Blow for investors as Hargreaves cut cash interest rates

iStock_000015237111XSmallSavers and investors holding cash with Hargreaves Lansdown, the UK’s biggest direct to consumer platform, will see interest rates cut by at least 50% from next month. From 10th August, investors who hold Cash on the Hargreaves Lansdown Vantage Platform will see interest rates cut from 0.1% to 0.05% on balances between £7,000 and £50,000. For balances in excess of £50,000 the interest rate will be cut from 0.25% to 0.1%. Quoted on Citywire, Danny Cox of Hargreaves Lansdown defended the cuts, saying: ...