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Hargreaves Lansdown launches delayed cash product

Money-Cash-Coins-GBP-Pounds-UK-700x450.jpgHargreaves Lansdown has rolled out a cash service tool after more than two years of delays.

The new service, Active Savings, will let users save money in cash alongside an Isa, Sipp or in general investments.

According to a Financial Times report, the launch follows a series of delays for the product which was initially expected on the market in 2016. However, it was rolled out to select customers 10 months ago.

The company has partnered with seven banks for the service, which is offering customers access to 19 fixed-term savings accounts.

Users must deposit a minimum £1,000 into a “hub” from which savings products will be allocated, with interest paid back into the hub.

Hargreaves Lansdown boss pockets £2.5m pay packet

Hargreaves Lansdown head of investment research Mark Dampier says the offering will help time-poor users.

He says: “Clients just don’t have time to chase the best rates – they just want consistently good returns, more choice and cash savings which are easy to manage alongside their investments and pensions.”

The Hargreaves platform fee of 0.45 per cent will not be charged directly to Active Savings users. Banks operating through the service will pay a commission of 0.25 per cent.

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  1. So Banks operating through the service will pay a commission of 0.25 per cent when often the same banks pay less in interest to the customers who’ve banked with them for 30 or 40 years. Is that really TCF?

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