Unlock the door to your first home with our £2,000 Cashback Mortgage! The £2,000 can also be put towards your home deposit!

Unlock the door to your first home with our £2,000 Cashback Mortgage! The £2,000 can also be put towards your home deposit!

Unlock the door to your first home with our £2,000 Cashback Mortgage! The £2,000 can also be put towards your home deposit!

Potteries Prize Saver (PPS01)

Potteries Prize Saver (PPS01)

Maximum Balance

£50,000

Opening Balance

£100

Withdrawal Notice

No

Withdrawal Restrictions

Yes

Interest Rate

1.85%

Information

Interest Type: Variable

Account Opening: Branch Only

Account Operation: Branch & Post

Things you need to know - Summary Box

Account Name

Potteries Prize Saver.

What is the interest rate?

Interest is variable, calculated on a daily basis and is paid annually on 31 August.

Potteries Prize SaverCurrent Rates
Annual InterestRates effective from: 01/09/2023

BalanceGrossAER†
£100 and above1.85%1.85%

†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.

Can Hanley Economic Building Society change the interest rate?

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.

What would be the estimated balance be after 12 months on a £1,000 deposit?

Based on the current interest rate, if you deposited £1,000.00 in this account, after 12 months you would have £1,018.50. This figure is for illustration purposes and is based on no additional deposits, withdrawals or changes in interest rates within the 12 month period.

How do I open and manage my account?

To open an account, you must permanently resident in the UK. Simply call into your local branch of the Society. 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, from your local branch or by calling 01782 255000. If you are already a Hanley customer, in most cases, this will not be necessary.


When you open your account, you will receive a passbook.


You can open the account with a minimum investment is £100 – maximum investment £50,000 whether held in single or joint names.


Once the account has been opened it can be managed either in branch and/or via the post.


The account can be opened with existing Hanley funds’ providing the transferred amount is matched with at least the equivalent of new funds e.g the minimum transfer of £50 must be matched by £50 of new money introduced to Hanley Economic. Once the account is open no additional existing Hanley funds can be added to the account.

Can I withdraw money?

The account allows up to 4 penalty free withdrawals per society year (1 September – 31 August).

All other withdrawals are subject to 30 days loss of interest on the amount withdrawn.

You can withdraw without notice or penalty up to £500 in cash and £70,000 by cheque on demand from our branches or by sending us your written instructions.

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.

Larger cash sums up to £5,000 are available by giving at least 24 hours notice. Cheque withdrawals over £70,000 can be obtained from our Registered Office.

Following any withdrawals, £1 should remain in the account.

Account Conditions

The account is strictly limited issue and may be withdrawn at any time without notice.

The Society, after giving you 30 days notice of our intention to do so, reserves the right to transfer the account to an Instant Access Account.


Prize Entry Terms & Conditions

The account balance must reach £5,000 on the last day of the month to gain entry into the following months draw. For every multiple of £5,000 saved one prize draw entry will be given e.g balances as at 31 December £15,250 would equate to 3 entries into January’s draw.

The monthly winner will be selected by random using a random number generator on the first working day of each month.

£500 prize money will be credited to the winning account on the same day as the draw.

The winner agrees to their title, name and area ie Mrs Smith of Longton being published.

This account is not available to Hanley Economic employees.

Winners will be notified either by phone, email or post within 7 days of the draw

Additional Information

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.

Is this Product right for me?

Yes if

You want the chance to win £500 prize money each month.

You are happy that the interest rate may change at any time.

You want to open your account in branch manage it in branch or via the post


No if

You want an account that pays a fixed rate of interest.

You want to make more than four withdrawals each Society year and not pay a penalty to access your funds.


You want to open and manage your account online.

Before You Apply

Before opening an account, it is recommended you read the information below.

Savings Terms and Conditions 2023

Download

Identification Requirements

Download

Service Charges

Download

FSCS Information Sheet

Download

FSCS Leaflet

Download

How To Apply

Apply for this savings account using the method below.

image of a hanley branch

Find a Branch

Find your nearest branch and visit for expert support and assistance from our team during the application process.