Provider offers competitive 6.3 per cent interest savings account

Interest on the account is calculated on a daily basis and credited annually, either at the end of August or upon maturity.

The 6.30 per cent AER applies to all balances from £25 upwards, providing consistent returns regardless of how much savers choose to deposit within the permitted limits.

Savers can contribute between £25 and £300 each month, with the account capped at a total balance of £3,600 across the twelve-month term.

For those depositing £100 monthly, the current rate would generate approximately £1,241.75 after a full year, provided no funds are withdrawn and the interest rate remains unchanged.

This structure suits individuals seeking to accumulate savings gradually rather than depositing a lump sum.

Deposits can be made through several channels once the account is active, including branch visits, standing orders, postal submissions, or transfers from other Hanley accounts.

Each customer is limited to holding a single Branch Smart Saver account.

To open the account, applicants must be UK residents who are at least 18 years old and visit a branch in person.

Online applications are not available, reflecting the society's traditional approach to banking services.

Once established, account holders can manage their savings either by visiting a branch or through postal correspondence.

The variable nature of the interest rate means Hanley Economic Building Society retains the right to adjust it, though savers will receive a minimum of 14 days' notice before any reduction comes into effect.

Should no deposits be made for three consecutive months, or if regular payments are frequently missed, the society may close the account after providing notice.

Account holders are permitted two withdrawals per tax year without incurring any penalty.

Any withdrawals beyond this allowance will result in a 30-day loss of interest on the amount removed.

Cash withdrawals of up to £500 or cheques up to £70,000 can be obtained on demand at any branch, while larger cash amounts up to £5,000 require 24 hours' advance notice.

A minimum balance of £25 must be maintained at all times. When the account matures, funds transfer automatically into a variable rate instant access savings account with the society.

The product is particularly suited to those who value in-person banking and can commit to regular monthly saving.