RateSetter – the former peer-to-peer lending platform acquired by Metro Bank – has joined Hargreaves Lansdown’s cash savings platform to launch its savings products in the UK.
It is offering an easy access product with 5.06 per cent returns, exclusively through the fund supermarket’s Active Savings platform.
RateSetter will now be launching a range of fixed-term products.
Read more: Metro Bank plots growth of RateSetter brand
“Savers are benefiting from the competition amongst providers on cash savings platforms, and the highest interest rates since the financial crisis with easy access rates above five per cent and pushing close to the market leading best buy one-year fixed terms,” said Mark Hicks, head of savings at Hargreaves Lansdown.
“Hargreaves Lansdown are delighted to be partnering with RateSetter and adding another bank to the Active Savings service which helps people earn more from their cash across multiple banks through one easy log in.
“It’s great to see a UK bank choosing Active Savings as their first distribution channel to launch savings products in the UK.”
As Peer2Peer Finance News reported last month, Metro Bank unveiled plans to launch a RateSetter-branded savings account, as part of its focus on “enhancing its deposit proposition”.
The challenger bank, which acquired the former P2P lender in September 2020, said in its half-year results announcement that it is set to offer a broader range of savings accounts including a savings-boost proposition and a RateSetter-branded account.
Hargreaves’ Active Savings platform allows savers to pick from a variety of products offered by partner banks and building societies, using one online account.
As at the end of June 2023, more than 170,000 clients use the platform, with their cash savings totalling more than £7.5bn.
