Hargreaves Lansdown adds Santander to its Active Savings service

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Hargreaves Lansdown, the UK’s largest investment and savings platform, has added Santander International to its Active Savings lineup.

Santander International is the trading name for the Jersey and Isle of Man branches of Santander Financial Services plc, which in turn is a wholly-owned subsidiary of Santander UK Group Holdings plc, which itself is part of the wider Banco Santander Group.

The Hargreaves Lansdown Active Savings service acts a bit like a marketplace, where savers can pick from a range of offers from various end providers.

For example, at the moment you can choose from an easy access account that pays 1.14% gross per annum or tie up your money for two years and you get an interest rate of 2.75% gross which can rise to 2.83% if you opt for a five-year deposit.

There are currently 15 providers available to Active Savings depositors, several of which are challenger banks or smaller building societies.

All of the providers are regulated by the FCA and PRA, and deposits placed with them are covered by the Financial Services Compensation Scheme, to a maximum value of £85,000 per institution.

Any funds in the Active Savings account that are not allocated to a provider, are held in the Hargreaves Lansdown cash hub.

Such monies are protected by the FCA’s safeguarding rules, in the event of a failure at Hargreaves Lansdown. Or by the FSCS should Hargreaves banker’s, Barclays, fail.

New clients that open an Active Savings account with the broker, before the 30th of June and who add at least £10,000 by debit card to their account and then allocate those funds to a provider(s) within 60 days, can claim a cashback offer of between £20.00 and £100.00, further terms and conditions apply, however.

UK interest rates look likely to rise further over the next 12 months and beyond, which may allow banks to offer more attractive savings deals, to hard-pressed savers, looking for the best return on their money.

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