Hargreaves Lansdown (HL) has announced that it has added its first easy access account to the stable of products on its Active Savings platform.
The new account is from well-known brand Coventry Building Society and although it doesn’t pay a market-leading rate, it does pay a very competitive 1.25% gross/AER.
Although you can open the account directly with the savings provider, the beauty of a platform is that you can access a number of savings accounts without having to make multiple applications and you can view all your accounts in one place.
Most of the platforms available only offer fixed term bonds but a small number offer a wider variety of accounts. So, this announcement that HL has added more strings to its bow is great news for savers.
What are Cash Savings Platforms?
Cash Savings Platforms are growing in popularity as they offer a simpler way to save, with a single login and therefore no need to fill in reams of paperwork when looking to open lots of accounts and switch regularly to earn more interest.
>> Read more about ‘The rise of the Cash Savings Platform’
Hargraves Lansdown is one of a small number of providers offering these innovative Cash Savings Platforms, the major appeal of which is the simplicity.
As well as making it easier to open multiple accounts, when your product matures or you wish to switch, you can do so by logging in and choosing from the accounts available at that time.
With just a few clicks, you can move your money between accounts, without the need to fill in additional application forms and fulfil ID checks with each new account.
Each platform provider is slightly different in its approach, some offer a list of products and providers to choose from, some do the legwork for you, based on the account types you wish to choose from.
Some charge you a fee and others are paid a fee by the provider, so there is no explicit charge to you.
But even though the approach can be different, the concept is still the same.
A one-off simple application process to find you a competitive return, whilst working with you to keep your money protected by the Financial Services Compensation Scheme.
HL Active Savings was launched last year with range of competitive fixed rate bonds, so it’s definitely welcome news that savers can now add this popular easy access option to the list of those available.
With more than 80% of the savings market now sitting in easy access accounts (according to Bank of England figures), having this option will undoubtedly be popular for those wanting to keep at least some money available.
If you’d like to learn more about Cash Savings Platforms, including who offers them, who they’re most appropriate for and which might be right for you, why not read our Guide to Cash Savings Platforms.
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