MSE News: Hanley Economic launches top easy-access savings rate in 14 years at 4.25%

MSE_Gavin

You can now earn 4.25% on your savings with Staffordshire-based Hanley Economic Building Society's new account. It's the highest easy-access rate in 14 years - since January 2009 - and it overtakes the previous top rate of 3.71%. However, you will need to jump through some hoops to get it.

Read the full story:

'Hanley Economic launches top easy-access savings rate in 14 years at 4.25% - but you need to jump through some hoops to get it'

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Bridlington1

One useful thing to note about this account is that you can pay into it by direct debit too.

masonic

Awaiting the article, "Savers struggling to access their cash as Building Society overwhelmed with postal requests."

eskbanker

masonic said:

Awaiting the article, "Savers struggling to access their cash as Building Society overwhelmed with postal requests."

Especially if the existence of an MSE article and thread extends into an appearance in this week's email!

where_are_we

Things to consider - no online for this account, one withdrawal once a month capped at £10k done by post - looks like it is possible to request a faster payment withdrawal ? instead of a cheque withdrawal? Interest rate will follow BOE base rate. It will be interesting to see how quickly other top rate EA accounts drop their rates as soon as BOE base rate drops. as will probably happen in near future. One has to decide quickly whether to go for it because there will be a postal deluge!

fonesaver

You can withdraw once per calendar month without penalty up to £500 in cash and £70,000 by cheque on demand from our branches or by sending us your written instructions. 

where_are_we

Cheque withdrawals are a pain and you lose a few days interest because it is in post and then it takes time to clear

I`m not sure about this one

masonic

With the price of postage these days, I'm surprised such an account is viable.

Band7

masonic said:

With the price of postage these days, I'm surprised such an account is viable.

They have a Freepost address. So it's just the cost of envelopes and paper. You also need a cheque book. And loads of patience.

Although an account operated exclusively by Post (or Branch, for a few lucky ones) seems very 1980s, it might actually be a good alternative for those who like Notice accounts, or accounts with limited access (e.g. the YBS 6 access saver).  For some, HEBS will also be a welcome source for Direct Debits.

Also, you need to send them proof of ID and address. Unless you can send originals, you need to have them certified, which adds extra hassle, and possibly extra cost. Though they do accept a wide range of documents that people might be happy to send in originals.

allegro120

where_are_we said:

Cheque withdrawals are a pain and you lose a few days interest because it is in post and then it takes time to clear

I`m not sure about this one

I am sure it's not for me. Too many hoops to jump through.  It's not really an easy-access and shouldn't be advertised as such. 

Millyonare

The 1970s called... they want their savings account back.