Hanley Economic Building Society BRANCH SAVER

Bridlington1

I can't seem to see it mentioned anywhere but for those choosing to make withdrawals by transfer to a HEBS instant access account. I've discovered their systems will let you reduce the balance on the instant access account down to 1p, I don't know whether or not they'll let you keep the balance at 1p indefinitely though. Withdrawing my initial deposit from the instant saver on Thursday was reasonably quick to be fair, I requested the withdrawal around 5:30am, the money was debited immediately and was in my nominated account when I checked at around 1pm the same day. Also to satisfy my own curiosity I've discovered they let you make 1p deposits into it by debit card.

gwapenut

I achieved similar with The Cambridge a few years back, and got a very friendly phone call a month or so later asking me to restore the account to its minimum level.

refluxer

Bridlington1 said:

I can't seem to see it mentioned anywhere but for those choosing to make withdrawals by transfer to a HEBS instant access account. I've discovered their systems will let you reduce the balance on the instant access account down to 1p, I don't know whether or not they'll let you keep the balance at 1p indefinitely though. Withdrawing my initial deposit from the instant saver on Thursday was reasonably quick to be fair, I requested the withdrawal around 5:30am, the money was debited immediately and was in my nominated account when I checked at around 1pm the same day. Also to satisfy my own curiosity I've discovered they let you make 1p deposits into it by debit card.

Apologies if you've mentioned this before but, as withdrawing to a HEBS Instant Access account presumably doesn't get around the need to visit a branch or post off the Branch Saver passbook to make a withdrawal, how does opening one help with the process ? Just curious  

Bridlington1

refluxer said:

Bridlington1 said:

I can't seem to see it mentioned anywhere but for those choosing to make withdrawals by transfer to a HEBS instant access account. I've discovered their systems will let you reduce the balance on the instant access account down to 1p, I don't know whether or not they'll let you keep the balance at 1p indefinitely though. Withdrawing my initial deposit from the instant saver on Thursday was reasonably quick to be fair, I requested the withdrawal around 5:30am, the money was debited immediately and was in my nominated account when I checked at around 1pm the same day. Also to satisfy my own curiosity I've discovered they let you make 1p deposits into it by debit card.

Apologies if you've mentioned this before but, as withdrawing to a HEBS Instant Access account presumably doesn't get around the need to visit a branch or post off the Branch Saver passbook to make a withdrawal, how does opening one help with the process ? Just curious  

It's mainly if you want to withdraw more than £10k in one month for whatever reason. You can only withdraw up to £10k by faster payment each day, but there is no such limit for internal transfers so if you wanted to withdraw say £20k, you could transfer the £20k to the instant access account without penalty, then withdraw £10k from the instant access account to your nominated account on two consecutive days to avoid faffing about with cheques.

refluxer

Bridlington1 said:

refluxer said:

Bridlington1 said:

I can't seem to see it mentioned anywhere but for those choosing to make withdrawals by transfer to a HEBS instant access account. I've discovered their systems will let you reduce the balance on the instant access account down to 1p, I don't know whether or not they'll let you keep the balance at 1p indefinitely though. Withdrawing my initial deposit from the instant saver on Thursday was reasonably quick to be fair, I requested the withdrawal around 5:30am, the money was debited immediately and was in my nominated account when I checked at around 1pm the same day. Also to satisfy my own curiosity I've discovered they let you make 1p deposits into it by debit card.

Apologies if you've mentioned this before but, as withdrawing to a HEBS Instant Access account presumably doesn't get around the need to visit a branch or post off the Branch Saver passbook to make a withdrawal, how does opening one help with the process ? Just curious  

It's mainly if you want to withdraw more than £10k in one month for whatever reason. You can only withdraw up to £10k by faster payment each day, but there is no such limit for internal transfers so if you wanted to withdraw say £20k, you could transfer the £20k to the instant access account without penalty, then withdraw £10k from the instant access account to your nominated account on two consecutive days to avoid faffing about with cheques.

Ah, OK - I presumed there would be a good reason for it. That's useful to know, thanks.

drphila

It's mainly if you want to withdraw more than £10k in one month for whatever reason. You can only withdraw up to £10k by faster payment each day, but there is no such limit for internal transfers so if you wanted to withdraw say £20k, you could transfer the £20k to the instant access account without penalty, then withdraw £10k from the instant access account to your nominated account on two consecutive days to avoid faffing about with cheques.

You're only allowed one withdrawal per MONTH if you don't want to pay a penalty

drphila

Bridlington1 said:

I can't seem to see it mentioned anywhere but for those choosing to make withdrawals by transfer to a HEBS instant access account. I've discovered their systems will let you reduce the balance on the instant access account down to 1p, I don't know whether or not they'll let you keep the balance at 1p indefinitely though. Withdrawing my initial deposit from the instant saver on Thursday was reasonably quick to be fair, I requested the withdrawal around 5:30am, the money was debited immediately and was in my nominated account when I checked at around 1pm the same day. Also to satisfy my own curiosity I've discovered they let you make 1p deposits into it by debit card.

Nice workaround, thanks. Whether or not they'll let you keep it at 1p I don't know but in any case the terms actually say it only has to be £1 anyway.

happybagger

I've just had an email from these telling me that the interest rate on the branch saver will rise by 0.50% on 1 September but the boe rise was 0.25.

Bridlington1

happybagger said:

I've just had an email from these telling me that the interest rate on the branch saver will rise by 0.50% on 1 September but the boe rise was 0.25.

I've had the same email, unfortunately the website confirms the branch saver will only rise to 5.25% on1/9/23:


EDIT: They've noticed the error and have sent this email:

happybagger

Then they really need to get someone better on their communications. They made a mistake in the last one they sent about ending further additions to the account from October.