Between 1974 and 1978 inflation was 25% per year. IN just 4 years anyone with money in a deposit account effectively lost half their money. The same applied to people who thought they had retired comfortably in the late 1960's with a level (= non indexed) annuity or pension.
HL offer easy access 0.55% Newcastle offer 1.05% and guaranteed not to fall below BOE base + 0.8% before 1 Nov 2021 Cynergy offers 1.0% unlimited withdrawals.
HL offer 3 years 1.45% Secure Trust and UBL both offer 1.4%
HL do warn that as they charge the banks (ie they basically get an affiliate fee) the rates available through Active Saver may not be the same as direct from the banks.
I can see the benefit of the platform, but you;ve still got to check the rates and move the money around yourself AFAICS.
But it's all pretty much a waste of time and energy IMHO. If you have even as much as £100k invested you're only fiddling around with the odd £500/year by swapping to the 'best' savings account.
global trackers are simply tracking average investment value across the world, and provided the global economy does not collapse and everyone sell everything and buy gold, represents pretty much a stake in global industry.
Or you can invest in a fund with a fund manager who does know, because it is his (highly paid) job, and get better still.
No, it isn't a 'fund'. Your money is placed in a deposit account at the institution of your choice. HL just act like those money comparison sites and get a fee from XX building society or whatever, but the deposit account is in your name.
An advantage is that HL have done the due diligence on you, so you can open a Share ISA, dealing account or whatever very quickly if you wish to move into funds, investment trusts, ETF's etc. Assuming you haven't locked into a term deposit with cancellation charges.
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