{"id":44226,"date":"2023-12-07T14:18:58","date_gmt":"2023-12-07T14:18:58","guid":{"rendered":"https:\/\/histarmar.net\/?p=44226"},"modified":"2023-12-07T14:18:58","modified_gmt":"2023-12-07T14:18:58","slug":"bank-offers-excellent-5-5-interest-rate-on-regular-savings-account","status":"publish","type":"post","link":"https:\/\/histarmar.net\/world-news\/bank-offers-excellent-5-5-interest-rate-on-regular-savings-account\/","title":{"rendered":"Bank offers ‘excellent’ 5.5% interest rate on regular savings account"},"content":{"rendered":"

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Hanley Economic Building Society has launched a new Online Regular Saver this week, which pays 5.50 percent.<\/p>\n

Most regular savings accounts require people to put money away each month with interest paid yearly (unless otherwise stated).<\/p>\n

Banks offer higher interest rates than traditional fixed or easy-access savings accounts but tend to impose rigid terms and conditions.<\/p>\n

This can include things such as limiting the number of withdrawals one can make, forcing people to make a deposit every month and capping how much they can save. And the rate usually only lasts for a year.<\/p>\n

Regular savings accounts work well for people looking to start a savings habit, as the terms generally encourage savers to pay money into the accounts monthly.<\/p>\n

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Hanley Economic Building Society’s Online Regular Saver allows people to put away up to \u00a31,000 per month.<\/p>\n

The minimum amount needed to open the account is also \u00a31,000.<\/p>\n

Commenting on the deal, Rachel Springall, Finance Expert at Moneyfactscompare.co.uk, said: \u201cHanley Economic Building Society has launched a new Online Regular Saver this week, which pays 5.50 percent.<\/p>\n

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“The account grabs a prominent position in its sector and may attract savers who are looking to save towards a specific goal, as this offer allows them to put away up to \u00a31,000 per month.<\/p>\n

Careful planning is wise, as only five penalty-free withdrawals are permitted per year, thereafter withdrawals are subject to a 30-day loss of interest penalty. Overall, this receives an Excellent Moneyfacts product rating.\u201d<\/p>\n

Customers are permitted five penalty-free withdrawals permitted per year, any over are subject to 30-day loss of interest penalty.<\/p>\n