To get the best rates from a HL Cash ISA, Hargreaves Lansdown offers a different type of cash ISA, allowing you to save tax-free giving you a different way to access your money across a range of different bank accounts. In this review, we explain what it is and if it’s any good.
Expert Review
Product Name: Hargreaves Lansdown Cash ISA
Product Description: Hargreaves Lansdown offers a cash ISA through HL Active Savings to sit alongside its investment accounts where you can pick and choose the best rates from their range of banking partners.
How does HL's cash ISA differ from a Hargreaves Lansdown investment ISA?
The main difference between the two is that one is a savings product and the other is investment. A cash ISA allows you to earn a fixed interest rate with your cash. This does not change, regardless of market movements. A stocks and shares ISA puts your money in a variety of assets with your return depending on fund performance. It’s a higher risk option and you may get back less than you put in.
You can invest as little as £100 or £25 per month and have full control over what you invest in. This is a good product for people who are comfortable investing and with the risks that entails. The product also offers the flexibility of taking your money out at any time, although this will impact your returns.
See the difference between cash ISAs and stocks and shares ISAs here, or find out how you can reduce your risk but still get high-interest rates on your savings with Active Savings.
This is a good option if you want to invest in an ISA but don’t want to risk investing it in stocks and shares. Although it may offer a lower interest rate, it does offer a guaranteed return. It also gives you plenty of flexibility with the ability to choose between instant access to your cash or more limited access.
The downside is that although you might not be paying tax on your interest there might not be much of it. Although the investment ISAs come with a degree of risk, they do offer the prospect of higher returns. You can also earn up to £1,000 tax free in a regular cash savings account so the tax-free ISA benefits are not that clear cut.
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Pricing
(4.5)
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Market Access
(5)
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App & Platform
(5)
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Customer Service
(5)
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Research & Analysis
(5)
Overall
4.9
Richard is the founder of the Good Money Guide (formerly Good Broker Guide), one of the original investment comparison sites established in 2015. With a career spanning two decades as a broker, he brings extensive expertise and knowledge to the financial landscape.
Having worked as a broker at Investors Intelligence and a multi-asset derivatives broker at MF Global (Man Financial), Richard has acquired substantial experience in the industry. His career began as a private client stockbroker at Walker Crips and Phillip Securities (now King and Shaxson), following internships on the NYMEX oil trading floor in New York and London IPE in 2001 and 2000.
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