Hargreaves Lansdown has launched a new Cash ISA which the broker hailed as “market leading”. The easy access product offers a rate of 4.30% AER (4.21% gross) and is backed by Shawbrook Bank.
Mark Hicks, commercial director at HL, said with the proposed changes to Cash ISA allowances expected in April 2027, savers looking to maximise their allowance this tax year should act now to make the most of their tax-free savings.
He added: “Our Easy Access Cash ISA helps them do just that, with a new issue offering a market-leading rate of 4.30% AER, excluding bonus rates.”
From April 6 next year the Cash ISA annual allowance for savers under 65 will drop from £20,000 to £12,000. Those who are 65 or over or turning that age in the next tax year will retain the £20,000 allowance.
Hargreaves Lansdown, announcing its new product on Friday (July 3), said once savers have opened its new HL Cash ISA they can access the “exclusive” rate along with its other “market-leading” easy access and fixed term rates.
The broker said its new product allows savers to manage Cash ISAs held with multiple banks across different terms all in one account.
HL added it is the only provider in the country which allows savers to select from more than 17 banking providers across 28 products.
This includes easy access, limited access and multiple fixed term options, according to the Bristol based broker.
Mr Hicks said the rate adds another option for HL Cash ISA clients, who he added have the “unique benefit” of choosing from a range of savings products across different terms and banking partners in a single Cash ISA.
He added: “HL clients can also manage their savings and investments side by side and move money easily between their Cash ISA and their Stocks and Shares ISA, all under the same account.”
The new product also benefits from the £120,000 Financial Services Compensation Scheme protection.
Demand for tax-efficient savings held steady in April, when £12billion poured into Cash ISAs. There has been stiff competition between providers looking to attract savers cash too.
Money Saving Expert on Friday listed fintech firms Trading 212 and Chip as its top pick Cash ISAs. Trading 212’s easy access product offer 4.63% for new money while Chip’s rate is 4.42%.
This article is for information purposes only and does not represent financial advice.
