Hargreaves Lansdown is launching its own in-house money market fund in collaboration with BNY Investments.
The fund will be available exclusively to the platform’s clients and targets a ‘market-leading’ yield level, with 3.95% expected at launch.
It will offer daily access for same day reinvestment and next day for withdrawals. An offer period begins today, before full launch on 4 November. The ongoing fee is 0.06%.
The firm, which has over 2million clients, said £600bn of excess cash is held by UK savers, and the four biggest banks are paying an average of just 0.95% interest.
Hargreaves Lansdown said it has invested more than £100m in its products and services over the past year.
It noted there is clear demand for these products, with the number of its clients holding a money market fund up 35% in the past year, and there are 26 times as many holders as five years ago.
Retail investors put a record £6.9bn into these funds in 2025 and £3.8bn in the first half of 2026, according to the Investment Association (IA).
Doug Abbott, chief product officer at Hargreaves Lansdown, said: “More than 25 times as many HL clients invest in money market funds as they did five years ago, and they’re set to become even more popular once the new Cash ISA rules come into force next April.
“Money market funds have long been a core cash management tool for institutions, which have historically had cheap, easy access.”
Rohan Stewart, head of UK intermediary distribution at BNY Investments, added: “We’re delighted to collaborate with Hargreaves Lansdown as the portfolio management engine for this innovative offering.
“The fund is designed to provide retail investors with a cash mandate with access to daily liquidity, attractive potential yield and one of the lowest-cost money market fund options in the market.”
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