In this guide review AJ Bell’s Cash Savings Hub and compare it to rival offerings by Hargreaves Lansdown, Raisin and Flagstone.
AJ Bell Cash Savings Hub Review: Save as well as invest with low costs
Account: AJ Bell Cash Savings Hub
Description: In 2020 AJ Bell launched its Cash Savings hub, which allows its customers to select from among a range of selected savings accounts from third-party providers. The range directly competes with the Active Savings Account offered by AJ Bell’s chief rival, Hargreaves Lansdown, as well as online marketplace Raisin and savings platform Flagstone.
Is AJ Bell Cash Savings Hub any good?
Currently, the top savings interest rates offered on the AJ Bell Cash Savings hub is 4.67% AER
All accounts on the platform are covered by the Financial Services Compensation Scheme (FSCS) guarantee of up to £120,000 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.
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 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 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.
Pros
- Simple to navigate
- Clear information
- Competitive top rates
Cons
- No instant access accounts
- Limited range of options
- Need AJ Bell account
- Rates (4.5)
- Market Access (4.5)
- App & Platform (5)
- Customer Service (5)
- Research & Analysis (4.5)
Overall
4.7
Robin has more than six years of experience as a financial journalist, most of which were spent at Citywire, and covers the latest developments in the investing, trading and currency transfer space. Outside of work, he enjoys reading literature and philosophy and playing the piano.
You can contact Robin at robin@goodmoneyguide.com
