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This is something that Hargreaves Lansdown’s Active Savings product aims to address. Launched by the investment broker in 2018, Active Savings lets customers pick and choose from a range of the best easy-access and fixed-term savings accounts.

You get started by depositing a minimum of £1,000 which you can allocate to as many savings accounts as you want, with rates of up to 5.05%. You’ll receive monthly statements and a warning when rates are about to expire.

Hargreaves Lansdown Active Savings is a similar product to raisin, which also lets you manage multiple savings accounts from a single platform.

What are the best interest rates on Hargraves Lansdown Active Savings?

At the moment, the best rate in HL’s Active Savings platform is 5.05% from Close Brothers with a minimum opening balance of £1,000 for five years.

You can see the savings products available in Hargreaves Lansdown’s Active Savings portal ranked by the highest interest rate here:

Savings Provider AER / Gross Term Min opening Interest paid Apply by
Close Brothers Savings 5.05% / 5.05% 5 years fixed £1,000.00 Annually 14/11/2022
Close Brothers Savings 4.90% / 4.90% 3 years fixed £1,000.00 Annually 14/11/2022
Close Brothers Savings 4.85% / 4.85% 2 years fixed £1,000.00 Annually 14/11/2022
Investec 4.70% / 4.81% 2 years fixed £1,000.00 Maturity 13/11/2022
Aldermore 4.55% / 4.65% 2 years fixed £5,000.00 Maturity 16/11/2022
Close Brothers Savings 4.60% / 4.60% 18 months fixed £1,000.00 Annually 14/11/2022
Paragon 4.60% / 4.60% 2 years fixed £1,000.00 Annually 16/11/2022
Aldermore 4.50% / 4.55% 18 months fixed £5,000.00 Maturity 16/11/2022
Paragon 4.55% / 4.53% 18 months fixed £1,000.00 Annually 16/11/2022
Aldermore 4.45% / 4.45% 1 year fixed £5,000.00 Maturity 16/11/2022
Close Brothers Savings 4.40% / 4.40% 1 year fixed £1,000.00 Maturity 14/11/2022
Investec 4.36% / 4.36% 1 year fixed £1,000.00 Maturity 13/11/2022
Paragon 4.30% / 4.30% 1 year fixed £1,000.00 Maturity 16/11/2022
ICICI Bank UK 4.10% / 4.10% 2 years fixed £1,000.00 Annually 16/11/2022
ICICI Bank UK 4.10% / 4.10% 3 years fixed £1,000.00 Annually 16/11/2022
ICICI Bank UK 4.10% / 4.10% 5 years fixed £1,000.00 Annually 16/11/2022
ICICI Bank UK 4.00% / 4.00% 18 months fixed £1,000.00 Annually 15/11/2022
ICICI Bank UK 3.85% / 3.85% 1 year fixed £1,000.00 Annually 16/11/2022
Aldermore 3.77% / 3.75% 9 months fixed £5,000.00 Maturity 16/11/2022
ICICI Bank UK 3.75% / 3.75% 9 months fixed £1,000.00 Maturity 15/11/2022
Arbuthnot Latham 3.65% / 3.65% 1 year fixed £10,000.00 Maturity 15/11/2022
Investec 3.00% / 2.98% 6 months fixed £1,000.00 Maturity 13/11/2022
Coventry Building Society 1.75% / 1.74% Easy access £1.00 Monthly No deadline
Paragon 1.25% / 1.25% Easy access £1.00 Monthly No deadline
ICICI Bank UK 1.00% / 1.00% Easy access £10.00 Monthly No deadline

AER (Annual Equivalent Rate) shows what the interest rate/expected profit rate would be if it was paid and compounded once each year. It helps you compare the rates on different savings products.

Gross means the rate without any tax removed. Interest/profit will be paid gross and you’re responsible for paying any tax due on interest/profit that exceeds your Personal Savings Allowance to HMRC.

Advantages of Hargreaves Lansdown Active Savings

The key advantage is that you can get the best interest rates for your savings, by constantly switching savings accounts without actually having to move your money around or open lots of different savings accounts.

“Active Savings is the only UK service where people can manage their investments and savings in one place,” says Hargreaves Lansdown’s head of communications, Danny Cox. “This makes managing your money so much easier than multiple accounts.”

At the moment, the service offers access to 25 different savings accounts, so you have a good chance of finding some of the best savings providers with the highest interest rates. Hargreaves Lansdown hopes to add more providers in time, which will increase choice.

You can also save money in a cash ISA which reduces your tax bill. However, if you want better returns and are prepared to take more risk, a stocks and shares ISA maybe more appropriate.

Disadvantages of HL Active Savings

The biggest potential disadvantage of the service is that you might be able to get better rates by going to the banks directly. This is because Hargreaves Lansdown doesn’t charge you directly, instead they charge the providers you save with. This means the same or similar products offered directly by the banks and building societies may have different interest rates to those available on Active Savings.

So you are paying a small amount for the convenience of HL managing the process.

And while switching is easy, you need to be sure you’ll take notice of the email warnings about soon-to-expire rates.

If you’re a Hargreaves Lansdown customer, Active Savings is probably going to be the most convenient savings option out there. And with more banks set to come on board, the choice of accounts – and hopefully rates – will soon increase.

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