We don’t support this browser anymore.
This means our website may not look and work as you would expect. Read more about browsers and how to update them here.

  • A A A
  • What is a Savings Platform?

    We’re a savings platform. Sounds fancy, but what does it really mean? And why should you care?

    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.

    Last Updated: 11 June 2024

    Important information - This article isn’t personal advice. If you’re not sure what’s right for you, ask for advice.

    Essentially, it’s a savings marketplace - a shop for savers to access rates from multiple banks and building societies, through a single online portal.

    Sound like a comparison site?

    Well, unlike a comparison site, online savings platforms are a place to manage your money through a single account. Not just to view rates.

    So, when you see a rate you like, you move your money across. When your needs change, you can move your money to suit that need. All without opening new accounts.

    What type of savings do platforms offer?

    Every saver’s priority should be securing their emergency pot somewhere easily accessible. We recommend saving up to 6 months of essential expenses if you’re working, and 1 to 3 years if you’re retired.

    For savers wanting higher returns in exchange for locking their money away, you can find a wide range of fixed-term products.

    Often, you can pick fixed rates from a few months up to five years.

    Holding both types in the same account makes it easy for you to adjust when your needs change.

    Why are they better for your cash?

    The banks on these platforms tend to have less clients than the big high street banks we normally save with. This is good news for your cash. Smaller banks need to work harder to attract clients, so they often offer better rates.

    It’s common for smaller banks to offer up to double the interest on their easy access rates, compared to their counterparts from larger banks.

    Interested to see if our rates are competitive? Here’s a sneak peek at some of the best rates we’re currently offering.

    2.73% 5.43% 5.49% 5.21%

    Some of the best rates on offer

    Easy access

    Pays a variable interest rate. Withdraw money at any time - it usually takes 1 working day.

    Limited access

    Pays a variable interest rate. Limited number of money withdrawals without penalty.

    Fixed rate

    Pays a fixed interest rate for the length of the term. Withdraw money at the end of the term.

    Market leading Sharia rate
    Market leading interest rate

    Easy access

    4.61% | 4.52%
    (AER | Gross)

    Market leading Sharia rate
    Market leading interest rate

    1 year

    4.75% | 4.75%
    (AER | Gross)

    Market leading Sharia rate
    Market leading interest rate

    6 months

    4.71% | 4.66%
    (AER | Gross)

    Market leading Sharia rate
    Market leading interest rate

    2 years

    4.50% | 4.50%
    (AER | Gross)

    Market leading Sharia rate
    Market leading interest rate

    Easy access

    4.61% | 4.52%
    (AER | Gross)

    Market leading Sharia rate
    Market leading interest rate

    6 Months

    4.71% | 4.66%
    (AER | Gross)

    Market leading Sharia rate
    Market leading interest rate

    1 year

    4.75% | 4.75%
    (AER | Gross)

    Market leading Sharia rate
    Market leading interest rate

    2 years

    4.50% | 4.50%
    (AER | Gross)

    Source for market leading rates: Moneyfacts, 13 Mar 2024 at 9:01am. Please note products can be added or withdrawn at any time.

    When your money is in a savings product through Active Savings, it’s held by that bank or building society. If they were to fail, the FSCS will protect eligible deposits up to £85,000 per banking licence.

    Find out more about FSCS protection

    See all our latest rates

    Log in to your Active Savings account

    Open an Active Savings account

    Discover Active Savings

    See all our latest rates

    The Active Savings service is provided by Hargreaves Lansdown Savings Limited (company number 8355960). Hargreaves Lansdown Savings Limited is authorised and regulated by the Financial Conduct Authority (firm reference number 915119). 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.

    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.

    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.

    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. Once you have opened a fixed term product the rate won't change, but rates on easy access products can vary.

    If you are considering adding money to this savings product, please ensure you have opened an Active Savings Account and given us your instructions before the application deadline.

    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.

    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.

    Bank of London and The Middle East plc operates under Islamic Finance principles and do not offer interest on their products, instead they pay an expected profit rate. Find out more about Sharia banking.
    See all our latest rates

    Why are savings platforms easier?

    The savings market is very dynamic, with new rates being added and taken away all the time. Staying on top of it can be a chore. Not to mention, you need to open a new account (with your personal information) every time you want something new.

    The savings platform cuts out the time it takes to switch your savings. You can move money across banks in minutes, and you don’t need to open new accounts.

    Are my savings safe?

    All banks must obtain full regulation and authorisation from both the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA). Additionally, they are protected under the Financial Services Compensation Scheme (FSCS).

    So, whether you bank with a high street giant or a little-known challenger bank. If the bank is authorised and regulated, your protection will be the same.

    That’s because you’ll be protected by the FSCS for up to £85,000 per banking licence.

    So, if you have larger amounts to save, you can spread your money around providers with separate banking licences for added peace of mind.

    A savings platform powered by Hargreaves Lansdown

    Since being early pioneers in the savings platform space, we’re now trusted with over £10bn of our clients cash savings.

    Choose from over 20 banking partners. With options to:

    • Switch between banks in minutes.
    • Keep cash at your fingertips, or lock money away for the future.
    • Save tax-free in the HL Cash ISA (tax rules can change and their benefits depend on your circumstances.

    Explore Savings

    Sign up to Active Savings alerts

    Please correct the following errors before you continue:

      Existing client? Please log in to your account to automatically fill in the details below.

      This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

      Loading

      Your postcode ends:

      Not your postcode? Enter your full address.

      Loading

      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.

      This website is issued by Hargreaves Lansdown Asset Management Limited (company number 1896481), which is authorised and regulated by the Financial Conduct Authority with firm reference 115248.

      The Active Savings service is provided by Hargreaves Lansdown Savings Limited (company number 8355960). Hargreaves Lansdown Savings Limited is authorised and regulated by the Financial Conduct Authority (firm reference number 915119). 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. Hargreaves Lansdown Asset Management Limited and Hargreaves Lansdown Savings Limited are subsidiaries of Hargreaves Lansdown plc (company number 212214).

      No results were found