Hargreaves Lansdown (HL) has introduced a new feature designed to make it simpler for clients to move money between their ISAs, particularly into its Cash ISA savings accounts.
The new ‘move money’ tab, available within HL accounts, allows customers to transfer uninvested cash from their HL Stocks and Shares ISA directly into an HL Cash ISA in just a few clicks.
The move is aimed at investors who want to split their savings between investments and cash, while keeping the funds under the ISA tax-free umbrella. Transfers do not count towards the annual £20,000 ISA allowance, ensuring savers maintain their full entitlement for new contributions.
How it works
Clients log in to their HL account and select their HL Cash ISA.
By clicking the ‘move money’ tab, they can transfer cash across from their Stocks and Shares ISA.
The transfer retains its ISA status and is completed without charges from HL.
For those with Cash ISAs held outside Hargreaves Lansdown, the process is slightly more complex. Savers must first transfer their external Cash ISA into an HL Stocks and Shares ISA, before moving the funds into the HL Cash ISA. HL has confirmed it is working on enabling direct external transfers into its Cash ISA in the future.
Active Savings consolidation and flexibility
HL says the upgrade gives clients greater control and oversight of their savings. By combining Cash ISAs within its Active Savings platform, customers can access a range of easy-access and fixed-rate products from multiple banks without the need to open new accounts.
The platform has won several awards in recent years, including Best Savings Platform 2024. It currently offers no transfer or account-opening fees, although customers are advised to check whether their existing providers impose exit or transfer charges before moving.
Why moving your Cash ISA matters
The Cash ISA market has become increasingly competitive, with rising interest rates prompting more savers to shop around for the best deals. Hargreaves Lansdown’s Active Savings platform allows users to switch between accounts from different partner banks, providing flexibility to adapt to changing market conditions.
Richard Hunter, Head of Markets at HL, said the changes are part of the company’s ongoing efforts to make saving and investing more accessible and user-friendly. “Clients want simplicity and control when managing their money. This new functionality makes it quicker and easier to take advantage of the best ISA options available on our platform,” he said.
Overall, we rate the Hargreaves Lansdown Active Savings product as an excellent way to spread your cash savings across multiple bank accounts.
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