HL Active Savings

Malchester

DavidT67 said:

Malchester said:

As with all of these platforms rates are not usually the best. Better rates can nearly always be found by going direct. However platforms do offer a wider range of fixed rate terms, including 1 month, 2 months etc. A fixed rate account is the same inside or outside a platform and the term cannot be broken. As DRS1 says an issue with platforms is having funds sitting in non interest paying accounts as you switch between accounts.

FWIW I have never used a platform (although have a HL Active savings account) preferring to do it myself and, if I'm honest, I enjoy the process.

If you go direct you need to complete a new account application each time and repeat all your personal details time and time again, then keep your fingers crossed whilst money is transfer between providers.

With HL savings hub, it's just a couple of button clicks to open a new product and move money.

Across our family accounts, I've switched savings products sixteen times in the last few months, I wouldn't want to be doing that not on a savings platform !

NB With one exception, the money is held in a HL aggregate client account with the savings providers.

Thanks. One problem is that with savings through a platform your interest has to be compounded so if you use interest paid away as part of monthly income these accounts are no use. Also, if you have an account with one bank and you want to open another, in my experience, the details on the application are automatically completed when you apply. And even if they aren't it only takes 5 minutes. Also easy access accounts on a platform have to have interest compounded and are not instant and you have to wait for any deposits or withdrawals. Each to their own but I prefer to have control.