Hargreaves Lansdown adds two partners to Active Savings service

Hargreaves Lansdown has announced the addition of Paragon and ICICI Bank’s easy access savings accounts to its Active Savings service.

Hargreaves Lansdown’s Active Savings Platform will now offer three easy access accounts from three different partner banks.

Launched in 2018, Active Savings is an online savings marketplace that offers a solution for people who miss out on better interest rates if they haven’t moved their savings out of difficulty to do so. It is the only savings marketplace with easy access available from as little as £1.00.

Hargreaves Lansdown said savers will be able to spread £255,000 across easy access accounts, with 100% Financial Services Compensation Scheme protection.

Paragon & ICICI Bank UK – who under the new agreement will both offer an easy access rate of 1.15% AER – join Coventry Building Society, which offers a rate of 1.20% AER.

Hargreaves Lansdown Head of Communications, Danny Cox, suggested that having three easy access accounts will provide ‘greater choice’ for savers, and ‘importantly increased competition’ within the Active Savings marketplace.

He said: “Eighty per cent of people never switch savings accounts and 27% of savers have held their account with the same provider for more than ten years. The majority of easy access money is held with the high street banks, with an average interest return of 0.27% across the top five branches.

“Active Savings supports savers to improve the returns on their cash, by taking the hassle out of switching between banks and products.”

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