Savings have been disastrous for ten years, yet millions of Britons use their money every year for money after they have searched the best buy tables for a reasonable return.
Depending on the amount you have to stash, the search for the best rates offered can be time-consuming and you can have multiple pots of money to manage with different providers.
But there could be a solution – DIY investment platform, Hargreaves Lansdown, has launched a cash savings platform that allows you to manage multiple cash accounts through a single central balance.
Savings jars: Hargreaves in portfolio style Active Savings service has so far registered seven banks
The new Active Savings service allows savers to spread their cash over multiple fixed rate accounts, with the best purchase rates being turned on and off as soon as they are available.
So far, seven different banks have signed up for the platform, meaning that users can choose from a total of 19 fixed-rate bonds that pay a maximum of 2.25 percent from Aldermore, Close Brothers Savings, Coventry Building Society, ICICI Bank UK, Metro Bank , Shawbrook Bank and United Trust Bank.
Easy access and cash Isa deals will be added to the service next year.
The company hopes that the cash account service will work together with its investment products, Isas and Sipps, so that account holders can easily transfer their money between different savings and investment vehicles.
Although Hargreaves Lansdown is not a bank, all its partner banks are fully covered by the Financial Services Compensation Scheme, meaning your money is safe up to £ 85,000.
How does it work?
When you open an account and initially deposit your money, it is stored in an ATM before you choose which account you want to add your funds to.
This cash hub account is held at Barclays.
Interest and the proceeds from maturing savings accounts are repaid in this hub and you can choose whether you want to reinvest them in a new savings account or to include them in a nominated bank account.
Hargreaves does not charge savers for the account. Instead, it earns its money with fees up to 0.25 percent.
This may mean that the savings rates offered through the Active Savings platform are lower than those offered directly by the banks.
Mark Dampier, head of investment research at Hargreaves Lansdown, said: "It's no secret that working hard is to earn a consistent good rate on your money savings. Most of us have been leaving cash in the same accounts for years and earn almost nothing in interest.
Our customers told us that most of them do not have the time to pursue the best rates – they just want consistently good returns, more choice and cash savings that are easy to manage in addition to their investments and pensions. 39;
How does it compare?
There are several other providers that offer a comparable service. For example, Raisin's marketplace offers a range of challenger bank accounts and lures savers with the promise of up to £ 80 cashback when opening an account.
The biggest advantage of the Hargreaves service is convenience. With one login, managing your savings is easier, it helps to beat slowness and ensures that you always get the best rate.
If savers have more than £ 85,000 in savings, keeping cash fully protected under the financial compensation limit, spread over several banks with separate banking licenses.
With one central login and all your savings accounts in one place, this becomes easier.
The free service also includes notifications when the fixed-rate period ends and new attractive rates need to be added, meaning you do not have to miss any interest.
You will also receive a monthly overview.
What are the disadvantages?
Firstly, Hargreaves has only been launched with savings accounts with a fixed interest rate – a total of 19.
Although the numbers are expected to rise, with cash Isas and easy to add accounts next year.
You also get a limited choice of the banks that are Hargreaves partners, which means you will probably get a better deal elsewhere if you hunt for yourself (see below).
What about the rates?
Most of the partner banks that have registered Hargreaves often appear at the top so far. This is the independent best-buy savings bank from Money.
Currently the Active Saving transaction offers a top percentage of 2.25 percent.
This is a three-year fix from ICICI Bank. It is not really a market-leading price because the best deal on the market is from Tandem Bank with 2.4 percent over three years.
The best biennial rate that it has to offer is again ICICI Bank at 2.2 percent – again Tandem offers the top deal at 2.25 percent over two years.
ICICI Bank is again topping the list of Hargreaves Landsdown in three years with a 2.02 percent interest rate – it is currently the second place in our independent savings tables, just below the current leader PCF Bank.
Eventually you will find better prices elsewhere elsewhere, but if you have a savings book in portfolio style, it is more likely that savers will switch accounts more often and therefore will not let their pot languish in an account with a fickle rate.
THIS IS MONEY FIVE OF THE BEST SAVINGS OFFERS