AJ Bell Cash Savings Hub rates reduced to 4.55%

Is AJ Bell Cash Savings Hub any good?

Currently, the top savings interest rates offered on the AJ Bell Cash Savings hub are 4.55%.

All accounts on the platform are covered by the Financial Services Compensation Scheme (FSCS) guarantee of up to £85,000 on bank deposits.

By comparison to these three alternatives, the AJ Bell Cash Savings hub is relatively limited.

Unlike the others, AJ Bell’s service does not offer any instant access savings accounts, from which savers can withdraw their money without incurring a penalty.

As of 22/01/2025 it offers 27 fixed term savings accounts and 6 notice accounts. These numbers are a lot smaller than those offered by the platforms above.

Fixed term savings accounts or bonds typically lock money away for a term of between six months and five years, with a set interest rate for that period.

Notice accounts require you to give a notice of between 30 to 90 days before withdrawing your money.

One point in favour of the AJ Bell Cash Savings hub is its simplicity. The large numbers of accounts offered by its rival comparison platforms can sometimes seem excessive and potentially confusing.

There are usually a few accounts in each category which offer better interest or conditions than the others, so having a wider range of options does not necessarily make a platform superior in all respects.

The rates on the two accounts mentioned at the top of this article are among the highest currently available on these platforms, with only Raisin matching them. Flagstone and Hargreaves Lansdown’s platforms do not offer accounts with such high rates, as of 22/01/2025.

The hub offers a tool on its website which shows you exactly how much money you will earn in interest from each account when you allocate a set amount of money. Among its rivals, only Raisin offers a similar feature to those browsing their websites.

The tool appears to only allow you to allocate savings of up to £85,000 to accounts, which is the limit of the FSCS guarantee. This restriction makes sense and is a good way of protecting savers who may be unaware of the limit.

The main webpage of the hub also clearly summarises the most important information regarding each account: the interest rate, the term length and the minimum deposit. By contrast, Raisin requires you to do a bit more searching to see the minimum deposit.

The filter for the comparison page is also pleasantly simple, allowing savers to select accounts by four different ranges of term length. Its rivals present many more filters, which could be confusing for beginners.