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Regular Savings Accounts: The Best Currently Available List!

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Comments

  • Pkman
    Pkman Posts: 86 Forumite
    Fourth Anniversary 10 Posts
    I have their home depsoit saver. The interest rate was good at the beginning but then it lagged behind other. I have £20k 'stuck' in there until 3 years up (April 2024), it is currently paying 4.05% when I could get 5.2% otherwhere. meh

    One thing I can't found with the account above is the option of closing the account. Is it allowed? Is it included one of the penalty-free??? You could technically will have £1k stuck in there if you not allow to close your account. 
  • refluxer
    refluxer Posts: 3,227 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    edited 9 December 2023 at 5:23PM
    Pkman said:
    One thing I can't found with the account above is the option of closing the account. Is it allowed? Is it included one of the penalty-free??? You could technically will have £1k stuck in there if you not allow to close your account. 
    It's probably safe to say that account closure will be allowed as it doesn't have a maturity date - I'd like to think they can't keep your money forever :D

    I would count it as one of the 5 free withdrawals to be on the safe side, though.
  • Pkman
    Pkman Posts: 86 Forumite
    Fourth Anniversary 10 Posts
    I wouldn't be that much concerned about their 'threat' of downgrading your account.

    I did not depsoit any money for the last 7 months in my home deposit saver hoping they would downgrade it so I can withdraw my money. Nope. Not a single letter. Until recently letting me know it will convert into easy access at the end of 3 years.

    5.5% is the borderline whether it is 'worth it'. 
  • Bridlington1
    Bridlington1 Posts: 3,967 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    edited 9 December 2023 at 8:02PM
    refluxer said:
    Here's an online regular saver I spotted recently from the Hanley Eco BS - it's fairly new and hasn't been picked up by comparison sites like MoneyFacts, yet. While the rate isn't fixed nor among the very best available, it's still higher than the current best easy access rates and some of the conditions (such as the high monthly contribution and lack of maturity date) might make it of interest to some.

    Hanley Economic Building Society - Online Regular Saver @ 5.50% (variable)
    • Open online and manage via online banking or the app
    • Interest paid annually on 31st August
    • Minimum balance : £1,000
    • Maximum balance : £100,000
    • Pay in between £250 and £1,000 every month (multiple payments allowed)
    • Payments can be made via SO, bank transfer or debit card
    • Missing paying in for 3 or more months within the anniversary year risks account closure 
    • 5 penalty-free withdrawals per tax year allowed (faster payment withdrawals are subject to a £10k per day limit)
    https://thehanley.co.uk/savings-accounts/

    NB. I'm not sure why the 'withdrawal notice' box says 'Yes' in the table - notice isn't mentioned in the account Summary Box so it's possible this may be a mistake or they may simply be referring to the fact that withdrawals have to be requested and so aren't instant.

    One thing to note about the Hanley is that they're a relatively small BS, so there are bound to be the usual, associated foibles and they won't be as dynamic as some of the bigger players. You'll probably have to wait for online banking details to be sent through the post, for example, so setting this account up as a new customer may not be immediate. Also - if this account functions like the branch saver I hold with them, faster payment deposits usually don't show up until the next working day and so the same might be true for withdrawals from this account (I don't current hold this RS but my impression is that both faster payments in and withdrawal requests for faster payments out have to be processed manually). Full details of how they operate their savings accounts can be found in their general savings accounts T&Cs document.
    Also of note is that HEBS allow deposits into their savings accounts by direct debit.

    EDIT:
    Also for those opening the account it may be worth waiting till Monday before funding it due to today being Saturday.


    Also it has been picked up by moneyfacts, due to the £1k minimum deposit it only shows if you set the investment amount to £1,000 so will probably have been on there all week:

  • refluxer said:
    Pkman said:
    One thing I can't found with the account above is the option of closing the account. Is it allowed? Is it included one of the penalty-free??? You could technically will have £1k stuck in there if you not allow to close your account. 
    It's probably safe to say that account closure will be allowed as it doesn't have a maturity date - I'd like to think they can't keep your money forever :D

    I would count it as one of the 5 free withdrawals to be on the safe side, though.
    Having pushed an application through, none of the documents presented as part of the process override the General T&Cs that say closure is always allowed unless otherwise indicated.

