The Top Easy Access Savings Discussion Area

S_uk

Does anyone what is the cut off time on a working day for sending a payment into a Kent Reliance savings account (and for it to clear that day?). The website only mentions about 3.30pm being the cut off time for withdrawals, and for payments in just says: "The funds will usually be available as cleared funds in your account on the same working day we receive them." I made a payment at 3pm and hasn't yet shown on the account.

allegro120

ForumUser7 said:

allegro120 said:

fletcher1985 said:

how come Hanley Economic BS can offer 4.25% and others are far lower. is it just get a big cash flow?

…those who enjoy sending letters and cashing cheques... …

Apparently they can arrange a FP to a NBA if you send in the passbook and a letter with a wet signature etc.

It's far too much hassle for £500 withdrawal, definitely a non-starter for me. 

BigBlueSky

allegro120 said:

ForumUser7 said:

allegro120 said:

fletcher1985 said:

how come Hanley Economic BS can offer 4.25% and others are far lower. is it just get a big cash flow?

…those who enjoy sending letters and cashing cheques... …

Apparently they can arrange a FP to a NBA if you send in the passbook and a letter with a wet signature etc.

It's far too much hassle for £500 withdrawal, definitely a non-starter for me. 

Can you only withdraw £500 at a time ??

ForumUser7

BigBlueSky said:

allegro120 said:

ForumUser7 said:

allegro120 said:

fletcher1985 said:

how come Hanley Economic BS can offer 4.25% and others are far lower. is it just get a big cash flow?

…those who enjoy sending letters and cashing cheques... …

Apparently they can arrange a FP to a NBA if you send in the passbook and a letter with a wet signature etc.

It's far too much hassle for £500 withdrawal, definitely a non-starter for me. 

Can you only withdraw £500 at a time ??

Faster payment withdrawals must be greater than or equal to 500 and less than or equal to 10,000 or you’ll incur a fee.

Cheque withdrawals can be any amount, although you may need to get it from their registered office

BigBlueSky

ForumUser7 said:

BigBlueSky said:

allegro120 said:

ForumUser7 said:

allegro120 said:

fletcher1985 said:

how come Hanley Economic BS can offer 4.25% and others are far lower. is it just get a big cash flow?

…those who enjoy sending letters and cashing cheques... …

Apparently they can arrange a FP to a NBA if you send in the passbook and a letter with a wet signature etc.

It's far too much hassle for £500 withdrawal, definitely a non-starter for me. 

Can you only withdraw £500 at a time ??

Faster payment withdrawals must be greater than or equal to 500 and less than or equal to 10,000 or you’ll incur a fee.

Cheque withdrawals can be any amount, although you may need to get it from their registered office

Thank you.  I assume there is nothing to stop you doing multiple £10,000 FP withdrawals though to avoid any fees.

t1redmonkey

I'm personally not interested in the Hanley Economic 4.25% account, since I don't really keep much money in an easy access account for any length of time.  I get my pay at the end of the month, and then the 1st of the month I move most of it into loads of different regular savers (all of which are paying more than 4.25% anyway). 

The easy access account I have is then just used as a temporary 'home' for some remaining money for mid-month bills and a couple of other regular savers whose SO dates I can't change (HSBC/First Direct) until I can put the money into those towards the end of the month.

So I think the way I use my easy access account isn't compatible at all with the Hanley Economic one in terms of it's restrictive withdrawals and how you have to write a letter to get any transactions done, but I'm sure there are some people that will see it as worth going for depending on their circumstances.

ForumUser7

BigBlueSky said:

ForumUser7 said:

BigBlueSky said:

allegro120 said:

ForumUser7 said:

allegro120 said:

fletcher1985 said:

how come Hanley Economic BS can offer 4.25% and others are far lower. is it just get a big cash flow?

…those who enjoy sending letters and cashing cheques... …

Apparently they can arrange a FP to a NBA if you send in the passbook and a letter with a wet signature etc.

It's far too much hassle for £500 withdrawal, definitely a non-starter for me. 

Can you only withdraw £500 at a time ??

Faster payment withdrawals must be greater than or equal to 500 and less than or equal to 10,000 or you’ll incur a fee.

Cheque withdrawals can be any amount, although you may need to get it from their registered office

Thank you.  I assume there is nothing to stop you doing multiple £10,000 FP withdrawals though to avoid any fees.

Kind of, only 1 penalty free withdrawal per month. Depends how quickly you wanted to withdraw funds. What I would do is open their instant access account, request TFR from branch saver, and then do multiple FPs out of the IA

tg99

S_uk said:

Does anyone what is the cut off time on a working day for sending a payment into a Kent Reliance savings account (and for it to clear that day?). The website only mentions about 3.30pm being the cut off time for withdrawals, and for payments in just says: "The funds will usually be available as cleared funds in your account on the same working day we receive them." I made a payment at 3pm and hasn't yet shown on the account.

It’s also 330pm for deposits from what I was told. I have previously done a payment around 3pm on a Friday and it didn’t show till Monday but was dated Friday.

TheBanker

t1redmonkey said:

I'm personally not interested in the Hanley Economic 4.25% account, since I don't really keep much money in an easy access account for any length of time.  I get my pay at the end of the month, and then the 1st of the month I move most of it into loads of different regular savers (all of which are paying more than 4.25% anyway). 

Neither am I. I remember having an account like that back in the 1990s. It was operated entirely by post. To withdraw you had to fill in a form and post it off. They'd post a cheque back by return. If you didn't have the right form, you'd have to write a letter asking them to send you one. Although I remember they enclose a blank form for next time with the withdrawal cheque. At least they provided pre-paid envelopes...

You then had to pay the cheque into your bank account and wait for it to clear. If you were giving the money to someone else, you'd normally write them a cheque which they'd then need to wait to clear. 

Basically you had to treat it like a 30 day notice account, given it could take that long to get your money. 

Compare that to now, when people complain if a Faster Payment made at midnight during a Bank Holiday weekend doesn't appear within five minutes! 

ForumUser7

soulsaver said:

I don't 'rank' branch/postal only accounts (not Easy'nuff Access) but info maybe good for some... :

Hanley BS 'Branch Saver' pays 4.25% and tracks the  BoE base - so 4.50% from 01/07. Great rate but lots of 'cons' ... DYOR 
Savings - Hanley Economic Building Society (thehanley.co.uk) 

@soulsaver - re this post in the no chat thread, the branch saver rate changes on the 1st of each month if there has been a BR change - so it is 4.50% from 01/06/2023.
HEBS happens to be updating their other rates by 0.25% too, but from 01/07/2023.

I wasn’t sure if this was too chatty for the no chat thread, so posted it over here instead.