Regular Savings Accounts: The Best Currently Available List!

Bridlington1

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:

flaneurs_lobster

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

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

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

flaneurs_lobster said:

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

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

ForumUser7

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

friolento

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

flaneurs_lobster

ForumUser7 said:

flaneurs_lobster said:

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

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

There was an opportunity to fund as (last) part of the application process - I chose to delay until online credentials are received by post. Didn't notice any funding window specified, 

grumbler

refluxer said:

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

I CBA to check MSE calculator, but my own simple calculation is 12000*6.5/12*(5.5%-5.22%)=£18.20

friolento

grumbler said:

refluxer said:

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

I CBA to check MSE calculator, but my own simple calculation is 12000*6.5/12*(5.5%-5.22%)=£18.20

I think it is more like £40-odd because you don't get 5.22% unless you keep the money in the feeder account for 12 months. Which clearly you wouldn't do if you are dripfeeding.

refluxer

ForumUser7 said:

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

No worries. The minimum operating balance is £1000 according to the terms of the account, but how well they police that is another matter ! TBH though, if the rate was to drop and become uncompetitive then you'd probably just close it anyway.