Savings bonus boosters are back! New cash bribes on offer from Hargreaves Lansdown pumps up fixed-rates to 5.25%
- Cash bonus is tiered and ranges from £20-£100 depending on deposit amount
- Someone depositing between £10,000 and £19,999 will receive £20
- Those depositing £80,000 or more will receive a £100 bonus
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Hargreaves Lansdown has reintroduced its cash bonus for those who sign-up and save within its savings platform, Active Savings.*
The cash bonus is tiered and ranges from £20-£100 depending on how much someone puts in.
For example, anyone depositing between £10,000 and £19,999 will receive £20, while those depositing £80,000 or more will receive a £100 bonus.
Bonus boost: Hargreaves Lansdown’s introductory offer means that savers can effectively leapfrog the best rates on the market when depositing £10k
Savers can choose from a number of savings deals on the platform, including some market leading rates.
United Trust Bank is currently offering a one-year fix paying 4.92 per cent* on the platform. If someone stuck £10,000 in this account, they would effectively have boosted their annual return to 5.13 per cent.
– Check out the best one-year fixed rate deals here.
Investec is also paying 5.15 per cent for a two-year fix* via Active Savings – it means £10,000 deposited in this account will effectively be earning a 5.25 per cent return over the two year period with the bonus included.
To qualify, new customers must register for the offer and open a new Active Savings account by 30 June.
They’ll then have 60 days to add at least £10,000 by debit card or Pay by Bank and deposit this 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 customers with an investment account still need to register for this offer.
If the balance of an Active Savings account drops below the qualifying tier within six months, Hargreaves Lansdown says it may reclaim the bonus.
Savings rates have been rising in recent weeks and with market now pricing in further base rate hikes by the Bank of England there are some speculating that savings rates could rise even higher.
Hargreaves Lansdown will be hoping that its bonus offer may incentivise some to commit now.
Emma Wall, interim head of savings at Hargreaves Lansdown says: ‘The savings market isn’t priced according to what’s going to happen, but what the banks think will happen.
‘Much higher rate expectations have fed through into swaps markets, which means fixed rates are on the rise.
‘We’ve seen a great deal of repricing, and some really attractive fixed rates – especially in the one-year market.
‘Given all the talk of more rate rises, you may be tempted to wait to see how high rates will go.
‘However, you need to be aware you’ll be taking a risk. If the market is over-reacting, we may not see rates go much higher in the coming months.
‘It’s worth checking the rates on the market right now. You may find they’re attractive enough that it’s not worth taking that risk.’
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