Building society offers competitive 6.3% interest savings account | Personal Finance | Finance
Henley Economic Building Society is offering a competitive 6.3% variable rate on a one-year savings account. The 1 Year Branch Smart Saver allows savers to put away between £25 and £300 per month, up to a maximum of £3,600.
Based on current interest rates, the society predicts that savers would have £1,241.75 in their account at the end of the year if they deposit £100 every month, yielding earnings of £41.75. It suits people who want to put away a few hundred every month, because account holders will have their savings capped at a maximum of £3,600.
While the interest rate is competitive, savers should note that it is variable, calculated on a daily basis, so it could be subject to change. The building society states that it will give 14 days’ notice before making the change.
There are also rules around withdrawals. Savers can withdraw a maximum of two times without penalty per tax year, but any more, and they will lose 30 days worth of interest on the amount withdrawn.
The interest will be paid annually on August 31, and on maturity. Savers can open the account with just £25, and they must open it in a branch and manage it in a branch or by post.
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How do other accounts compare?
Santander is offering a variable rate of 6.00% on its Edge Saver (Issue 5), which includes a 12-month bonus. Account holders must be a new or existing Santander Edge Current Account customer.
Chase is offering a variable 4.50% on its Chase Saver with a boosted rate, which includes a bonus for 12 months. It is open to new and existing Current Account customers who must have opened their accounts on or after December 29, 2025, and new customers.
The Coventry Building Society 3 Access Saver – 1 Year has a variable rate of 4.25%. Account holders can make up to 3 penalty-free withdrawals, and further withdrawals will be subject to 50-day loss of interest.
