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Financial Services Compensation Scheme Information Sheet

Basic information about the protection of your eligible deposits
Eligible deposits in Saffron Building Society are protected by: the Financial Services Compensation Scheme ("FSCS")1
Limit of protection:

£85,000 per depositor per bank / building society /credit union2

The following trading names are part of your bank / building society / credit union:

Saffron Direct

If you have more eligible deposits at the same bank / building society / credit union: All your eligible deposits at the same bank / building society / credit union are "aggregated" and the total is subject to the limit of £85,000.2
If you have a joint account with other person(s): The limit of £85,000 applies to each depositor separately.3
Reimbursement period in case of bank, building society or credit union's failure: 20 working days4
Currency of reimbursement: Pound sterling (GBP, £) or, for branches of UK banks operating in other EEA Member States, the currency of that State.

To contact Saffron Building Society for enquiries relating to your account:

To contact the FSCS for further information on compensation:

Saffron Building Society
1A Market Street,
Saffron Walden,
Essex CB10 1HX

Financial Services Compensation Scheme
10th Floor Beaufort House,
15 St Botolph Street
London EC3A 7QU
Tel: 08006781100 or 020 77414100
Email: ICT@fscs.org.uk

More information: http://www.fscs.org.uk
Acknowledgement of receipt by the depositor:

Additional information (all or some of the below)

1Scheme responsible for the protection of your eligible deposit

Your eligible deposit is covered by a statutory Deposit Guarantee Scheme, If insolvency of your bank, building society or credit union should occur, your eligible deposits would be repaid up to £85,000 by the Deposit Guarantee Scheme.

2General limit of protection

If a covered deposit is unavailable because a bank, building society or credit union is unable to meet its financial obligations, depositors are repaid by a Deposit Guarantee Scheme. This repayment covers at maximum £85,000 per bank, building society or credit union, This means that all eligible deposits at the same bank, building society or credit union are added up in order to determine the coverage level. If, for instance a depositor holds a savings account with £80,000 and a current account with £20,000, he or she will only be repaid £85,000.

This method will also be applied if a bank, building society or credit union operates under different trading names, Saffron Building Society also trades under Saffron Direct. This means that all eligible deposits with one or more of these trading names are in total covered up to £85,000.

In some cases eligible deposits which are categorised as "temporary high balances" are protected above £85,000 for six months after the amount has been credited or from the moment when such eligible deposits become legally transferable. These are eligible deposits connected with certain events including:

  1. certain transactions relating to the depositor's current or prospective only or main residence or dwelling;
  2. a death, or the depositor's marriage or civil partnership, divorce, retirement, dismissal,redundancy or invalidity;
  3. the payment to the depositor of insurance benefits or compensation for criminal injuries or wrongful conviction.

More information can be obtained under http://www.fscs.org.uk

3Limit of protection for joint accounts

In case of joint accounts, the limit of £85,000 applies to each depositor.

However, eligible deposits in an account to which two or more persons are entitled as members of a business partnership, association or grouping of a similar nature, without legal personality, are aggregated and treated as if made by a single depositor for the purpose of calculating the limit of £85,000.

4Reinbursement

The responsible Deposit Guarantee Scheme is the Financial Services Compensation Scheme, 10th Floor Beaufort House, 15 St Botolph Street, London, EC3A 7QU, Tel: 0800 678 1100 or 020 7741 4100, Email: ICT@fscs.org.uk, It will repay your eligible deposits (up to £85,000) within 20 working days until 31 December 2018; within 15 working days from 1 January 2019 until 31 December 2020;within 10 working days from 1 January 2021 to 31 December 2023; and within 7 working days from 1 January 2024 onwards, save where specific exceptions apply.

Where the FSCS cannot make the repayable amount available within 7 working days, it will, from 1 June 2016 until 31 December 2023, ensure that you have access to an appropriate amount of your covered deposits to cover the cost of living (in the case of a depositor which is an individual) or to cover necessary business expenses (in the case of a depositor which is not an individual or a large company) within 5 working days of a request. Again, there are specific exceptions to this obligation.

In the case of a depositor which is a large company, where the FSCS cannot make the repayable amount available within 7 working days, it will, from 3 July 2015 until 1 December 2016, ensure that you have access to your covered deposits within fifteen working days of a request containing sufficient information to enable it to make a payment, save where specific exceptions apply.

If you have not been repaid within these deadlines, you should contact the Deposit Guarantee Scheme since the time to claim reimbursement may be barred after a certain time limit. Further information can be obtained under http://www.fscs.org.uk.

Other important information

In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes. Exceptions for certain deposits are stated on the website of the responsible Deposit Guarantee Scheme. Your bank, building society or credit union will also inform you of any exclusions from protection which may apply. If deposits are eligible, the bank, building society or credit union shall also confirm this on the statement of account.

Exclusions List

Applies only to accounts opened on or after 3 July 2015

A deposit is excluded from protection if:

  1. The holder and any beneficial owner of the deposit have never been identified in accordance with money laundering requirements. For further information, contact your bank, bank building society or credit union.
  2. The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering.
  3. It is a deposit made by a depositor which is one of the following:
    • credit institution
    • financial institution
    • investment firm
    • insurance undertaking
    • reinsurance undertaking
    • collective investment undertaking
    • pension or retirement fund1
    • public authority

For further information about exclusions, refer to the FSCS website atwww.FSCS.org.uk

1Deposits by personal pension schemes, stakeholder pension schemes and occupational pension schemes of micro, small and medium sized enterprises are not excluded.

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Ladybird account (Issue 6)

Your free Ladybird Moneybox is a good place to store your money. Then you can bring in your savings and let us look after them until you need them. Immediate access means that you can take your money out any time, and a competitive rate of interest will help your money grow quickly.

Protecting your money

Product Details

  • Open with just £1 by post or in one of our branches.
  • Deposit by cash, cheque or transfer from another bank or Society account.
  • Free Ladybird money box with every account opened.
  • Immediate access means you can use your savings whenever you like.
  • Your interest is paid annually on 31 December and credited directly to your account.
  • Access via one of our branches or by post.
current rates | previous rates
Deposit Gross p.a. / AER* Net p.a.(after deduction of basic rate tax)
£1 or over 2.05% 1.64%
£10,000 or over 2.05% 1.64%
£25,000 or over 2.25% 1.80%

current rates valid from 19 January 2015

Deposit Gross p.a. / AER* Net p.a.(after deduction of basic rate tax)
£1 or over 2.05% 1.64%
£10,000 or over 2.05% 1.64%
£25,000 or over 2.25% 1.80%

previous rates valid from 17 June 2014 to 18 January 2015 and refer to the previous issue of the account

* The gross rate is the rate before deducting tax at the rate applicable to savings income. The annual equivalent rate (AER) is a notional rate which illustrates the contractual rate (excluding any bonus interest payable) as if paid and compounded on an annual basis.

Important Product Information

  • Maximum deposit of £50,000.
  • Children under the age of seven must get an adult to act as a nominee or trustee, which makes this account ideal for parents, grandparents, friends or relatives to open on behalf of a child.
  • On your 12th birthday the account will roll over into a Smart Saver account (Issue 2), unless you instruct us otherwise.
  • The interest rate is tiered, so the more you save, the higher the rate of interest.
  • Because children don't usually have to pay tax, we will normally be able to pay your interest gross. In order to do this you will need to complete an R85 form.
  • If your account falls below the minimum deposit amount, you will earn a fixed rate of 0.05% gross p.a./AER* whilst the account is below the minimum balance.
  • Please make sure you've read the Your Savings Terms and Conditions and Things You Need to Know leaflets before applying for this account.

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