Apply for this savings account using the method below.
Home Deposit Saver.
To be eligible for the product. Account holders must live within 25 miles of the Society’s Head Office, postcode region ST1 5TB.
Interest is variable, calculated on a daily basis and is paid annually on 31 August.
| Home Deposit Saver | Current Rates |
|---|---|
| Annual Interest | Rates effective from: 01/02/2026 |
| Balance | Gross | AER† |
|---|---|---|
| £100 and above | 2.75% | 2.75% |
†Annual Equivalent Rate illustrates what the interest rate would be if interest was paid and added each year, and has been rounded to two decimal places.
As the interest rate is variable, we may change the rate if we reasonably believe that the change is needed. If we reduce the interest on your account, we will write to you 14 days before we make the change. For full details on how and why we will change the interest rate on your account, please refer to Section 8 of the Savings Terms and Conditions.
Based on the current interest rate, if you deposited £1,000 in this account, after 12 months you would have £1,027.50. This figure is for illustration purposes and is based on no additional deposits, withdrawals or changes in interest rates within the 12 month period.
To open an account you must be permanently resident in the UK. It is only available to customers who are saving for a deposit on a home. Simply call in to your local branch to fill out an application form.
You will need to provide some identification when you open your account; details of our requirements can be obtained from the “before you apply section” on this page, from your local branch or by calling us. If you are already a Hanley Member, in most cases, this will not be necessary.
When you open your account you will receive a passbook.
Minimum investment is £100 – maximum investment £33,000 if held in single or joint names.
Further subscriptions of between £100 and £500 per month (if held in single or joint names) must be received each month. However, additional subscriptions or a one-off subscription of up to £5,000 can be made each Society year (1 September – 31 August).
Once the account has been opened it can be managed either in branch and/or via the post.
You will only be able to save into your Home Deposit Saver account for a maximum term of 3 years (36 months). You cannot open another Home Deposit Saver account after this period and can only open 1 account per Member.
Minimum age 18 years.
Instant access is permitted penalty free providing the funds are withdrawn for a house deposit linked to a mortgage with Hanley Economic. No partial withdrawals are permitted for any other reason.
A penalty equivalent to 180 days' loss of interest will be applied if the funds are withdrawn for any other reason than for a house deposit linked to a mortgage with Hanley Economic.
If no subscriptions are received for 3 consecutive months or if 3 or more subscriptions are missed throughout the Society year (1 September – 31 August) then the Society after giving you 60 days notice of our intention to do so, reserves the right to close the account or to transfer the account balance to an Instant Access Savings Account.
If no withdrawal for a house deposit is made after 3 years of opening the account will convert to a Branch Regular Saver.
To withdraw money in a branch, you must provide your passbook. If making a withdrawal through the post, you must send your passbook along with signed written instructions.
Once you have saved your deposit you will have access to any of our mortgage range free of fees. Free of fees means you will not be liable for a Valuation fee, an arrangement fee or an application fee. You will still be required to pay any Legal and CHAPS fees.
Account holders must live within 25 miles of the Society’s Head Office, postcode region ST1 5TB.
To qualify for the free fees, your Home Deposit Saver account needs to have been open for a minimum term of 6 months at the time of the mortgage completing.
Minimum age 18 years.
UK residents only.
The treatment of your account for tax purposes will depend on your individual circumstances and you may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information, please visit HM Revenue & Customs’ (HMRC) website: hmrc.gov.uk . The tax information provided is based on our understanding of current law and HMRC practice, both of which may change.
Yes if
You are saving into your account for the sole purpose of saving for house deposit linked to a mortgage with Hanley Economic.
You are happy that the interest rate may change at any time.
You can make monthly deposits into your account of between £100 and £500.
You want to open and manage your account in branch via the post
No if
You plan to withdraw the funds for any other reason than to use a deposit on a house whilst taking out a Hanley Economic mortgage.
You want a fixed rate of interest for a fixed term.
You intend to save for more than 3 years in the account.
You want to open and manage your account online.
Before opening an account, it is recommended you read the information below.
Find your nearest branch and visit for expert support and assistance from our team during the application process.