The top easyaccess savings and one-year fixed rate bonds still pay above 5%. But with Hargreaves Lansdown's offer of up to £150 cashback, you can boost the rates further.
Investment platform Hargreaves Lansdown is offering up to £150 cashback to new customers via Active Savings.
The cashback offered is on a tiered basis depending on how much you have to save, but you need a minimum of £5,000 to get anything at all.
You need to open an account before 26 September 2024, and you’ll have the chance to earn up to 5.26% AER, smashing deals currently on the market.
Active Savings and up to £150 cashback
Hargreaves launched Active Savings in 2018 in a bid to get a slice of the cash savings market action. It now holds £10.6bn of cash savings on behalf of 250,000 clients.
It offers access to 70 products from 22 partner banks across easy-access and term savings in a single place, with the idea that it’s easier and faster to keep track (and open) accounts when deals mature.
As part of its latest offer, here’s how cashback is distributed:
- Deposit between £5,000 and £9,999: £10 cashback
- Deposit between £10,000 and £19,999: £20 cashback
- Deposit between £20,000 and £29,999: £40 cashback
- Deposit between £30,000 and £49,999: £60 cashback
- Deposit between £50,000 and £74,999: £100 cashback
- Deposit of £75,000+: £150 cashback
Currently, the highest easy-access rate available on Hargreaves Lansdown Active Savings is 4.67% AER and the highest fixed rate is 5.06% AER.
But once you factor in the cashback offer, new customers can earn up to a market-leading 5.26% (AER) on a range of fixed rate products, which are provided by over 20 banks.
Market-leading rates with Hargreaves Lansdown cashback (highlighted in yellow):
Mark Hicks, head of Active Savings at Hargreaves Lansdown, said: “To mitigate any further falls in savings rates, savers should ensure they spread their money across both fixed and easy accounts. A large proportion of consumers in the UK still leave their savings in interest-bearing accounts paying below the level of inflation.
“With inertia being the biggest problem in the UK savings market, utilising cash savings platforms or subscribing to savings newsletters will provide savers with the knowledge and ability to ensure they are always getting competitive rates.”
Hicks added: “What is clear is that fixed term rates offer the best returns from a risk reward perspective, by guaranteeing a set interest rate. Any savers who don’t need the cash should fix some of their portfolio whilst these rates last.”
Related: At long last! Base rate cut to 5% brings hope amid financial pressure
