1 June 2009
Saffron brings in more rewarding rates for customers
With savings rates stabilising, Saffron Building Society, the regional mutual serving East Anglia, is introducing two new initiatives to help give their members a better return for their money.
Saffron's new Reward Saver products encourage commitment to saving with a 1.5% bonus if no withdrawals are made over 3 months. The product comes with an ISA counterpart which benefits from tax-free interest and a reduced investment tiers to allow dedicated ISA savers to jump on to the top rate.
Finally, Saffron's Premium Reward Saver thanks those who hold large deposits in a Saffron bond by bumping them up on to the top rate if they decide to deposit £1,000 in to reward saver.
In addition, the Society's Cashbuild 90 account, already protected from recent base rate cuts, sees a further 0.50% boost across all rate tiers. With a large number of customers using the Society's traditional Cashbuild accounts, this rate increase serves to further support those who rely on their savings interest as income.
Saffron Chief Executive, Andy Golding said:
"Our Reward Saver products move away from the concept of 'penalties' for withdrawals and instead offer an instant access account with a little extra if the customer manages not to dip in to their savings. The easy access, combined with a boosted rate for not withdrawing, gives the customer the best of both worlds.
"We feel that the Reward Savers are a great savings option for those who don't want to commit to a bond or long notice period. Many of us can't be certain that we won't need to dip in to our savings in the coming months - especially with summer and holidays on the horizon.
"The boost to Cashbuild 90 is aimed at helping those worst hit by falling savings rates. We hope that his demonstrates our commitment to supporting our core customer base, allowing them to get better returns without the need to move their money."
« In the News