    Plus your point about no maturity date makes perfect sense.
  • refluxer
    refluxer Posts: 3,227 Forumite
    1,000 Posts Fourth Anniversary Photogenic Name Dropper
    Pkman said:
    5.5% is the borderline whether it is 'worth it'. 
    Yes, that's true. A (worst-case scenario) gain of £33 for the first year from anyone drip-feeding £1000/month from something like the Metro Instant Access @ 5.22% according to the MSE calculator, although that gain increases considerably the longer you keep that process going (£195 after 2 years etc). That's obviously presuming both rates stayed the same for the duration though, which is highly unlikely judging by the base rate predictions for the next year or so.

    I guess there's a chance if easy access rates start to drop that the rates on 'lesser' accounts like variable rate regular savers could be maintained for longer, therefore increasing the benefit. I suppose we'll have to wait and see.
  • ForumUser7
    ForumUser7 Posts: 2,503 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    refluxer said:
    Pkman said:
    One thing I can't found with the account above is the option of closing the account. Is it allowed? Is it included one of the penalty-free??? You could technically will have £1k stuck in there if you not allow to close your account. 
    It's probably safe to say that account closure will be allowed as it doesn't have a maturity date - I'd like to think they can't keep your money forever :D

    I would count it as one of the 5 free withdrawals to be on the safe side, though.
    Having pushed an application through, none of the documents presented as part of the process override the General T&Cs that say closure is always allowed unless otherwise indicated.

    Plus your point about no maturity date makes perfect sense.
    Did you have to fund it straight after you applied, or is there a funding window please? And if so, what is it? Thank you
    If you want me to definitely see your reply, please tag me @forumuser7 Thank you.

    N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.
  • ForumUser7
    ForumUser7 Posts: 2,503 Forumite
    1,000 Posts Third Anniversary Photogenic Name Dropper
    refluxer said:
    Here's an online regular saver I spotted recently from the Hanley Eco BS - it's fairly new and hasn't been picked up by comparison sites like MoneyFacts, yet. While the rate isn't fixed nor among the very best available, it's still higher than the current best easy access rates and some of the conditions (such as the high monthly contribution and lack of maturity date) might make it of interest to some.

    Hanley Economic Building Society - Online Regular Saver @ 5.50% (variable)
    • Open online and manage via online banking or the app
    • Interest paid annually on 31st August
    • Minimum balance : £1,000
    • Maximum balance : £100,000
    • Pay in between £250 and £1,000 every month (multiple payments allowed)
    • Payments can be made via SO, bank transfer or debit card
    • Missing paying in for 3 or more months within the anniversary year risks account closure 
    • 5 penalty-free withdrawals per tax year allowed (faster payment withdrawals are subject to a £10k per day limit)
    https://thehanley.co.uk/savings-accounts/

    NB. I'm not sure why the 'withdrawal notice' box says 'Yes' in the table - notice isn't mentioned in the account Summary Box so it's possible this may be a mistake or they may simply be referring to the fact that withdrawals have to be requested and so aren't instant.

    One thing to note about the Hanley is that they're a relatively small BS, so there are bound to be the usual, associated foibles and they won't be as dynamic as some of the bigger players. You'll probably have to wait for online banking details to be sent through the post, for example, so setting this account up as a new customer may not be immediate. Also - if this account functions like the branch saver I hold with them, faster payment deposits usually don't show up until the next working day and so the same might be true for withdrawals from this account (I don't current hold this RS but my impression is that both faster payments in and withdrawal requests for faster payments out have to be processed manually). Full details of how they operate their savings accounts can be found in their general savings accounts T&Cs document.




    Thanks for highlighting this. Anyone know if it is £1,000 minimum opening and operating or just opening please, and therefore can be reduced later to £1 for example? Thank you
    If you want me to definitely see your reply, please tag me @forumuser7 Thank you.

    N.B. (Amended from Forum Rules): You must investigate, and check several times, before you make any decisions or take any action based on any information you glean from any of my content, as nothing I post is advice, rather it is personal opinion and is solely for discussion purposes. I research before my posts, and I never intend to share anything that is misleading, misinforming, or out of date, but don't rely on everything you read. Some of the information changes quickly, is my own opinion or may be incorrect. Verify anything you read before acting on it to protect yourself because you are responsible for any action you consequently make... DYOR, YMMV etc.
  • friolento
    friolento Posts: 2,557 Forumite
    1,000 Posts Second Anniversary Name Dropper Photogenic
    Hanley RS: The maximum withdrawal amount to your Nominated Account is £10,000 per account per day

    Clause 10.3 of their savings T&Cs
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