• Active Savings has expanded its Cash ISA offering by becoming the first cash savings platform to allow its clients to spread their Cash ISA across multiple banks, and across easy access, limited access and fixed term Cash ISA products.
• In addition to Coventry Building Society, other products launched today are easy access Cash ISAs from Zopa Bank at 4.61% (AER), from Santander International at 4.44% (AER) and Oaknorth Bank at 4.63% (AER).
• Active Savings Cash ISA is now available to all UK banks and building societies on the Active Savings panel.
• The Active Savings Cash ISA platform will significantly reduce the cost of funding to banks and building societies, giving them the opportunity to raise ISA money even if they do not have ISA manager status.
• The platform will also make it easy for savers to subscribe to multiple ISA products in the new tax year, in line with the new rules announced in the Autumn Statement.

Mark Hicks, Head of Active Savings, Hargreaves Lansdown:
Better for clients…

“Taking advantage of Cash ISAs is becoming increasingly important for clients as interest rates have risen and as more savers start earning more than the tax-free allowance (£1,000). By providing the full suite of Cash ISA products (fixed term, easy access and limited access), from multiple banks, savers now have unrivalled choice when managing their Cash ISAs alongside their existing savings portfolio, whilst also having the flexibility to choose from multiple deposit types. This reduces the complexities for clients, by allowing them to have ISAs with different providers all in one place.

HL Active Savings is the only cash savings platform where you can spread your allowance across different types of ISA. This flexibility allows savers the freedom to ‘bucket’ their ISA savings - use easy access for some of your cash in the face of the cost-of-living crisis and also have the ability to lock away the rest with a market leading rate.

Savers continue to benefit from the competition amongst providers on cash savings platforms, and amongst the highest interest rates since the financial crisis.

…better for banking partners
The Cash ISA market is incredibly inefficient, with slow transfer times for clients, and a large operational burden for banking partners around tax year end. Furthermore, the platform will create efficiencies for our bank partners by reducing the cost of raising deposits through ISA products. Banks and building societies typically have to hire in a large number of staff over the end of the tax year to deal with the influx of applications and the spike in volume that ISA season creates.
The HL Active Savings Cash ISA platform caters towards banks and building societies that already have ISA manager status, by allowing them to diversify their distribution into the HL client base of 1.8 million clients. It is also an attractive proposition to banks that don’t have ISA manager status, enabling them to launch ISAs at a cheaper cost in a much more efficient way. HL is the ISA manager, taking away the operational and regulatory burden from our bank partners.
Active Savings continues to scale its panel of bank partners and provide clients with further products to diversify their savings, at a time when there is a clear client demand for cash. With the addition of Santander International, Oaknorth and Zopa Bank, Hargreaves Lansdown continues to add capacity to its Active Savings platform with established brands, which allows clients to manage their savings alongside their investment and pension portfolios.”
About HL Active Savings & Cash ISA

Launched in 2018, HL Active Savings is the UK’s largest retail online cash savings platform, allowing savers to pick and mix from a variety of easy access and term savings products offered by our partner banks and building societies through one easy to use online account. It cuts out the hassle of chasing savings rates and opening accounts with multiple providers and makes it much simpler for savers to choose another product when their fixed rate comes to an end. As at the end of September 2023, we now support more than 175,000 clients with their cash savings, totalling more than £7.8 billion.

Clients receive 100% of the interest paid by our partner banks and we do not charge clients for using the Active Savings Platform, instead Hargreaves Lansdown charges the banks and building societies that we partner with.

In a single tax year, clients can spread their ISA allowance across easy access, limited access and fixed term products (when available). All through one online Cash ISA clients hold their Cash ISA with HL, but through one online account choose your savings products from multiple bank partners.

It's a tax-efficient way to save. All interest earned within a Cash ISA is free from UK income tax. You can save up to £20,000 in an ISA each tax year.