Hargreaves Lansdown has launched a cash ISA platform that allows clients to spread their allowance across multiple banks.
The Active Savings Cash ISA is available across all UK banks and building societies on the Active Savings panel, and across easy access, limited access as well as fixed term Cash ISA products, the financial services group said on Tuesday.
In line with the new rules announced in the Autumn Statement, Hargreaves Lansdown said the platform will make it easy for savers to subscribe to multiple ISA products in the new tax year.
In addition to Coventry Building Society, other products launched are easy access cash ISAs from Zopa Bank at 4.61%, from Santander International at 4.44% and Oaknorth Bank at 4.63%.
Mark Hicks, head of active savings at Hargreaves Lansdown, said: “By providing the full suite of Cash ISA products 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.”
Hicks said cash ISAs are becoming increasingly important after a rise in interest rates, adding that savers continue to benefit from competition amongst providers on cash savings platforms.
“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; easy access for some of your cash in the face of the cost-of-living crisis and the ability to lock away the rest with a market leading rate,” Hicks added.
Hargreaves Lansdown said its new platform is catered towards banks and building societies that already have ISA manager status, enabling them to launch ISAs at a cheaper cost in a much more efficient way.
