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Investment Times

A fairer deal on your savings

| 14 September 2018 | A A A
A fairer deal on your savings

No recommendation

No news or research item is a personal recommendation to deal. All investments can fall as well as rise in value so you could get back less than you invest.

In August, the Bank of England increased the base rate to 0.75% – the highest it’s been since March 2009. While anyone with a variable mortgage rate probably saw their rate rise straight away, the impact on savings rates has been a lot less obvious.

That’s mainly because lots of cash accounts, especially fixed term savings accounts, had effectively ‘priced in’ the rise. When it comes to saving, you should be mindful of the impact of inflation and focus on the rates available today, rather than trying to guess what might happen tomorrow.

We’re on a mission to make saving fairer

It’s no secret that it’s hard to earn a consistently good rate on your cash savings. Most people either spend their life chasing rates, which is a load of hassle, or they don’t bother and earn next to nothing in interest.

That’s why we’ve launched Active Savings.

Active Savings is one of the first services of its kind. It lets you pick and choose fixed term savings products from a range of different banks and building societies, all through the convenience of one online account. And it sits with your other HL accounts, so you could put your cash into savings and investments, and manage it in a way that suits your goals.

When you save using HL you get a fairer deal because you can:

  • Always choose from good rates
  • Move your money between banks and building societies with just a few clicks
  • Take control, so you always know exactly what rates you’re getting

And this is just the start. Right now we’re working on easy access savings, a Cash ISA and much more, to give you even greater control of your savings in future.

As more and more clients use us for their savings, we can offer an even better service. See if you can change the way you save forever.

Find out more about Active Savings

Active Savings service isn’t personal advice. It can help you make the most of your money but if you are unsure of the suitability for your circumstances seek advice. Fixed term products generally only allow access to funds at maturity.

Client case study

Mr Shepherd chose Active Savings because he thinks it’s simple, straightforward, valuable, and a huge time saver.

“I sold my business in September 2017 and I’m now enjoying my retirement spending plenty of time planning for and travelling the world. When I received a lump sum from the sale, Active Savings was the perfect place to put some of my hard earned spare cash.

Opening an account was so straightforward. In just a few simple clicks, I was able to spread my money across 4 different savings products without filling in any forms.

I chose to place my money across different fixed terms so that I could happily manage my upcoming expenses. I knew I had a range of different bills to pay in 9, 12 and 18 months’ time, so for me, it was about managing my money to get a better return during this new retirement period. If I hadn’t put my spare cash into Active Savings, it would probably be sat in a deposit account in my bank earning next to nothing.

Working for a living, for life, has its own mind-set. It's all about paying off mortgages and other bills including children. And also saving for the future. Retiring brings a very different mind-set. It’s all about careful planning of your savings and scheduling the spending of the monies you have earned.

The great thing about Active Savings is that HL has done all of the hard work so I don’t have to. It makes the saving part so easy and, in my opinion, fills a great gap in the market. I would definitely recommend Active Savings to anyone looking at a simple and easy way to save.”

Please note that Active Savings is an online-only service.

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 Payment Services Regulations 2017 with firm reference 751996 for the provision of payment services. Hargreaves Lansdown Asset Management Limited and Hargreaves Lansdown Savings Limited are wholly owned subsidiaries of Hargreaves Lansdown plc (company number 2122142).

Find out more about Active Savings

What your parents didn’t tell you about pensions

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The value of investments can go down in value as well as up, so you could get back less than you invest. It is therefore important that you understand the risks and commitments. This website is not personal advice based on your circumstances. So you can make informed decisions for yourself we aim to provide you with the best information, best service and best prices. If you are unsure about the suitability of an investment please contact us for advice.