Hanley Economic Building Society BRANCH SAVER

refluxer

For those who still hold this account, the rate will presumably decrease from 5.25% to 5.00% on 1st September, in light of today's BoE announcement.

"Can Hanley Economic Building Society change the interest rate?

As the interest rate tracks the Bank of England base rate we will change the interest rate in accordance with any change in the Bank of England base rate with effect from the 1st of the following month. If the interest rate reduces on your account, we will write to you 14 days before we make the change."

refluxer

Another drop for this (NLA) account  - down to 4.75% today. Still surprisingly competitive though - only 0.1% below the best easy access account currently available.

friolento

refluxer said:

Another drop for this (NLA) account  - down to 4.75% today. Still surprisingly competitive though - only 0.1% below the best easy access account currently available.

Mine still says 5% today, and I don’t remember a notice about 4.75%. Do you have more about this?

Kim_13

friolento said:

refluxer said:

Another drop for this (NLA) account  - down to 4.75% today. Still surprisingly competitive though - only 0.1% below the best easy access account currently available.

Mine still says 5% today, and I don’t remember a notice about 4.75%. Do you have more about this?

It’s a base rate tracker, with the rate moving on the 1st of the month following that in which a change is made by the BOE. Mine now says 4.75%.

I also didn’t get a notice this time, though I have in the past - but I never expect one since it is a change provided for in the account T&Cs.

friolento

Kim_13 said:

friolento said:

refluxer said:

Another drop for this (NLA) account  - down to 4.75% today. Still surprisingly competitive though - only 0.1% below the best easy access account currently available.

Mine still says 5% today, and I don’t remember a notice about 4.75%. Do you have more about this?

It’s a base rate tracker, with the rate moving on the 1st of the month following that in which a change is made by the BOE. Mine now says 4.75%.

I also didn’t get a notice this time, though I have in the past - but I never expect one since it is a change provided for in the account T&Cs.

May be we are talking different accounts. Mine is called Online Regular Saver and still shows 5%

refluxer

friolento said:

May be we are talking different accounts. Mine is called Online Regular Saver and still shows 5%

Yes - this thread is about the Branch Saver (which is a branch-based Easy Access account), not the Regular Saver.

Kim_13

friolento said:

Kim_13 said:

friolento said:

refluxer said:

Another drop for this (NLA) account  - down to 4.75% today. Still surprisingly competitive though - only 0.1% below the best easy access account currently available.

Mine still says 5% today, and I don’t remember a notice about 4.75%. Do you have more about this?

It’s a base rate tracker, with the rate moving on the 1st of the month following that in which a change is made by the BOE. Mine now says 4.75%.

I also didn’t get a notice this time, though I have in the past - but I never expect one since it is a change provided for in the account T&Cs.

May be we are talking different accounts. Mine is called Online Regular Saver and still shows 5%

Indeed, I assumed you were referring to the Branch Saver due to the thread title.

The Online Regular Saver is another NLA product. I don’t have it due to not being able to commit £1,000 and an ongoing £250 during the short time that it was available, but I recall it being 5.5% at launch, where the Branch Saver never paid more than 5.25%. So the Online Regular Saver at 5% and the Branch Saver at 4.75% would be maintaining that same gap. 

Showing on their website as 5% effective from yesterday for the Online Regular Saver: https://www.thehanley.co.uk/savings-rates

friolento

Apologies, I didn't pay attention to the thread title

darren72

Just looking to close my account as the interest rate is no longer as competitive and in calling them found that it isn't a straightforward process.

They inform me that if I am to close it by post I need to get an ID document certified (at a cost) when sending my request.  Alternatively I can send the document by e-mail (insecure) along with a selfie holding the document.

They then went onto say, as my balance is over £10,000 I would need to pay a CHAPS fee of £25 as for whatever reason they 'cannot' send a faster payment for more than £10,000.  The only other option is for them to send a cheque, but goodness knows how long that will take and the loss of interest between it being issued to it finally arriving with me.

I asked if I could make multiple withdrawals of £10,000 to avoid the CHAPS fee, but they said they only allow one withdraw per calendar month on that account.

Has anyone been through this same process and know of any workaround ?

Thanks in advance

fonesaver

darren72 said:

Just looking to close my account as the interest rate is no longer as competitive and in calling them found that it isn't a straightforward process.

They inform me that if I am to close it by post I need to get an ID document certified (at a cost) when sending my request.  Alternatively I can send the document by e-mail (insecure) along with a selfie holding the document.

They then went onto say, as my balance is over £10,000 I would need to pay a CHAPS fee of £25 as for whatever reason they 'cannot' send a faster payment for more than £10,000.  The only other option is for them to send a cheque, but goodness knows how long that will take and the loss of interest between it being issued to it finally arriving with me.

I asked if I could make multiple withdrawals of £10,000 to avoid the CHAPS fee, but they said they only allow one withdraw per calendar month on that account.

Has anyone been through this same process and know of any workaround ?

Thanks in advance

I haven't made a withdrawal yet but the advised workround is to open their easy access account, then transfer to this account (i.e. a sum above 10k).You can then withdraw £10k daily from this account via bank transfer.