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22 Jul 2024

What is a savings platform?

Find out how savings platforms from the likes of Raisin and Hargreaves Lansdown work, and whether they offer better interest rates

Faye LipsonSenior researcher & writer

In this article

What is a savings platform?
Savings platform providers compared
What are hub accounts and why do they matter?
Savings platform pros and cons
What if you have a dispute about your savings?
Does the FSCS cover savings platforms?

What is a savings platform?

Like a concierge service for your cash, savings platforms are websites that work with a selected number of banks and building societies and help source savings accounts for you.

This means you're saved the job of having to shop around for the best rate, and can sometimes find exclusive accounts that aren't available elsewhere.

Savings platforms are becoming increasingly popular, especially as they sometimes top the tables on comparison sites.

Once you're registered, you'll only have one set of login information to remember, and - to ensure your savings don't languish in a low-paying account - the platform will usually get in touch to remind you when any bonds are due to mature.

This guide explains how savings platforms work, whether or not they offer a good deal, and which companies are now offering this service.

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Savings platform providers compared

The table below gives an overview of what each provider offers; we go into more detail below. Please note that the information in this article is for information purposes only and does not constitute advice. Please refer to the particular terms and conditions of a provider before committing to any financial products.

Savings platform (links take you to provider websites)	Platform fee	No. of providers	Minimum deposit	Top rate on a one-year bond	Top rate on a three-year bond
Akoni Cash Management	Up to 0.25%	16	Varies	n/a	4.55%
Aviva Save	None	7	£1,000	5.2%	n/a
Flagstone	None	60+	£10,000	5.25%	n/a
Hargreaves Lansdown Active Savings	None	21	Varies	5.2%	4.8%
Insignis	Up to 0.25%	45+	Varies	5.2%	4.8%
Interactive Investor Cash Savings	None	25+	Varies	5.25%	4.5%
Raisin UK	None	30+	£1,000	5.25%	4.78%

Last updated 10 July 2024

To see how these rates compare to those available on the open market, check out our guide to the best savings accounts.

Akoni's savings platforms can be used by financial advisors, charities and non-profits, businesses and individuals.

Which accounts are available?

Current providers include Investec, Aldermore, Barclays and Charter Savings Bank.

These accounts include instant-access savings, 30- and 90-day notice accounts, one-year fixed-term savings accounts and longer-term fixed-term accounts.

Who is eligible?

To save with Akoni, you must be a UK resident over the age of 18 and hold a UK bank account. You must also be able to afford the minimum initial deposit, which varies depending on the account.

Fees

Up to 0.25%, depending on deposit size.

When an account reaches maturity

If you've opted for a fixed-term account, once it reaches maturity the money will be transferred to the Akoni Hub account (held with Barclays). From here, it can be transferred back to your bank account, or to a different savings account.

Launched in February 2021, Aviva's foray into cash savings is in partnership with Raisin UK. Once you've registered online, you'll be able to see a full overview of how many accounts you're saving with, which accounts you've applied for and whether you have any money in its holding account, provided by Starling Bank.

Which accounts are available?

Aviva Save currently offers accounts with a range of fixed terms from Brown Shipley, Paragon and Investec.

Who is eligible?

To sign up to Aviva Save you must be at least 18 years old, a UK resident and able to deposit a minimum of £1,000.

Fees

There are no charges for using Aviva Save, but it receives payments from partner banks based on how much each saver has deposited.

When an account reaches maturity

Any funds that aren't placed with a savings provider are held in an Aviva Save holding account, at which point you can choose to either transfer your money out, or deposit it into another savings account.

Flagstone has been around since 2013 and provides services for businesses, charities, wealth advisers, banks and individual savers with high net worth.

Which accounts are available?

Flagstone works with more than 50 banks, including Santander, Nationwide, Metro Bank, Charter Savings Bank and Hodge Bank. It offers instant-access accounts, notice accounts and fixed-term deposits.

Barclays Bank Plc holds money in the 'Hub Account' - this is the segregated account where savers pay in their deposits, and receive funds back into, when they're not in one of the platform's savings accounts.

Who is eligible?

The minimum deposit required to open a Flagstone account on its platform is £10,000.

Flagstone accounts can be opened by UK resident UK-domiciled, UK resident non-domiciled, expats and US citizens.

Fees

Flagstone doesn't charge any admin or management fees. Instead it deducts up to 0.4% from the interest rates of its partner banks. It does this before displaying the rates on its platform, so the rate you see is the one you will receive.

When an account reaches maturity

You'll receive email alerts when new banks, rates and products become available.

Perhaps best known as an investment platform, Hargreaves Lansdown launched its Active Savings platform in September 2018. The service is only for UK customers, and only features UK banks.

Which accounts are available?

Banks currently available include Coventry Building Society, Charter Savings Bank, Close Brothers Savings and Paragon. They're a mix of instant-access and fixed-term savings accounts - the terms range from one month to five years.

Who is eligible?

To apply for an account you must be a UK resident, and over the age of 18.

Fees

Savers aren't charged - instead, Hargreaves Lansdown charges the account providers 0.25% of balances held.

When an account reaches maturity

Hargreaves Lansdown says it will email customers before an account matures, and the money will be returned to a client trust account - the 'cash hub'. You'll then have three days to decide whether to deposit the cash into another account, or it will be returned to you.

The cash hub is held by Barclays, and doesn't pay any interest.

