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Hargreaves Lansdown is offering a cashback incentive ranging from £20 to £750 for those who open an Active Savings account, provided they deposit a minimum of £10,000.
This promotion is available exclusively to new customers of the savings platform and will run until July 30th.
The cashback is structured in tiers. Deposits between £10,000 and £19,999 qualify for the minimum £20 cashback, while deposits between £20,000 and £49,999 will earn £40.
More substantial cashback amounts are reserved for larger deposits. For instance, depositing at least £50,000 will earn you £100, and a deposit of £250,000 is needed to receive the maximum cashback of £750.
If you can deposit the maximum amount, the £750 cashback effectively boosts your savings by 0.3 percent on a £250,000 account.
For those moving smaller sums, the £20 cashback on £10,000 is the equivalent of a 0.2 per cent rate boost.
Savings platforms like Hargreaves Lansdown’s Active Savings and Flagstone let you compare interest rates from several banks and savings providers and open them using just one login.
You can switch between accounts from the one platform, helping you stay on top of – and secure – the best rates.
> Find out more about opening a Hargreaves Lansdown Active Savings account*
Platforms regularly offer cashback incentives to encourage new customers to sign up
How can you get the cashback?
As with most Hargreaves Lansdown* offers, the promotion isn’t applied automatically. You need to register for it by using an online form or getting in touch with customer service.
When you’ve opened your account, you’ll have 60 days to deposit £10,000 or more and shift it to the products on the platform.
You should get your cashback by 31 December.
Bear in mind that the offer is only available on regular easy-access and fixed savings accounts. It doesn’t apply to Hargreaves Lansdown’s cash Isa.
Hargreaves Lansdown is also running a strong free pension deal over on its investment platform.
Here’s a full look at how much you need to deposit to step up through the cashback tiers:
| Deposit | Cashback |
|---|---|
| £10,000 – £19,999 | £20 |
| £20,000 – £49,999 | £40 |
| £50,000 – £74,999 | £100 |
| £75,000 – £149,999 | £150 |
| £150,000 – £249,999 | £300 |
| £250,000+ | £750 |
| Source: Hargreaves Lansdown | |
Is it worth joining Active Savings?
If you’re already thinking about switching to a new savings account, a cashback incentive can boost your pot.
It’s important you don’t choose where to stash your money based on a deal alone – you should consider the available rates and whether the provider suits your needs.
Savings platforms provide a straightforward and convenient way to access competitive rates and manage your money in one place, but it’s likely you’ll find better rates by going directly to providers.
The top rate on an easy-access account through Hargreaves Lansdown Active Savings* is 3.95 per cent variable, which is offered by Whiteaway Laidlaw – part of Shawbrook Bank.
This is slightly lower than the rates available elsewhere.
The Family Building Society currently offers 4.15 per cent variable on its easy-access saver, while you can secure even higher rates if you’re prepared to accept a short-term bonus rate or restrictions on your number of yearly withdrawals.
When it comes to fixed rates, there are particularly strong deals currently available, and Active Savings doesn’t beat them.
For example, the top rate on a one-year fix through Active Savings is 4.55 per cent, which is an account offered by the National Bank of Kuwait – and you need to open an account with £10,000 minimum.
Meanwhile, MBNA Bank is offering a one-year fix at a rate of 4.85 per cent with a much lower minimum deposit of £1,000.
Find out what the platform is like for investing in our full Hargreaves Lansdown review.
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