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Hargreaves Lansdown has reintroduced its cash bonus for those who sign up and save within its savings platform, Active saving.*
The cash bonus is stepped and ranges from £20-£100 depending on how much someone deposits.
For example, anyone who deposits between £10,000 and £19,999 will receive £20, while those who deposit £80,000 or more will receive a £100 bonus.
Bonus boost: Hargreaves Lansdown’s introductory offer means depositors can effectively benefit from the best rates on the market when depositing £10,000
Savers can choose from a number of savings deals on the platform, including some of the market leading rates.
United Trust Bank currently offers one one-year fix pay 4.92 percent* on the platform. If someone had deposited £10,000 into this account, they would have effectively increased their annual return to 5.13 per cent.
– View the best deals for a year with a fixed interest rate here.
Investec also pays 5.15 percent for a two-year fix* via Active Savings – this means £10,000 deposited into this account will effectively generate a return of 5.25 per cent over the two year period including the bonus.
To be eligible, new customers must register for the offer and open a new Active Savings Account before June 30.
They then have 60 days to add a minimum of £10,000 by bank card or Pay by Bank and deposit it into one or more savings products.
| You save | Your cash bonus |
|---|---|
| £10,000 – £19,999 | £20 |
| £20,000 – £29,999 | £30 |
| £30,000 – £49,999 | £40 |
| £50,000 – £79,999 | £50 |
| £80,000 or more | £100 |
Existing Hargreaves Lansdown clients with an investment account will still need to register for this offer.
If an Active Savings account balance drops below the qualifying level within six months, Hargreaves Lansdown says it can reclaim the bonus.
Savings rates have risen in recent weeks and with the market pricing in further hikes in base rates from the Bank of England, some are speculating that savings rates could rise even higher.
Hargreaves Lansdown hopes his bonus offer can encourage some to commit now.
Emma Wall, interim head of savings at Hargreaves Lansdown says: ‘The savings market is not priced based on what will happen, but what the banks think will happen.
“Much higher interest rate expectations have had an impact on the swap markets, meaning that fixed rates are rising.
“We’ve seen a lot of repricing, and some really attractive fixed rates, especially in the one-year market.
Given all the talk of more rate hikes, you might be tempted to wait and see how high rates will go.
However, you have to keep in mind that you are taking a risk. If the market overreacts, we may not see interest rates rise much in the coming months.
‘It is worth checking the rates on the market now. You may find them so attractive that it’s not worth taking that risk.’
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