Hargreaves Lansdown partners with banks, so you can choose the best paying place to put your savings
Hargreaves Lansdown is a savings and investment platform. When you sign up for its savings platform, you get access to several different accounts.
This lets you easily move your money to better paying accounts that are on the platform. Hargreaves Lansdown also offers a cash ISA, which lets you split your money between several accounts, keeping it under the ISA wrapper.
Here’s how Hargreaves Lansdown’s savings platform works and why you might choose to save with it.
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What is Hargreaves Lansdown?
Hargreaves Lansdown is a savings, investments and pensions platform. I’m reviewing the savings platform here, but we also have a review of Hargreaves Lansdown’s stocks and shares ISA.
The savings platform is an intermediary between you and all of the savings providers on the platform. This means that you can sign up for one account and choose to put your money in any of the accounts available on the platform. Then, if another account starts paying more, you can move your savings over to a better-paying account easily (as long as your chosen account allows you to).
However, Hargreaves Lansdown doesn’t partner with every bank, so it doesn’t have every available savings account on its platform. This means that you’re potentially losing out on a better rate with a savings account elsewhere.
To avoid this, make sure you compare rates within the platform as well as externally — our savings tables show savings accounts across the market as well as with savings providers.
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Savings accounts available with Hargreaves Lansdown
Hargreaves Lansdown has two different types of savings accounts: easy access and fixed-rate bonds. The fixed accounts on the platform go from one month to five years. It also has a cash ISA.
Hargreaves Lansdown cash ISA
The Hargreaves Lansdown cash ISA is similar to the ones with Flagstone and Meteor — you can split your savings between several different accounts, and it all stays within the one savings wrapper. You’re still held to the annual £20,000 limit in ISA contributions, however.
If you want to, you can move money between different accounts inside the wrapper without having to do an ISA transfer (as long as the accounts that you choose allow you to).
Partner banks
At the time of writing, these are the banks partnered with Hargreaves Lansdown:
- Whiteaway Laidlaw
- Aldermore
- Investec
- LHV Bank
- Atom Bank
- Castle Trust Bank
- Allica Bank
- Monument
- Hampshire Trust Bank
- Chetwood Bank
- Paragon
- OakNorth Bank Plc
- Arbuthnot Direct
- RateSetter
- Zopa
- Emirates NBD
- Santander International
- Kent Reliance
- Charter Savings Bank
- Close Brothers Savings
- Shawbrook
- ICICI Bank UK
How much can you save with Hargreaves Lansdown?
You can get started on the savings platform for just £1. However, the different savings accounts on the platform have different minimum and maximum deposits.
A lot of the easy access accounts have a minimum of £1, with a couple at £100. Fixed rate accounts have higher minimum deposits, ranging from £1,000 to £5,000.
Usually, you want to save no more than the FSCS limit with any single institution, however, as Hargreaves Lansdown is an intermediary, not a savings account, the FSCS protection sits with the individual banks rather than the platform, more on this below.
How does FSCS protection work with Hargreaves Lansdown?
Unlike other savings platforms, like Flagstone and Meteor, Hargreaves Lansdown does have FSCS protection for the money you deposit into its cash hub – this is where you put your money before choosing a savings account to save into.
Once you’ve put your money into a savings account, the FSCS protection sits with the specific bank you’re saved with. This means that you get up to £120,000 protection with each partnered bank.
Be careful to make sure none of your existing savings or bank accounts share FSCS protection with any of the banks you plan to save into with Hargreaves Lansdown.
Summary: is Hargreaves Lansdown savings any good?
Zoe’s analysis
As long as you don’t restrict yourself to only the accounts available within the Hargreaves Lansdown savings platform, it’s a pretty good idea. Accounts via Hargreaves Lansdown frequently feature in our savings tables, so they’re often high-paying, and it’s easy to move your money between accounts within the platform.
But don’t let yourself get tunnel vision or refrain from moving your savings away from Hargreaves Lansdown out of ease.
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