Hanley Economic BS

Who they are

Hanley Economic Building Society is a UK building society with its head office in Hanley, Stoke-on-Trent.

Founded in 1854, it originally went by the name The Staffordshire Potteries Economic Permanent Benefit Building Society before adopting its current name. It is a mutual, which means it is owned by its members rather than shareholders - so profits are put back into the society rather than paid out to outside investors. It provides a broad range of mortgage and savings products across England, Wales and Scotland, as well as online banking services.

Savings accounts

The headline product worth knowing about is the Dual Access Saver Online, an easy access account paying 4.27% - a genuine variable rate with no introductory bonus attached. That transparency is worth something, though the account limits you to two withdrawals per year; from the third withdrawal, a 60-day interest charge applies, so it suits savers who will not need frequent access.

For disciplined monthly savers, the 1 Year Branch Smart Saver pays 6.3% variable - one of the more eye-catching regular saver rates around. The minimum deposit is just £25. Bear in mind that with regular savers you are drip-feeding money in each month, so the average balance across the year is roughly half what you will end up with - meaning the actual interest earned is lower than the headline rate implies.

Beyond those two, Hanley offers a Limited Withdrawal Cash ISA at 2.45%, a Junior ISA at 2.25%, a Home Deposit Saver regular saver at 2.75%, and a 1 Year Children's Fixed Rate Bond at 3.50%. There are also lower-rate options including a Cash ISA Instant Access account and a Young Saver account starting from £1.

Hanley Economic BS's eligible deposits are protected by the FSCS up to £120,000 per person, per authorised firm (banking licence).

Is it right for you?

Hanley Economic suits savers who value a straightforward, bonus-free rate and are comfortable with a smaller, community-focused mutual rather than a big high-street name. The Dual Access Saver Online is particularly competitive for those who rarely need to dip into their pot. If you are a committed monthly saver, the Branch Smart Saver rate is hard to ignore - just factor in that you will need to visit a branch to manage it.

There are no current switch offers, and the ISA and children's rates lag behind the best available elsewhere. Rates are variable across the board, so it pays to keep an eye on things.

As always, the live rates shown on this page are the most up-to-date figures - check them before you apply, as rates can and do change.