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  • Millions of us are missing out on savings interest – how to get a better deal

    Are you one of the many getting a poor interest rate? Here’s how you could get a competitive interest rate on your savings in just a few clicks.

    Important information

    This article gives you information to help you make the most of your money, but it isn’t personal advice. If you’re not sure if a certain action is right for you, please ask for advice.

    Important information - This article gives you information to help you make the most of your money, but it isn’t personal advice. If you’re not sure if a certain action is right for you, please ask for advice.

    Ignoring the interest rate we get on our savings is costing us billions.

    Much of the blame must sit with high street banks, building societies and even the post office. Each are using our loyalty and lack of action against us. They know many people don’t switch so they have little motivation to give better rates.

    And the amount it’s costing us is shocking.

    There’s over £265bn sat in accounts which pay no interest at all - that figure has doubled in the last ten years. And there’s £983bn sat in easy access accounts, much with high street banks paying very low rates.

    In fact, research from Investec in February identified the average rate offered by banking giants as 0.02%, compared to the average top 10 rate at 0.67%.

    For the average household, that sort of difference in rate could amount to more than £2,000 over ten years, based on a savings pot of just over £30,000. That’s a significant amount, especially when we have to contend with inflation which is also reducing the spending power of our money.

    Get a better savings rate

    It’s time to join the savings revolution and vote with our feet. Get a better rate.

    Active Savings gives you the tools to take back control of your savings.

    You can pick and mix from easy access and fixed-term savings products from different banks and building societies, with one online account. You’ll get better rates and more choice than a typical high street bank.

    Picking and switching savings rates is simple and can be done in a handful of clicks. And you’ll see everything in one place, so it’s easy to manage.

    Instant access products allow immediate cash withdrawals, Active Savings offers easy access products where withdrawals usually take one working day.

    Fixed term products pay a fixed rate the whole term, but you can't usually withdraw your money until the term has ended. With limited access products you can withdraw your money when you like, but only a certain number of times a year without incurring a charge.

    The best rates on Active Savings

    Easy access

    Up to
    1.11% | 1.10%
    (AER | Gross)

    Avg. market rate
    0.25%

    1 year

    Up to
    2.65% | 2.65%
    (AER | Gross)

    Avg. market rate
    0.89%

    2 years

    Up to
    3.00% | 3.00%
    (AER | Gross)

    Avg. market rate
    1.61%

    3 years

    Up to
    2.95% | 2.95%
    (AER | Gross)

    Avg. market rate
    1.83%

    Easy access

    Up to
    1.11% | 1.10%
    (AER | Gross)

    Avg. market rate
    0.25%

    1 year

    Up to
    2.65% | 2.65%
    (AER | Gross)

    Avg. market rate
    0.89%

    3 years

    Up to
    2.95% | 2.95%
    (AER | Gross)

    Avg. market rate
    1.83%

    Find out more

    Please note the products above are some of our most popular, but more are available. Click the link above to see our full range. Products can be added or withdrawn at any time. Minimum deposit requirements apply to individual products. Easy access products pay a variable rate and fixed term products pay a fixed rate.

    Source: Bank of England 31 May 2022. Comparisons with average market rates for easy access products are based on instant access products, which allow immediate withdrawals. Active Savings offers easy access products and withdrawals usually take one working day.

    AER (Annual Equivalent Rate) shows what the interest rate/expected profit rate would be if it was paid and compounded once each year. It helps you compare the rates on different savings products. Once you have opened a fixed term product the rate won't change, but rates on easy access products can vary.

    Gross means the rate without any tax removed. Interest/profits are paid gross. You are responsible for paying any tax due on interest/profits that exceed your Personal Savings Allowance to HM Revenue & Customs. Tax treatment can change.

    The savings of private individuals held with authorised banks and building societies are covered under FSCS. All of our partner banks are authorised by the Prudential Regulation Authority (PRA) and covered under FSCS.

    Cashback

    Get £20-£100 cashback

    Open an Active Savings Account by 30 June 2022, then add at least £10,000 by debit card and choose your savings product within 60 days to qualify for cashback. If your balance drops below your cash offer qualifying amount within six months we may reclaim your cashback. Terms below.

    You pay in Your cashback
    £10,000 - £19,999 £20
    £20,000 - £29,999 £30
    £30,000 - £49,999 £40
    £50,000 - £79,999 £50
    £80,000 or more £100

    Find out more about Active Savings

    The Active Savings service is provided by Hargreaves Lansdown Savings Limited (company number 8355960). Hargreaves Lansdown Savings Limited is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 with firm reference 901007 for the issuing of electronic money.

    Active Savings Cashback Offer – what you need to know

    1. This offer is available to anyone who opens a new Active Savings Account between 06 April 2022 and 30 June 2022 inclusive (“the Offer Period”).

    2. To qualify for the offer, you’ll need to fund your new account, with at least £10,000 by debit card, and to subsequently use this money to instruct us to add at least £10,000 to one or more savings products within that account. Both of these actions must be taken within 60 days of the opening of the account to qualify (“the Qualifying Period”). For the avoidance of doubt you can open an account without adding any money and still qualify for the offer, provided that your account is topped up to a balance of at least £10,000 and you use this money to instruct us to add at least £10,000 to one or more savings products. Both of these actions must be taken within 60 days of opening the account in order to qualify.

    3. If you open an account within the Offer Period and also satisfy the criteria listed in clause 2, we will credit the cash hub in your account with a cash amount between £20 and £100, depending on the amount you add to one or more savings products. We will credit the cash amount within one month after your Qualifying Period. We’ll notify you by email once the cash amount has been added.

    4. The value of the cash reward will be based on the total amount added to savings products within 60 days of the opening of the account. The value of the cash reward will also only be based on the amount added to your account by debit card during the Qualifying Period. The value of the cash reward will not be based upon any amounts added to savings products using cash held in a Fund and Share Account.

    5. The cash reward shall be determined in accordance with the tiers identified in the table accompanying these terms and conditions.

    6. It is not possible to combine the value of saving products chosen in accounts with different client numbers for the purpose of this offer. The maximum amount of cash you can receive under this offer is £100.

    7. We reserve the right to reclaim the cash reward if the overall balance of your Active Savings Account drops below your cash offer qualifying amount within 6 months of the date of the qualifying deposit. We will notify you if we intend to reclaim the cash reward, and will claim it within 7 working days.

    8. We reserve the right to amend, extend or withdraw this offer if necessary, including for legal or regulatory reasons or otherwise. If the offer closes early, all qualifying applications received up until this time will still be accepted. Details of any such amendment, extension or withdrawal will be posted on our website at www.hl.co.uk/savings.

    9. This offer is not available to anyone who already has an Active Savings Account.

    10. You must not be an employee of any Hargreaves Lansdown Group company or a member of any such employee’s immediate family or household.

    11. This offer is limited to one payment of up to £100 per client.

    12. This offer will be governed by English law and, in participating, you submit to the jurisdiction of the English courts.

    13. References in these terms and conditions to “Hargreaves Lansdown”, “our”, “us” or “we” are to Hargreaves Lansdown Savings Limited (company number 08355960), authorised and regulated by the Financial Conduct Authority (FCA Register number 915119), whose registered office is at 1 College Square South, Anchor Road, Bristol, BS1 5HL. References to the “Hargreaves Lansdown Group” are to Hargreaves Lansdown plc (company number 02122142) and its subsidiaries from time to time.

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