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

eskbanker

allegro120 said:
It's not really an easy-access and shouldn't be advertised as such. 

"Easy access" simply means that there is no requirement to give notice to make withdrawals, and doesn't imply that the actual process of getting hands on the proceeds is instant....

masonic

Band7 said:

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.

I was meaning the cost to them of covering the postage - I noticed they were using Freepost, which is a good thing for savers. It seems an odd choice, as there is mention in the general T&Cs about online servicing for some of their other accounts, so that system exists, and it would seem a money saver for them to use it for this account.

Thanks for the heads up about the document requirements, I think that is the final nail in the coffin for me!

PloughmansLunch

T&Cs say “If you are applying by post, online or via telephone and we are unable to verify you electronically we will require one documents from List A and List B.” which to me indicates they will try a soft search for identity confirmation first, and hopefully sending documents off is only needed as a last resort if this is unsuccessful. 

ForumUser7

masonic said:

Band7 said:

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.

I was meaning the cost to them of covering the postage - I noticed they were using Freepost, which is a good thing for savers. It seems an odd choice, as there is mention in the general T&Cs about online servicing for some of their other accounts, so that system exists, and it would seem a money saver for them to use it for this account.

Thanks for the heads up about the document requirements, I think that is the final nail in the coffin for me!

@masonic The application form states they can electronically verify. I didn’t send in ID, and was successful.

Re your (incredibly valid) point re online servicing - you can view the account, but cannot deposit by card or transfer out or withdraw online or in the app like you can for their instant access account. You can transfer in from the instant access HEBS account though. When I asked them about this, they said their online system isn’t able to manage limited access accounts as it is unable to calculate and display penalties (i.e. for the second withdrawal onwards) at this stage, but this is something they are working on.

Band7

ForumUser7 said:

.......but cannot deposit by card or transfer out or withdraw online or in the app like you can for their instant access account.  

Have you tried doing this? You can apply for the instant access account online but their website states "Once the account has been opened it can be managed either in branch and/or via the post."

ForumUser7

Band7 said:

ForumUser7 said:

.......but cannot deposit by card or transfer out or withdraw online or in the app like you can for their instant access account.  

Have you tried doing this? You can apply for the instant access account online but their website states "Once the account has been opened it can be managed either in branch and/or via the post."

The buttons for withdrawals and transfers out to other HEBS accounts are there for the instant access, but not for the branch saver. Same with the button for card deposit. I got through to the final step on the first two, but it wouldn’t let me proceed as they have a 10 day transaction stop in the app for security (less than YBSs 14). I don’t know if this applies by post etc. or not. Re the deposit option, I got through to a card payment portal to enter the details - I didn’t proceed as at that time I didn’t want to make a further deposit.

So it seems they work, but I haven’t completed them yet.

george4064

Appreciate this is the top rate, but not worth the hassle and potential issues with branch/postal opening and managing the account!

boingy

eskbanker said:

allegro120 said:
It's not really an easy-access and shouldn't be advertised as such. 

"Easy access" simply means that there is no requirement to give notice to make withdrawals, and doesn't imply that the actual process of getting hands on the proceeds is instant....

Hehe. When easy easy access turns out to be not so easy. I'd like to think that all the postal correspondence ends up on a steel spike that sits on oak desk with a green leather insert.