening of the account to qualify (“the Qualifying Period”). For the avoidance of doubt you can open an account without adding any money and still qualify for the offer, provided that your account is topped up to a balance of at least £5,000 and you use this money to instruct us to add at least £5,000 to one or more savings products. Both of these actions must be taken within 60 days of opening the account in order to qualify.

3. If you open an account within the Offer Period and also satisfy the criteria listed in clause 2, we will credit the cash hub in your account with a cash amount between £10 and £150, depending on the amount you add to one or more savings products. We will credit the cash within 65 days after the end of the Offer Period. We’ll notify you by email once the cash amount has been added.

4. The value of the cashback will be based on the total amount added to savings products within 60 days of the opening of the account. The value of the cashback will also only be based on the amount added to your account by debit card or Pay by Bank during the Qualifying Period, money added from your Fund and Share Account will not qualify."

Don't the T&Cs continue along the lines of previous offers, stating: "...Not all banks are included in the easy bank transfer process and we accept no responsibility or liability if your bank is not available. You may top up your Active Savings account as many times as you wish during the Qualifying Period but the total funds added and invested must meet or exceed [Qualifying Cashback Amount]... If the funds are not invested for the Minimum Investment Period Hargreaves Lansdown may reclaim the cashback awarded..."

?

Perhaps if you provide the full offer T&Cs, someone can advise you on what is and isn't allowed.

Edit: Here's the MSE write-up of the offer, confirming that they can claw back the cashback if you don't keep the money in the savings product for a minimum term of 6 months.

phlebas192

Full T&Cs from the email they send after registering:

Active Savings December 2024 Cashback Offer – what you need to know

1. This offer is available to anyone who registers for our Active Savings December 2024 - February 2025 Cashback Offer and opens a new Active Savings account between 9 December 2024 and 5 February 2025 inclusive (“the Offer Period”). This offer does not include the HL Cash ISA.

2. To qualify for the offer, you’ll need to

a) Register for the offer: You can do this by completing the online cashback offer registration form or by asking us by secure message (using your online account) or by telephone to register you manually. If you do not register for the offer no cashback will be paid.

b) Open a new Active Savings Account between 9 December 2024 and 5 February 2025.

c) Fund your new Account, with at least £5,000 by debit card or Pay by Bank, and subsequently use this money to instruct us to add at least £5,000 to one or more savings products within your Active Savings Account. Both of these actions must be taken within 60 days of the opening of the account to qualify (“the Qualifying Period”). For the avoidance of doubt you can open an account without adding any money and still qualify for the offer, provided that your account is topped up to a balance of at least £5,000 and you use this money to instruct us to add at least £5,000 to one or more savings products. Both of these actions must be taken within 60 days of opening the account in order to qualify.

3. If you open an account within the Offer Period and also satisfy the criteria listed in clause 2, we will credit the cash hub in your account with a cash amount between £10 and £150, depending on the amount you add to one or more savings products. We will credit the cash within 65 days after the end of the Offer Period. We’ll notify you by email once the cash amount has been added.

4. The value of the cashback will be based on the total amount added to savings products within 60 days of the opening of the account. The value of the cashback will also only be based on the amount added to your account by debit card or Pay by Bank during the Qualifying Period, money added from your Fund and Share Account will not qualify.

5. The cashback shall be determined in accordance with the tiers identified in the table accompanying these terms and conditions.

6. It is not possible to combine the value of saving products chosen in accounts with different client numbers for the purpose of this offer. The maximum amount of cashback you can receive under this offer is £150.

7. We reserve the right to amend or withdraw this offer if necessary, including for legal or regulatory reasons or otherwise. If the offer closes early, all qualifying applications received up until this time will still be accepted. Details of any such amendment, extension or withdrawal will be posted on our website at https://www.hl.co.uk/savings/savings-account.

8. This offer is not available to anyone who already has an Active Savings Account.

9. These terms are governed by the laws of England and Wales and subject to the exclusive jurisdiction of the courts of England and Wales.

10. By registering for the Offer and opening an account within the Offer Period, you agree to be bound by the terms of this Offer.

11. References in these terms and conditions to “Hargreaves Lansdown”, “our”, “us” or “we” are to Hargreaves Lansdown Savings Limited (company number 901007), authorised and regulated by the Financial Conduct Authority (FCA Register number 915119), whose registered office is at 1 College Square South, Anchor Road, Bristol, BS1 5HL. References to the “Hargreaves Lansdown Group” are to Hargreaves Lansdown plc (company number 02122142) and its subsidiaries from time to time.

masonic

Those T&C do appear to have a glaring hole in them that there is no minimum six month holding period mentioned corresponding to the statement made by MSE. That would seem to be a major error on their part and if taken to be the actual terms in force, it looks like you can empty your account as soon as you've received the incentive.

Let us know how you get on.

phlebas192

masonic said:

Those T&C do appear to have a glaring hole in them that there is no minimum six month holding period mentioned corresponding to the statement made by MSE. That would seem to be a major error on their part and if taken to be the actual terms in force, it looks like you can empty your account as soon as you've received the incentive.

Let us know how you get on.

Got the cashback notifications today. I added £20k and haven't made any withdrawals, got £40 as expected. My wife added £30k total (some immediately, some only a couple of weeks ago) and transferred £20k of it to her HL S&S ISA earlier this week. She's got the advertised £60 cashback.

masonic

phlebas192 said:

masonic said:

Those T&C do appear to have a glaring hole in them that there is no minimum six month holding period mentioned corresponding to the statement made by MSE. That would seem to be a major error on their part and if taken to be the actual terms in force, it looks like you can empty your account as soon as you've received the incentive.

Let us know how you get on.

Got the cashback notifications today. I added £20k and haven't made any withdrawals, got £40 as expected. My wife added £30k total (some immediately, some only a couple of weeks ago) and transferred £20k of it to her HL S&S ISA earlier this week. She's got the advertised £60 cashback.

Are either of you now planning to reduce your balance below the £5k minimum specified by MSE, but not in the HL T&C?