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With the tax year coming to an end in April, savings platform users have a new opportunity to diversify their savings portfolios. Flagstone, one of the leading players in the industry, is set to add Cash ISAs from ten different providers before the deadline.
These platforms are now offering tax-free Cash ISAs, in addition to fixed-rate bonds and easy-access accounts. This means that users can manage multiple savings accounts with a single sign-up, and divide their savings between various products offered by banks and building societies on these platforms.
Hargreaves Lansdown, Flagstone, and Raisin are three of the largest savings platforms that are adding cash ISAs. However, it's important to note that the specific banks and savings institutions offering Cash ISAs on these platforms, including those with fixed yields and accessible accounts, may vary. Users are advised to check each platform's current ISA product listings for up-to-date availability and deadlines.
The addition of these new Cash ISAs comes at a time when the number of savings deals available has reached a record 2,289, according to Moneyfacts. While this offers a wide range of options, only around a quarter of these savings deals beat the Bank of England base rate of 4%. This underscores the importance of careful consideration and research when choosing a savings product.
One of the key benefits of using these savings platforms is the simplification they provide in managing multiple savings accounts. By consolidating your savings across various products, these platforms can help reduce stress and make it easier to keep track of your savings portfolio.
As we approach the end of the tax year, it's an opportune time to review your savings options and consider diversifying your portfolio with the new Cash ISA offerings from Hargreaves Lansdown, Flagstone, and Raisin.
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