How to get better returns on your savings, and get a £25 bonus

The current environment is affecting many people’s finances. So it’s arguably more important than ever to get the best return you can on cash savings.

But at a time when lots of us are looking at our cash savings in more detail, savings rates are being cut across the market. The average instant access rate stood at 0.41% at the start of the year but is now down to just 0.28%. The average 1 year fix is now 0.73%, down from 0.97%.

These are just average figures – you might be getting more or much less. Some high-street banks are paying just 0.01% on some instant access accounts, and others have announced they will follow suit soon. That’s just £1 interest on a savings pot of £10,000, after a whole year.

If you have your savings with a high-street bank it could be time to look a little further afield.

Get better rates, without the hassle

Opening savings accounts with a new provider is usually a lot of hassle – going through new application forms and having to prove who you are every time. You’ll probably need to set it up and remember new security information too.

Active Savings is here to help.

With one account you can pick and mix easy access and fixed term savings products from a range of banks and building societies. Once you’re set up, there’s no more paperwork or forms when you want to move your savings or open new products. And it’s easy to manage allowing you to see all your savings alongside other Hargreaves Lansdown investments in one online account.

There are great rates to choose from, up to 0.75% (AER/Gross*) on easy access and 1.35% (AER/Gross) on a 1 year fix. There’s also a wide selection of products, including fixed terms up to three years.

This article isn't personal advice, so you need to be comfortable with making your own decisions. Remember inflation reduces the future spending power of money. Once in a fixed term product you cannot normally access the money until maturity.

Products available through Active Savings can be added or withdrawn at any time. Minimum deposit requirements apply to individual products. Instant access products allow immediate cash withdrawals. Active Savings offer easy access products where withdrawals usually take one working day.

*AER (Annual Equivalent Rate) shows what the interest rate would be if interest was paid and compounded once each year. It helps you compare the interest rates on different savings products.

Gross means the interest rate without any tax deducted. Interest is paid gross. You’re responsible for paying any tax due on interest that exceeds your Personal Savings Allowance to HM Revenue & Customs. Tax treatment can change.

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.