HL Active Savings: grrr..... & caveat emptor!
Posted: April 27th, 2021, 4:50 pm
I have some cash with HL's Active Savings. It's on easy access with Paragon at 0.25%. That's fine for what I want it (and a lot more than my normal high street bank is paying for instant access)
I happened to be taking a quick look at my account on HL's website, and noticed there was a Paragon Easy Access paying 0.35% in their "View Latest rates"
HL are quick enough to say when rates drop, but they didn't mention that rates had gone up.
When I rang (and it only took me 2 rings to get through!) I was told that the 0.35% is a new product from Paragon.
HL said they wouldn't necessarily notify me as it's a new product not a rate increase. I asked if they don't notify customers of an old account (I had it in the back of my mind that banks are supposed to notify customers of money languishing at poorer rates in old accounts), but apparently my Paragon account is not an old account, it's just not available to new savers, so it's still current!
You have to be canny these days!
Play cunning!
(and Yes, I do see that at
https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html Paragon have an instant access at 0.41%, probably https://www.paragonbank.co.uk/savings/limited-edition-easy-access-account but it suits me to be able to move my cash around within the HL wrapper (saves all the id faffing)
I happened to be taking a quick look at my account on HL's website, and noticed there was a Paragon Easy Access paying 0.35% in their "View Latest rates"
HL are quick enough to say when rates drop, but they didn't mention that rates had gone up.
When I rang (and it only took me 2 rings to get through!) I was told that the 0.35% is a new product from Paragon.
HL said they wouldn't necessarily notify me as it's a new product not a rate increase. I asked if they don't notify customers of an old account (I had it in the back of my mind that banks are supposed to notify customers of money languishing at poorer rates in old accounts), but apparently my Paragon account is not an old account, it's just not available to new savers, so it's still current!
You have to be canny these days!
Play cunning!
(and Yes, I do see that at
https://www.thisismoney.co.uk/money/article-1583859/Best-savings-rates-General-savings-Internet-branch.html Paragon have an instant access at 0.41%, probably https://www.paragonbank.co.uk/savings/limited-edition-easy-access-account but it suits me to be able to move my cash around within the HL wrapper (saves all the id faffing)