A UK savings provider is offering customers up to £750 in cashback as part of a limited-time promotion available for the next few weeks. Hargreaves Lansdown, the British financial services firm, is providing between £20 and £750 cashback to individuals who open an Active Savings account with a minimum deposit of £10,000.
How the Cashback Offer Works
The deal is available to customers who open an account before the end of July, with cashback structured in tiers. The larger the deposit, the higher the cashback reward. For example, a deposit between £10,000 and £19,999 earns the minimum £20 cashback. Deposits between £20,000 and £49,999 yield £40, with amounts gradually increasing. To receive the full £750 cashback, a substantial deposit of £250,000 is required.
Active Savings Account Features
Hargreaves Lansdown's Active Savings account allows customers to compare the highest interest rates from approximately 30 banks and easily switch between them using a single login. This service is attractive for savers seeking competitive returns.
Important Details to Note
The promotion is not automatically applied when the account is opened. New customers must register for it by completing an online form or contacting customer service. Once the account is opened, customers have 60 days to deposit the minimum £10,000. The cashback is then expected to be paid by December 31.
Additionally, the offer applies to the firm's regular easy-access and fixed-rate savings accounts but does not include Hargreaves Lansdown's Cash ISA.
Expert Advice for Savers
While this promotion may appeal to many savers, financial experts caution against choosing a savings account solely based on a cashback offer. Customers should shop around for the best interest rates, and some may prefer in-person access to a bank for managing their savings.
According to Moneyfacts.compare.co.uk, the highest easy-access rate currently comes from Tembo, offering 4.55% with its HomeSaver account. Following that is Chorley Building Society's Online Saver (Double Access) at 4.27%.
Rachel Springall, finance expert at Moneyfactscompare.co.uk, advises savers not to hesitate in chasing better deals. "Apathy is dangerous when it comes to maximising interest returns, so savers need to feel inspired to shop around to take advantage of top rates," she said. "The best deals are typically offered by challenger banks and mutuals, and they work incredibly hard to entice new business. Building societies are also consistent and offering fair value, in line with their principles to support their members."
