An interesting new product from Hargreaves Lansdown
A typo in the description doesn’t fill me with confidence
I’m interested in this, makes me feel this is the way to go as the minimum buy in is £1000, which will be Monzo’s minimum, but for a lower rate.
I want this from Monzo, but thought this was interesting while we wait. It does sound very like the marketplace idea Monzo are pursuing, facilitated by open banking presumably? Would be great to see a list of providers like this in the Monzo marketplace.
Re the specific rates offered, it’s interesting as I’d use this for shorter term savings so not so worried about small differences in rate, I guess I’d just choose the highest of the most convenient (i.e. available in the app I use). The minimum term looks pretty onerous though - that’s a terrible rate if locked in for 5 years.
What I’d really love eventually is to see things like S&S ISAs in the marketplace too, just a click away from opening - then you can really start to encourage people to save for the long term.
I think that’s included in the rates offered.
This is, in effect Monzo’s marketplace model.
They charge the provider, in this case bank, rather than the customer directly. Though, costs may be indirectly passed on by offering a marginally lower rate on Active Savings.