Regular Savings Accounts: The Best Currently Available List!

ForumUser7

@phillw said:

ForumUser7 said:
it's probably best to not make the deposits and wait and see if they downgrade it - otherwise you'll have to work out all the calculations to determine if you're actually likely to profit overall by the time the penalty is taken into account.

You're assuming the penalty doesn't apply if they close it. While I think it might.

Thanks for flagging this up, I've had another look and I can kind of see why either thing may happen. @PKman may wish to contact HEBS for a definite answer, as I'm not too sure @PKman, if you do call, please let us know what they say. The only reason not to call would be in case they realise that OP is trying to get it to change the account type, and then for whatever reason decide not to process it (reserves the right to etc.) - although this would be particularly nasty, so I don't know if they would do that. I've not had interactions with Hanley before.

I feel like they would've needed to make it clearer, and state that the penalty would apply if they transferred the balance too. 

I didn't think that a penalty would be applied if the account was transferred by HEBS. It says a penalty is applied if the funds are withdrawn, and it states they would transfer the account balance to an IASA if the subscriptions were missed. The withdrawal would be an action by the user, whereas the transfer would be an action by HEBS. I thought then the IASA terms would apply, and these allow access without penalty.

Section 11 of the terms may apply, not sure though - effectively they are closing the HDS by transferring into an IASA - https://thehanley.co.uk/wp-content/uploads/2016/01/1570-TCs_v2-amd.pdf

Do you think that the penalty would occur when the account is transferred, or when OP tried to make a withdrawal from the IASA if it had been transferred from a HDS? Presumably the former?

(HEBS - Hanley Economic Building Society, IASA - Instant Access Savings Account, HDS - Home Deposit Saver)

schiff

COVENTRY BS
Letter today on the subject of RS5 maturing next month. No mention of a replacement RS - though there's obviously still time.

Wheres_My_Cashback

schiff said:

COVENTRY BS
Letter today on the subject of RS5 maturing next month. No mention of a replacement RS - though there's obviously still time.

The replacement is the RS5, you can open another one once the original has matured.

Pkman

I think it would be wise to keep my head down and see how it play out. 

Hanley's system is not the best. There was no online banking until now. (I still don't have access)

Their t&c is not clear at all. Ie other says interest are calculate daily. Nope, not hanley. 

surreysaver

schiff said:

COVENTRY BS
Letter today on the subject of RS5 maturing next month. No mention of a replacement RS - though there's obviously still time.

My Coventry RS 5 is at least the second consecutive one I've had

schiff

surreysaver said:

schiff said:

COVENTRY BS
Letter today on the subject of RS5 maturing next month. No mention of a replacement RS - though there's obviously still time.

My Coventry RS 5 is at least the second consecutive one I've had

It seems odd that they have not suggested that as a possibility. 4.15% is way down my list of best prices.

EthicsGradient

I couldn't find this reported earlier - the Hinckley and Rugby BS Regular Saver 30 Day Notice page now has this:

"Please note the interest rate payable on this account will be reducing from 4.75% to 4.25% on Thursday 4 May 2023"

https://www.hrbs.co.uk/savings-products/regular-saver-30-day-notice/

t1redmonkey

EthicsGradient said:

I couldn't find this reported earlier - the Hinckley and Rugby BS Regular Saver 30 Day Notice page now has this:

"Please note the interest rate payable on this account will be reducing from 4.75% to 4.25% on Thursday 4 May 2023"

https://www.hrbs.co.uk/savings-products/regular-saver-30-day-notice/

That's unusual in the current environment for a regular saver to be reducing it's rate...let's hope it's just an oddball and not the first of many!

ForumUser7

t1redmonkey said:

EthicsGradient said:

I couldn't find this reported earlier - the Hinckley and Rugby BS Regular Saver 30 Day Notice page now has this:

"Please note the interest rate payable on this account will be reducing from 4.75% to 4.25% on Thursday 4 May 2023"

https://www.hrbs.co.uk/savings-products/regular-saver-30-day-notice/

That's unusual in the current environment for a regular saver to be reducing it's rate...let's hope it's just an oddball and not the first of many!

Incredibly disappointing - I wonder when we'll be personally notified, because it is supposed to be at least 14 days before the change + the 30 day notice period - unless they are waiving this.

Hoping they are just releasing a new issue, but feels unlikely!

Wheres_My_Cashback

ForumUser7 said:

t1redmonkey said:

EthicsGradient said:

I couldn't find this reported earlier - the Hinckley and Rugby BS Regular Saver 30 Day Notice page now has this:

"Please note the interest rate payable on this account will be reducing from 4.75% to 4.25% on Thursday 4 May 2023"

https://www.hrbs.co.uk/savings-products/regular-saver-30-day-notice/

That's unusual in the current environment for a regular saver to be reducing it's rate...let's hope it's just an oddball and not the first of many!

Incredibly disappointing - I wonder when we'll be personally notified, because it is supposed to be at least 14 days before the change + the 30 day notice period - unless they are waiving this.

Hoping they are just releasing a new issue, but feels unlikely!

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