Interactive Investor's Cash Savings feature serves as a way to balance its customers' investment portfolios, and is provided by Flagstone, which also has its own savings platform.

Which accounts are available?

There are more than 25 UK banks and building societies to choose from, but all are provided via Flagstone.

There are both fixed-term and notice accounts.

Who is eligible?

You must be over the age of 18, a UK resident and hold an account with Interactive Investor to apply for its Active Savings.

Fees

Flagstone charges a 0.25% management fee which is already reflected in the published interest rates on its website.

When an accounts reaches maturity

When a fixed-term account reaches maturity, your savings and interest are automatically paid into a hub account, which is provided by Flagstone.

Raisin's savings platform serves customers in more than 30 countries across Europe with a dedicated platform for UK savers. At the time of writing, it has more than 20 partner banks, which provide the FSCS protected savings accounts Raisin customers can sign up.

Which accounts are available?

Currently, the providers include Investec, Brown Shipley and QIB (UK).

You need to set up a Raisin account in order to apply for the savings products.

When you register, Raisin sets up a 'secure wallet' - provided by ClearBank - which you can transfer money in and out of. You can see your account balance, transaction history, as well as download statements and apply for savings accounts.

Instant-access, fixed-term and notice accounts are available. Once your money has been deposited in a fixed-rate account, you won't be able to access it until it matures. You can apply to as many accounts as you like.

Who is eligible?

To apply for a Raisin account, you must be a UK resident; aged over 18; have a UK bank or building society account in your name that accepts electronic transfers; have a National Insurance number or UK Tax ID number; have an email address and UK mobile phone number.

Fees

There are no fees to set up savings accounts or to make deposits and withdrawals. There may be fees for additional services, though there are none currently listed in the terms and conditions.

When an account reaches maturity

Once a fixed-rate bond reaches maturity, your deposit and any interest earned is transferred to your Raisin UK account.

You'll then have the choice to either put the money into another savings account, keep the money in the Raisin account (where it won't earn any interest), or withdraw it.

What are hub accounts and why do they matter?

Each of the savings platforms we've featured here uses a 'hub account'.

This is where your money is stored during the times when it's not deposited in a savings product.

When you first sign up to a savings platform, you'll likely have to transfer money into your hub account before it's then deposited into the savings account of your choice.

If you have a fixed-term account, the cash will then be sent back to the hub account once the term has finished, before being sent to an account elsewhere.

Hub accounts won't usually pay any interest, so you won't want to leave your money sitting in there for long or else it will lose value.

As savings platforms themselves aren't banks, they should have hub accounts held by a registered bank - for instance, Hargreaves Lansdown has a hub account with Barclays.

It's important to check the provider of your hub account is covered by the Financial Services Compensation Scheme (FSCS), in case anything goes wrong while your money is held there.

If you have money saved separately with the hub account provider - for example if you use Hargreaves Lansdown's savings platform and also have a Barclays savings account - make sure the total amount held doesn't exceed £85,000, as this is the maximum amount you're covered for by the FSCS.

Savings platform pros and cons

Pros

You should only have to register your details once.
You're prevented from earning low interest rates.
There's less shopping around for a new account.
You'll sometimes get access to exclusive accounts.

Cons

You may not be covered by the FSCS.
The platform won't cover the entire market, so better rates may be available elsewhere.
Minimum initial deposits are usually at least £1,000.
Rates are often lower than if you were to go direct.

The main advantage of savings platforms is convenience: you save time by only registering your details once, and will be reminded when your fixed-term bond is coming to an end.

Occasionally, you'll also be able to access exclusive savings rates that are better than others on the market - but this is a rarity.

As many savings platforms charge providers for featuring their accounts and signing savers up with them, the money the bank has to pay is often reflected in a slightly reduced AER.

The minimum deposit should also be a consideration: savers with smaller pots may find they're unable to save with any savings platform.

Lastly, the issue of whether your cash is covered by the FSCS is arguably the most important. All providers we've featured have plans in place to make sure your money is protected.

Find out more: how to find the best savings account

What if you have a dispute about your savings?

As you will have applied for and opened an account via the savings platform, the platform itself tends to be the port of call if you're unhappy with your account. Each platform will have its own internal complaints procedure.

If you can't reach a resolution you're happy with, you may be able to take your complaint to the Financial Ombudsman Service (FOS). You can get in touch by phone, online or by post and your complaint will be reviewed.

If your savings provider goes bust, you may be covered for compensation by the FSCS.

Find the right savings account for you using the service provided by Experian Ltd. Compare and choose accounts

Does the FSCS cover savings platforms?

Usually, when you deposit money into a savings account, your funds of up to £85,000 will be covered by the Financial Services Compensation Scheme in case the bank goes bust. But when you save via a savings platform, things can get a little more tricky.

If deposits are held in your name, or on trust, where you remain absolutely entitled to the funds, you could still claim up to £85,000 in compensation.

However, if the savings platform itself fails - as opposed to a bank or building society - the FSCS says they generally won't be able to compensate, as the service provided by the savings platform is not a regulated activity.

For this reason, it's important to check whether the savings provider will hold your cash, and whether it's covered by the FSCS if anything should go wrong.

All of the providers mentioned in this guide have confirmed that money is always held in accounts covered by the FSCS or an EU equivalent - that's whether it's held in a savings account or a 'hub account' provided by a UK bank on behalf of the savings platform.