Member Loyalty Saver Issue 2 (MLS02)

Member Loyalty Saver - Issue 2

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

†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.

Gross is the rate of interest if interest were paid and not compounded each year. Interest is calculated daily from the day of receipt in the case of a deposit by cash or transfer and from the following day of receipt in the case of a deposit by cheque.

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 £500 in this account, after 12 months you would have £515.50. This figure is for illustration purposes and is based on no additional deposits, withdrawals or changes in interest rates within the 12 month period.

You must have been a member of the Society for a minimum period of 2 years. Membership is defined as having either a savings balance of £100 or more or a mortgage balance of £100 or more for a minimum period of 2 years prior to the date of opening a Member Loyalty Reward savings account. To open this savings account you must be aged 18 or older, UK resident, and permanently reside within the UK.

You must deposit a minimum of £500 of new funds into the account at the time of opening the account. You can then, if you wish to transfer funds from existing savings accounts you hold with the Society up to the maximum deposit limit of £50,000. Transfers from existing accounts are subject to the terms and conditions of the account being transfered from.

Minimum deposit is £500 – Maximum deposit £50,000 if held in single or joint names. You can add to your account at any time subject to the maximum deposit limit.

Once the account has been opened it can be managed either in branch and/or via the post. Minimum age 18 years. Only one account per Member.

Simply call into your local branch. You may need to provide some identification when you open your account, details of our requirements can be obtained here, or from your local branch or by calling 01782 255000. If you are already a Hanley Economic Member, in most cases, this will not be necessary.

When you open your account you will receive a passbook.

If you are not happy about your decision to open a Members Loyalty Saver - Issue 2 account, you may closed it within 14 days of the day the contract is entered into or the day on which you receive these Terms & Conditions whichever is the later. We will give all your money back with any interest it has earned. To do this no notice will be required and no charge is payable.

You can withdraw once per calendar month without notice or penalty up to £500 in cash and £50,000 by cheque on demand from our branches or by sending us your written instructions.

Larger cash sums up to £5,000 are available by giving at least 24 hours notice. £5,000 must remain in the account following a withdrawal. All other withdrawals are subject to 30 days’ loss of interest on the account.

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.

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 have been a member for 2 years or more and have a minimum of £500 new funds to deposit at the time of opening the account.

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

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


No if

You want more than one withdrawal per calendar month.

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

You want to open and manage your account online.