Hargreaves Lansdown has launched a cash Isa platform with offerings from a range of banks.
Mark Hicks, head of active savings at the firm, said it is the only cash savings platform where savers can spread their allowance across different types of Isa.
He said cash Isas are becoming increasingly important after a rise in interest rates and with more savers earning more interest than the tax-free allowance.
“By providing the full suite of cash Isa products from multiple banks, savers now have unrivalled choice when managing their cash Isas alongside their existing savings portfolio, whilst also having the flexibility to choose from multiple deposit types,” said Hicks.
“This reduces the complexities for clients, by allowing them to have Isas with different providers all in one place.”
Hicks also said savers continue to benefit from competition between providers on cash savings platforms after interest rates have reached their highest since the financial crisis.
He added: “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 – use easy access for some of your cash in the face of the cost-of-living crisis and also have the ability to lock away the rest with a market leading rate.”
HL Active Savings was launched in 2018 and as of the end of September 2023, had supported more than 175,000 clients with their cash savings, totalling more than £7.8bn.
Hargreaves charges the banks and building societies it partners with, rather than the customers.
It has now added Santander International, Oaknorth and Zopa Bank to its list of partners.
Hicks added banks which don't have Isa manager status can benefit from Hargreaves Lansdown taking on that role, including the regulatory and operational aspects required.
tara.o'connor@ft.com
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