How to get a greatest purchase one-year financial savings repair with Hargreaves Lansdown because it launches a cashback provide
Products featured in this article are independently selected by This is Money’s specialist journalists. If you open an account using links which have an asterisk, This is Money will earn an affiliate commission. We do not allow this to affect our editorial independence.
Banks and building societies have been quick to react to the Bank of England’s base rate cuts by slashing savings rates across fixed and easy-access accounts.
But savers can now turbocharge their savings by up to £150 for opening a savings account with Hargreaves Lansdown through a new cashback deal.
Hargreaves Lansdown is running a cashback deal on its savings platform Active Savings* from Monday 9 December, This is Money can exclusively reveal.
Customers could get up to £150 with Active Saving’s deal, though they would have to transfer £75,000 or more to an Active Savings to get the full £150 cashback sum.
It means savers can beat the top fixed-rate deals in our independent best buy tables by opening an account with Active Savings.
Currently, the top one-year fixed-rate* it has on the platform is with Vida Savings, which offers 4.77 per cent.
However, on a £10,000 balance – the cashback bump brings it up to a best buy 4.97 per cent.
Hargreaves Lansdown’s savings patform Active Savings has launched a cashback deal paying up to £150
This rate beats the top deal for a one-year fix, which is offered by Al Rayan, paying 4.8 per cent.
Hargreaves Lansdown also has a two-year fix* through Close Brother’s Savings offering 4.52 per cent. With the cashback this is brought to a best buy 4.72 per cent.
The best two-year fix on our independent best buy tables is United Trust Bank offering 4.61 per cent.
Its three and five year fixes* are also boosted to best buys with the cashback bonus. The three-year fix through Close Brothers savings paying 4.4 per cent is boosted to 4.6 per cent with the bonus.
Meanwhile, the best five-year fix on Active Savings with Close Brothers savings paying 4.4 per cent is boosted to 4.6 per cent.
To get the cashback, savers need to open an account with Active Savings using this link* and deposit at least £10,000 by 4 February.
| Amount deposited | Cashback value |
|---|---|
| £5,000 – £9,999 | £10 |
| £10,000 – £19,999 | £20 |
| £20,000 – £29,999 | £40 |
| £30,000 – £49,999 | £60 |
| £50,000 – £74,999 | £100 |
| £75,000+ | £150 |
Mark Hicks, head of Active Savings at Hargreaves Lansdown said: ‘It is widely expected that rates will continue to fall over the next six months, and for savers that are keen to secure and lock in rates, Active Savings offers higher rates than you can get by going to banks and building societies direct.’
Anyone who opens an Active Savings account before 4 February 2025 and funds it with £10,000 or more will be able to get the cashback.
Customers will receive a cash payment into their Active Savings account based on the amount they first deposited into an accouint in the cashback window.
Active Savings says money held with its platform is protected by the Financial Services Compensation Scheme (FSCS), up to a maximum of £85,000.
This means that if a provider fails, your money is protected up to the value of £85,000.
As a savings platform, Active Savings offers access to multiple savings products and banks. It allows savers to manage all their savings through a single online app-based account.
They are good for savers who want to spread their money around multiple providers while maximising FSCS protection, but without having to open a new account at each bank every time.
SAVE MONEY, MAKE MONEY
Affiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence. *Chase: Cashback available for first year. Exceptions apply. 18+, UK residents.
