Hargreaves Lansdown Active Savings

[yorkshirelad1]

Have been looking at HL's Active Savings. Seems like a useful "Switching Service" for cash accounts.
They do the account openings (no id docs for a new opening, just once for HL and not necessary to repeat if you're an existing HL customer), provide one annual interest summary for all accounts held in the tax year, enables spreading the £85k FSCS (or however much it is at the moment) limit
They seem to have a reasonable number of banks & accounts and terms etc on their panel and say they will be expanding

https://www.hl.co.uk/investment-services/active-savings

Anyone else got one? Like it? Hate it? Any gotchas?

I have no connection with HL other than as an existing customer (ISA)

TIA

[DrBunsenHoneydew]

Have been looking at HL's Active Savings. Seems like a useful "Switching Service" for cash accounts.
They do the account openings (no id docs for a new opening, just once for HL and not necessary to repeat if you're an existing HL customer), provide one annual interest summary for all accounts held in the tax year, enables spreading the £85k FSCS (or however much it is at the moment) limit
They seem to have a reasonable number of banks & accounts and terms etc on their panel and say they will be expanding

https://www.hl.co.uk/investment-services/active-savings

Anyone else got one? Like it? Hate it? Any gotchas?

I have no connection with HL other than as an existing customer (ISA)

TIA

You should compare the interest on offer for the same product taken directly from the underlying supplier and determine whether you think the lesser rate from HL is worthwhile for the 'convenience' factor.

[ffacoffipawb64]

Have been looking at HL's Active Savings. Seems like a useful "Switching Service" for cash accounts.
They do the account openings (no id docs for a new opening, just once for HL and not necessary to repeat if you're an existing HL customer), provide one annual interest summary for all accounts held in the tax year, enables spreading the £85k FSCS (or however much it is at the moment) limit
They seem to have a reasonable number of banks & accounts and terms etc on their panel and say they will be expanding

https://www.hl.co.uk/investment-services/active-savings

Anyone else got one? Like it? Hate it? Any gotchas?

I have no connection with HL other than as an existing customer (ISA)

TIA

You should compare the interest on offer for the same product taken directly from the underlying supplier and determine whether you think the lesser rate from HL is worthwhile for the 'convenience' factor.

The only instant access option, with Coventry Building Society, seems to offer a higher interest rate than the direct option.

Shame only one instant access option is available.

[DrBunsenHoneydew]

Have been looking at HL's Active Savings. Seems like a useful "Switching Service" for cash accounts.
They do the account openings (no id docs for a new opening, just once for HL and not necessary to repeat if you're an existing HL customer), provide one annual interest summary for all accounts held in the tax year, enables spreading the £85k FSCS (or however much it is at the moment) limit
They seem to have a reasonable number of banks & accounts and terms etc on their panel and say they will be expanding

https://www.hl.co.uk/investment-services/active-savings

Anyone else got one? Like it? Hate it? Any gotchas?

I have no connection with HL other than as an existing customer (ISA)

TIA

You should compare the interest on offer for the same product taken directly from the underlying supplier and determine whether you think the lesser rate from HL is worthwhile for the 'convenience' factor.

The only instant access option, with Coventry Building Society, seems to offer a higher interest rate than the direct option.

Shame only one instant access option is available.

It's 1.2% direct as well as through HL.
https://www.coventrybuildingsociety.co.uk/consumer/product/savings/easy_access/easy-access-online-3.html
I suspect this service has had a very low take-up and HL are having to give the going rate like the comparison sites.

[DrBunsenHoneydew]

The HL list is much more competitive nowadays.
Where available to compare, the rates are now the same as by direct access.

In fact for the 3 and 5 year fixed rate bonds from Charter Savings they are better - but hurry - the rates have already gone down on the direct access and the HL version says their rates close tomorrow (which might mean today is the last chance)!