Hargreaves Lansdown has expanded its Active Savings cash ISA offering by adding fixed term cash, the first cash savings platform to achieve this.

The fixed term products will sit alongside existing easy access and limited access options. As a result, clients will be able to spread their cash ISA allowance across multiple products.

Coventry Building Society provides the fixed term cash ISA and offers clients a tax free one-year rate of 4.8%.

In addition, Sainsbury Bank has joined Active Savings, which takes the number of banking partners to 20.

Why is Hargreaves Lansdown getting involved with cash ISAs?

Mark Hicks, head of Active Savings, Hargreaves Lansdown, said: “Taking advantage of Cash ISAs is becoming increasingly important for clients as interest rates have risen and as more savers start earning more than the tax-free allowance (£1,000). By providing the full suite of Cash ISA products (fixed term, easy access and limited access), clients can now have more flexibility when managing their Cash ISAs alongside their existing savings portfolio, whilst also having the flexibility to choose from multiple deposit types.

“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 to 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.

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“Active Savings continues to scale its panel of bank partners and provide clients with further products to diversify their savings, at a time when there is a clear client demand for cash. With the addition of Sainsbury’s Bank, Hargreaves Lansdown continues to add capacity to its Active Savings platform with established brands, which allows clients to manage their savings alongside their investment and pension portfolios.

“Banks use cash savings platforms, of which HL Active Savings is the largest retail offering in the UK, to broaden their distribution and reaching savers who are eager for the best rates. Savers are benefiting from the competition amongst providers on cash savings platforms, and amongst the highest interest rates since the financial crisis.”

Jason King, chief customer officer, Sainsbury’s Bank, added: “We continually review our offering to ensure that we are providing our customers with a suite of savings products. Partnering Hargreaves Lansdown means we can provide more choice to even more customers.”