Secure Trust Bank has signed a strategic partnership with Hargreaves Lansdown (HL) to make its savings products available through the HL Active Savings platform.

The partnership not only represents an important step for the bank to build a "strong savings offer through a wide product suite", but is also its first deposit aggregator relationship.

The partnership will enable the bank to access a new pool of customers and create an additional channel through which it can raise retail deposits.

Secure Trust Bank’s access account will initially be available to HL Active Savings customers, with a wider range of products expected to follow, including access ISAs, fixed rate bonds and fixed rate cash ISAs.

HL has more than two million clients and administers around £200bn of savings and investments. Its Active Savings platform enables clients to select and manage savings products from a range of banks and building societies through a single online account.

Savings director at Secure Trust Bank, Rajat Mehta, stated: “Our ambition is to build a strong savings offer, which serves our valued customers and I am delighted that our first ever deposit aggregator relationship is with HL. This partnership will enable a large pool of highly engaged customers to access our differentiated savings products.

“This is fundamentally about diversifying our distribution and strengthening our funding model. Adding an established platform alongside our existing direct and comparison channels gives us greater operational flexibility, supports the efficient management of our cost of deposits and provides another important source of funding for the bank’s growth ambitions.

“We look forward to offering HL clients a broad range of competitive savings products and building on this partnership over the coming years.”

Head of partnerships at HL, Aman Rai, concluded: “We're pleased to welcome Secure Trust Bank to the 30+ banks and building societies our clients have access to through our Active Savings platform. As a well-established UK banking provider, Secure Trust Bank strengthens our savings offering and provides clients with even greater choice when managing their cash savings.

“I look forward to building a strong and successful partnership with the Secure Trust Bank team and to working together to deliver value for our clients.”

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