Hargreaves Lansdown adds Leumi UK’s fixed-term products to its Active Savings platform
Posted: 15th March 2021 | Share
- Leumi UK joins the Active Savings platform offering 12, 18, and 24-month fixed-term accounts, paying 0.50%, 0.55%, and 0.65% respectively
- More than £2.9bn is being saved through the cash savings platform, by 80,000 savers (as at 31 December 2020)
- Active Savings clients enjoy six times the return from an easy-access account compared with the average market rate (0.35% versus 0.06%) and almost double the return on the average 12 month fixed-term account (0.50% versus 0.26%)*
- Active Savings now offers savers access to 13 partner banks* – the service is often used to spread money within FSCS limits and now allows savers to spread £1.1m with 100% FSCS protection
Active Savings, the innovative savings marketplace from Hargreaves Lansdown, has added three of Leumi UK’s fixed-term accounts to its savings platform, taking the current number of savings products available to 22, from 13 different partner banks*.
Danny Cox, Head of External Relations, Hargreaves Lansdown:
“While interest rates are hovering at hoover level, it’s easy to think that shopping around for a better rate is a chore not worth tackling. Through just one simple application, cash savings platforms can help savers grow their pot, with an easy way to move money between different accounts with different banks.
We’re delighted to add Leumi UK to Active Savings, to broaden the range of partner banks and products available to our clients. Over 80,000 savers hold over £2.9bn on our cash savings platform in a mix of easy-access and fixed-term savings products available from a range of UK banks and building societies, and all through just one easy-to-use online account. Most savings products can be opened with only £1,000 and some are available from just £1.”
Sarah Ryman, Head of Liabilities, Leumi UK:
“It’s a tough time to be a saver within today’s economy, but thankfully there are solutions for those looking to make the most of their money whilst still ensuring security. Leumi UK has been championing the needs of savers for more than a century and we are excited to join Hargreaves Lansdown’s Active Savings platform. Our customers see us as more than just a bank, but as a trusted financial partner, so we are pleased to be part of a platform that provides access to top quality fixed-term savings products for all.”
How Active Savings Works
Launched in 2018, Active Savings is an online cash savings platform which provides a solution for the 49% of people who haven’t moved their savings in the past 5 years, and the 37% who’ve never switched**.
Through one single application, savers can move money between accounts with different banks and building societies in just a few clicks, removing the need to ever complete another application. Active Savings means all cash can be kept in one place, and makes it much simpler for savers to choose another product when their fixed-rate comes to an end.
Hargreaves Lansdown chooses to partner with banks that only offer consistently good rates, rather than banks offering a high introductory rate which drops to a much lower rate after a short period of time.
We do not charge clients for using the Active Savings Platform, instead Hargreaves Lansdown charges the account providers that we partner with a percentage of balances held with them.
*Correct as of 8 March 2020. The platform is dynamic and therefore products and rates are subject to regular change.
**Opinium survey for Hargreaves Lansdown in October 2020.
The information contained here does not constitute financial advice. You should undertake your own research to ensure that any deposit product is right for your needs and particular circumstances. The applicable tax treatment will depend upon your individual circumstances and may be subject to change from time to time. Leumi UK is a trading name of Bank Leumi (UK) plc which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.