Regular Savings Accounts: The Best Currently Available List!

MiserlyMartin

I just wanted to add my appreciation and thanks to @Special_Saver2 for all the hard work he has put into the thread over the many years. It has to be the best and most complete regular saver information resource available on the entire internet even beating MSE main pages themselves for speed and completeness when any new account appeared or interest rates were even about to change, helping people make decisions on which account to start . Good luck and enjoy the family time

Cold_comfort

AmityNeon said:

charlie12525 said:

Regarding the Hanley Economic Building Society Online Regular Saver, the T&Cs state -

8.2 On our accounts we generally:
Calculate interest on a sum withdrawn up to (but not including) the day before you make the withdrawal

So a couple of days lost interest on withdrawal. Think I will leave it.

That clause is incorrectly worded. In practice, Hanley Economic follows industry practice and accrues interest daily on closing balances, right up to (but not including) the day of withdrawal (when the account balance is reduced).

Their "savings terms and conditions have recently been updated and are reviewed by a specialist legal firm to ensure they are fair and in line with industry regulations", but this specialist legal firm failed to notice how the word 'before' effects an interest loss of one day (which doesn't happen in practice).

The interest I have just received from HEBS is consistent with the wording in the T&Cs, i.e. it did not include interest on the day before I made the (faster payment) withdrawals. In other words, HEBS's interest calculation period is one day shorter than all other savings institutions I have used.

AmityNeon

Cold_comfort said:

AmityNeon said:

charlie12525 said:

Regarding the Hanley Economic Building Society Online Regular Saver, the T&Cs state -

8.2 On our accounts we generally:
Calculate interest on a sum withdrawn up to (but not including) the day before you make the withdrawal

So a couple of days lost interest on withdrawal. Think I will leave it.

That clause is incorrectly worded. In practice, Hanley Economic follows industry practice and accrues interest daily on closing balances, right up to (but not including) the day of withdrawal (when the account balance is reduced).

Their "savings terms and conditions have recently been updated and are reviewed by a specialist legal firm to ensure they are fair and in line with industry regulations", but this specialist legal firm failed to notice how the word 'before' effects an interest loss of one day (which doesn't happen in practice).

The interest I have just received from HEBS is consistent with the wording in the T&Cs, i.e. it did not include interest on the day before I made the (faster payment) withdrawals. In other words, HEBS's interest calculation period is one day shorter than all other savings institutions I have used.

When I enquired with HEBS whether a day's interest would be lost upon withdrawal, they responded as follows:

To clarify your question in relation to clause 8.2 of our savings terms and conditions interest is accrued on a daily basis based on the account balance at midnight of each day.

If a withdrawal or account closure is requested the account balance is taken at the end of each complete day so as of midnight on the day prior to the request being processed.

For example:
A withdrawal / closure processed on 13th December would use an account balance including accrued interest earned up to midnight on 12th December.

Our savings terms and conditions have recently been updated and are reviewed by a specialist legal firm to ensure they are fair and in line with industry regulations.

With the T&Cs aligning with the system implementation, the representative's words betray their own understanding of the meaning conveyed.

The use of the conjunction 'so' in the dependent adverbial clause "so as of midnight on the day prior" is a clear attempt at defining "the end of each complete day"; however, 'midnight' is technically the start of each day, suggesting the representative mistakenly believes the HEBS systems operate as per industry standard, despite their words (when taken at face value) accurately reflecting the system implementation. What a hapless example of linguistic and conceptual irony.