- All high street banks now paying savings rates below 5%.
- Cash savings platforms are the only place to find rates above 5%.
- Longer-term savings rates are implying that rates will continue to fall, with the 5-year fixes paying less than 4.5%.
- Savers who are looking to lock their cash away for shorter time period should fix now to avoid further falls.
- With current Active Savings cashback deal, clients can receive up to £150 cashback and still earn up to 5.09% on shorter-term fix rates, with market leading rates on 3-month, 6-month , 1-year and 2-year fixes.
Mark Hicks, head of Active Savings, Hargreaves Lansdown:
“Since the Bank of England reduced the base rate on the 1 August, banks and building societies have been quick to react by reducing rates across fixed terms and cutting the rates on their easy access products. The best rates available in the market across Cash ISA and savings accounts can all be found on savings platforms. It is widely expected that rates will continue to fall, and for savers that are keen to secure and lock in rates, savings platforms still offer higher rates than you can get by going to banks and building societies direct.
With Active Savings’ latest cashback, new clients can earn up to £150 in cashback and can earn up to 5.09% on fixed terms, beating the top rates available on the high street. Between now and the end of the year, it is widely expected that the Bank of England will cut rates again, leading to further falls in savings rates, so savers should act now if they can lock cash away. The highest fixed terms available can be found in shorter-dated products in three- and six-month fixes.
Longer-term fixed rates give an indication on where the market will settle eventually. With three- and five-year fixed rates priced around 4.50%, it certainly feels like shorter-term rates could fall a further 50bp over the next 6-12 months.”
Market leading rates above 5% with HL cashback (highlighted in yellow)
| Deposit amount of £10,000 | Highest rate without cashback (AER) | Highest rate with cashback (AER) |
| Easy Access | 4.67% | 4.90% |
| 3-month FTD | 4.89% | 5.09% |
| 6-month FTD | 4.87% | 5.07% |
| 1-year FTD | 4.81% | 5.01% |
| 2-year FTD | 4.60% | 4.80% |
About HL’s cashback offer
- New clients to the Active Savings can earn up to £150 cashback.
- Cashback payable to anyone that opens an Active Savings account before 26 September 2024, with £5,000 or more.
- With this cashback offer, new clients can earn up to 5.06% AER on fixed rate products, the highest in the market.
- The cashback gives Active Savings the top rate in the market across multiple products.
- The cashback means HL has three top of market rates, assuming clients deposit £10,000.
- Clients will receive a cash payment into their Active Savings account based on the opening value of assets opened in the cashback window.
Cash offer amounts
| Value deposited into savings products | Cashback amount |
| £5,000 – £9,999 | £10 |
| £10,000 – £19,999 | £20 |
| £20,000 – £29,999 | £40 |
| £30,000 – £49,999 | £60 |
| £50,000 – £74,999 | £100 |
| £75,000 + | £150 |
About HL Active Savings
Launched in 2018, HL Active Savings is the UK’s largest retail online cash savings platform, offering clients access to 70 products from 22 banks. Active Savings allows savers to pick and mix from a variety of easy access and term savings products offered by our partner banks and building societies through one easy to use online account. It cuts out the hassle of chasing savings rates and opening accounts with multiple providers and makes it much simpler for savers to choose another product when their fixed rate comes to an end. As at the end of July 2024, we now support more than 250,000 clients with their cash savings, totalling more than £10.6 billion.
Clients receive 100% of the interest paid by our partner banks and we do not charge clients for using the Active Savings Platform, instead Hargreaves Lansdown charges the banks and building societies that we partner with
