e-saver account (Issue 10)

Savings Rates

Your eligible deposits with Saffron Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme. Any deposits you hold above the £85,000 are not covered.

Please visit www.fscs.org.uk for more information

• How can I open this account?
• Open online** at www.saffronbs.co.uk.
• How much can I deposit in this account?
• Open with a minimum of £10 (a minimum balance of £10 must be maintained).
• Maximum balance of £500,000.
• You can open your account by internal transfer from another Saffron account or electronically from your bank (e.g. standing order).
• How can I add to this account?
• You can make regular monthly payments or one-off payments into your account electronically from your bank (e.g. standing order).

• How can I access this account?
• Easy access and no penalties for withdrawals.
• You can transfer money out to another Saffron account or electronically to your bank.
• Access is online** at www.saffronbs.co.uk.
• When is the interest paid?
• Interest can be paid monthly or annually and added to your account. Annual interest is paid on all credit balances annually on 31 December; monthly interest is paid on all credit balances on the last day of each month.

• Is there anything else I should know?
• You must be 16 or over to open this account.
• Transactions can only be made online.
• If your account falls below the minimum balance 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 Online Account Terms and Conditions and Things You Need to Know leaflets before applying for this account.

• Right for you?
• Looking to save online?
• Looking for easy access?
• Looking for simplicity in your account?

• Other features:
• Easy to set up regular payments.
• Can be used to transfer money between e-saver and other Saffron accounts.

• Not what you're looking for?
• Saving for a specific goal? Try our Goal Saver account (Issue 8).
• Don't want to save online?: Try our Cashbuild account, Cashbuild 90 account or Reward Saver (Issue 4) accounts.

Mutuals and Membership of Saffron

What is a Mutual?

A Mutual exists with the purpose of raising funds from its customers (members), in order to provide services to all members of the organisation. It is owned by its members and run for their benefit - it has no external shareholders, and, as such, is not driven to make large profits. Profits that are made are usually re-invested in the mutual - to keep the organisation secure and to pass benefits back to members.

What is a member?

We define our 'members' as anyone who has held a minimum of £100 with the Society for 12 months or more. Members also include our mortgage customers with over £100 on loan. To be a full (voting) member, you also have to be over 18 years of age. Being a member gives you a number of rights within the Society.

Why are members important?

Building Societies (all Mutuals) were originally set up to meet the financial needs of savers and borrowers in their communities. This core principle still stands today. To this day, Building Societies such as Saffron take direction from and seek involvement of those that they serve.

Members are the most important people in our business model; every decision we make is taken with our members' interests in mind. We seek feedback from our members regularly and act on your views where ever we can.

What are my rights as a member?

You are entitled to attend and vote at our AGM on a number of issues (election of Directors, and appointment of auditors, for example). You can also speak at AGMs, nominate Directors, or stand for a position yourself.

Members are also entitled to receive particular pieces of information from the Society, including the Society's annual Summary Financial Statement which details our accounts each year.

The BSA (Building Societies Association) have produced a clear summary of members' rights.