Cash savings platforms, which give users access to savings accounts from multiple banks & building societies via one online portal, are now offering some of the best savings rates in the market. Historically cash savings platforms have not always offered the best savings rates due to their limited choice of banks & building societies. This is changing and now Hargreaves Lansdown active savings platform* currently offers a 12 month fixed rate bond from Kent Reliance at 2.36%, which can be boosted further for new customers thanks to a cashback offer, as explained below.
How do cash savings platforms work?
Cash savings platforms are online services that give customers easy access to savings accounts from multiple banks & building societies from one central platform. Rather than having to open up a new bank or building society account every time they wish to take advantage of a new savings rate, customers can use a cash savings platform to easily move money from one provider to another, at a click of a button.
Cash savings platforms help to cut out a lot of laborious paperwork, however, they don't always offer the best savings rates on the market as not every bank or building society is supported. As interest rates rise, competition in the savings market has increased and we've seen improved savings rates from a wide range of providers on a number of different savings products. Kent Reliance is one such provider, offering an impressive 2.36% Gross AER on a 12 month fixed-rate bond.
How to get the best savings rate using a cash savings platform
A number of cash savings platform customers now offer market-leading savings rates but also new customers can boost their returns further. New customers can now take advantage of welcome offers on some savings platforms that can help them to secure the best savings rate on the market. For example, customers choosing to deposit £10,000 or more via the Hargreaves Lansdown active savings platform* would be rewarded with a £20 cashback bonus that effectively increases the rate on the 12 month fixed rate bond from Kent Reliance to 2.56%, one of the highest 12 month rates that we have seen for more than 5 years. The cashback offer from Hargreaves Lansdown is tiered, with higher rewards given to those who are able to deposit more. Those able to deposit £80,000 or more would be rewarded with £100 cashback. We have provided a full list of the cashback rewards on offer from Hargreaves Lansdown below:
|Amount Paid In||Cashback Reward from Hargreaves Lansdown|
|£10,000 - £19,999||£20|
|£20,000 - £29,999||£30|
|£30,000 - £49,999||£40|
|£50,000 - £79,999||£50|
Best cash savings platforms
Hargreaves Lansdown active savings isn't the only cash savings platform on the market, but it is one of the only providers that offer the service for free; others include Raisin, AJ Bell and Aviva. We provide more details as well as a comparison of the best cash savings platforms in our article 'Best savings platforms in the UK'.
Alternatives to cash savings platforms
If you are happy to carry out the research yourself or take a more hands-on approach to savings, then take a look at our regularly updated savings best-buy tables. We provide tables detailing the best rates on a number of savings products including regular savings accounts, variable rate ISAs, Junior ISAs, notice accounts and even the best children's savings accounts. Alternatively, check out podcast episode 277 where Damien explains how to get the best savings rate by building a cash ladder.
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