The platform is a "cash hub." Once you open an Active Savings account, you deposit money into a central "cash hub." From there, you can "pick and mix" from a variety of savings products offered by HL’s partner banks—currently over 30 providers—including names like , Paragon , and Aldermore .
You can move cash between your HL Fund & Share Account and Active Savings easily – useful if you want to park cash while deciding on investments.
Move money in and out freely, with withdrawals typically taking one working day.
Use it if you already have a HL account and value consolidation. Otherwise, shop around – the extra 0.5–1.0% interest elsewhere can make a meaningful difference on large balances.
Hargreaves Lansdown Active Savings is a – not a bank account. Instead of moving money to multiple banks, you open one Active Savings account, then choose from a range of fixed-term savings accounts, easy-access accounts, and notice accounts offered by different banks (e.g., Charter Savings Bank, Shawbrook, Close Brothers).
HL doesn’t charge you a platform fee for Active Savings (they charge the banks a fee instead).
Managing savings across multiple banks can be an administrative burden, often leading to "savings inertia" where cash sits in low-interest high-street accounts. The platform addresses this by acting as a central "savings supermarket," allowing users to access dozens of competitive rates from different providers through a single online login.
