Active Savings Account
Open an Active Savings account
Filling in the application takes about 10 minutes.
As this will be the first time you’ve paid into your Lifetime ISA in the current tax year, you’ll have to confirm that you agree to the Lifetime ISA declarations. It shouldn’t take any longer than 5 minutes.
This won’t impact your existing account – any contributions to this year’s Lifetime ISA will appear as normal.
What you need to know
- You can only access and manage your Active Savings account online. We will send any information relating to your account by secure message or email.
- Active Savings helps you make your own decisions and is not personal advice.
- Income tax may be payable on any interest received subject to your personal circumstances. See our FAQs for more details.
- If the rate of interest you receive on your savings is lower than that rate of inflation, the future spending power of your money will be reduced.
- You’ll have 30 working days to choose savings products once your money has been received in the cash hub or we may return your money to you. Any money in your cash hub is held in a segregated account with Barclays Bank plc where your money will be safeguarded by us until you choose what to do with it. You won’t earn any interest on money held in the cash hub.
- FSCS protection - Your eligible deposits with our partner banks are covered up to £85,000 per banking licence.
When you open an Active Savings Account, we’ll apply further security measures to your account, to make it more secure and ensure we follow new regulations. You’ll be asked to provide a phone number, which we’ll send a code to when you log into your HL account online.
What you need to have to hand
- Your debit card details to open your Active Savings account with a lump sum. The minimum amount is £1.
- Your bank details to set up a Nominated Bank Account so you can withdraw your money.