Home Banking New market leading rates for HL Active Savings

New market leading rates for HL Active Savings

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  • 2-year rates hit 3% for first time in 9 years (source: Moneyfacts)
  • BLME is offering a 2-year fixed rate at 3% and a 5-year fixed rate at 3.25%
  • Using the HL Active Savings cash back deal can take the 2-year rate to a market-beating 3.2% and the 5-year rate to 3.46%.
  • 1-year fixed rate being offered by Allica Bank at 2.6%, plus cash back, gives savers a market-leading rate of 2.8%.
  • A 6-month rate is available at 1.85% from Kent Reliance.

Tom Higham, Head of HL Active Savings, says:

“The savings market is moving fast with competition amongst the medium and smaller banks are pushing fixed term savings up with the 6-month rate well above the best Easy Access rates available. This could be perfect for those looking to set aside money for their self-assessment tax bill in January 2023 and is more than 18 times the 0.1% available on Easy Access from the bigger banks.

For those looking for a bit more longer-term certainty with their savings, you can now get 3% on 2-year Fixed Term deposits, or 3.25% on 5 year. In addition, HL Active Savings still offers cash back – so you can increase those percentages even more.”

Find out more about how HL Active Savings cashback deal works here.

5-year fixed rate offered by BLME with cash back:

RateDepositCashbackEffective Rate + CB

2-year fixed rate offered by BLME with cash back:

RateDepositCashbackEffective Rate + CB 
 1-year fixed rate offered by Allica Bank with cash back:
RateDepositCashbackEffective Rate + CB 

6-month fixed rate offered by Kent Reliance with cash back:
RateDepositCashbackEffective Rate + CB 

How Active Savings Works

Launched in 2018, Active Savings is an online cash savings platform which provides a solution for the 49% of people who haven’t moved their savings in the past 5 years, and the 37% who’ve never switched**.

Through one single application, savers can move money between accounts with different banks and building societies in just a few clicks, removing the need to ever complete another application. Active Savings means all cash can be kept in one place, and makes it much simpler for savers to choose another product when their fixed-rate comes to an end.

Hargreaves Lansdown chooses to partner with banks that only offer consistently good rates, rather than banks offering a high introductory rate which drops to a much lower rate after a short period of time.

We do not charge clients for using the Active Savings Platform, instead Hargreaves Lansdown charges the account providers that we partner with a percentage of balances held with them.

**Opinium survey for Hargreaves Lansdown in October 2020.

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