Investment platform provider Hargreaves Lansdown will offer its own-branded savings deposit account for the first time through a partnership with Shawbrook Bank.

The account, which is guaranteed to never pay less than base rate, will be offered through the firm’s Cash ISA.

Clients able to deposit up to £1m in the account with deposits FSCS protected up to £85,000. HL will also now enable its savers to manage their active savings account on its app.

Mark Hicks, head of active savings, Hargreaves Lansdown, said: “While clients will be able to access better rates on our savings platform on an individual bank basis, this product will provide consistency and diversification benefits to savers who don’t want to have to continually switch products around to generate a competitive rate.”

He said that a significant amount of savings sits in low-interest or zero-interest accounts with high street banks. Rest Less figures published in June suggested there’s £526bn estimated to be in cash sitting in UK current accounts earning no interest and £280bn held in zero-interest current accounts.

Mr Hicks said: “This savings black hole represents billions in lost interest for savers, even as top savings accounts offer rates of over 4%.” He said the highest rates in the savings market are often dominated by challenger banks and smaller new entrants who attract client in with high rates or bonus rates which very quickly drop after the first 6-12months.

In the new savings product HL said it receives a set interest rate from Shawbrook and can then decide what interest rate to set its clients.

Mr Hicks said: “The HL branded savings product will offer our clients a consistently competitive savings rate, that is guaranteed to never pay less than base rate – 65bp. We have chosen to leverage our brand and bank partnerships for this launch, partnering with Shawbrook, and initially launching in our Cash ISA.”

Paul Went, managing director of retail, Shawbrook, said: “Our technology and flexible infrastructure, combined with specialist market knowledge, enables delivery of new propositions and experiences for customers.”



He said the HL partnership reflects Shawbrook’s broader strategy of enabling non-bank financial institutions and fintechs “to innovate faster, deliver at scale, and expand customer choice through technology-led collaboration.”