e-saver terms and conditions

We are committed to providing you with a quality service. We aim to give you information to help you operate your e-saver. Please ensure that you save or print and retain this document for future reference.

These terms and conditions explain the responsibilities of you the member and the Society and refer to all services we offer and specify our business relationship with you.

The Society fully supports and complies with the Banking Code as this mirrors the high standards of service that we wish to deliver to our customers.

To open an e-saver account you will need to meet the following conditions:

Account opening

You must be aged 16 or over
Be permanently resident in the UK for tax purposes (which excludes the Channel Islands and the Isle of Man) at the time of making your application.
Have a personal email address. As we communicate with you through emails this needs to be a regularly used email address.
Only applications for sole accounts will be accepted. The account cannot be opened as a joint account, or by a charity, club, business or other organisation.
Minimum investment £100, Maximum investment £2,000,000. If we do not receive the minimum for this account within 30 days of opening your account, the account will be closed and your money returned to you with any interest due. A lower rate of interest will apply whilst your balance is below £100. We will advise you by email of the lower interest rate.
No Passbook or certificate will be issued for your account.
We will email you an application form which you will need to sign, date and return to us before you will be able to use your account.
We are required by law to check your identity. We will seek to validate your identity and residency via an online search facility. If this fails to provide us with the level of proof we require, we will ask you to provide proof of identity and/or address. We will contact you if we need this documentary evidence.
We reserve the right not to open the account if you do not satisfy our identification requirements.
We reserve the right to refuse to open an account or to accept a deposit without giving a reason.
On opening an account, and at any other time you can access the current interest rates that apply to your account.
Please note that your telephone conversations with us may be recorded and used for security and training purposes.
The account is designed as a savings account to be operated and transacted over the internet. All account information must be accessed over the internet.
Most of our communication with you will be by email (e.g. rate changes). We may contact you by post if an email service is not available.
If the account does not meet your needs, you have the right to cancel the account within 14 days of opening the account and we will return your money with any interest due to you. After the 14 days, the notice required by any special conditions on the account will apply.
We reserve the right to withdraw this account at any time.
We do not have to recognise the interest or claim of any person other than the account holder in respect of money held in any account, nor will we be liable in any way for failing to recognise such interest or claim, except as required by law.
If you open another savings account with us and want this linked so that you can view this new account online, you must advise our staff at the time of opening. Please note that we are only able to link accounts that are held in your sole name.

Membership

When you open an e-saver account you become a member of Saffron Building Society. This means that you have a direct say in how the Society is run. If you are aged 18 or over you are entitled to vote at the Society's Annual General Meeting provided your account was open at the Society's previous year-end (31st December) and had a balance of at least £100. Full details of your rights as a member and the procedure for the Annual General Meeting are in the Society's Rules. You can obtain a copy of our rules by requesting this via email.

Receipts

Your investment can be made either:
By cheque for your first deposit. All future deposits must be received by electronic funds. The cheque should be made payable to the person whose name is on the account. The cheque should be enclosed and returned to us with your completed application form and will be subject to a clearance period of 7 working days.
By BACS/CHAPS electronic funds transfer.
By Direct Debit from another UK bank account.
All deposits must be made in pounds sterling.
The normal clearing cycle for banks is three working days for cheques and automated payments. However as the Society does not clear its own cheques we will require six working days clearance before funds are available for withdrawal.
Cheques and automated payments paid into your account will be added to the balance immediately. You will not normally be allowed to withdraw money against uncleared cheques.
The Society pays interest from the day after we receive the funds. You will be able to withdraw the funds on the seventh working day. The Society's clearing cycle may take longer when paying in via some financial institutions or agents.
If a cheque that you have paid into your account is lost in the clearing process, then it will not be cleared and (provided we have not acted negligently) we will remove the amount from your account accordingly. It will then be your responsibility to obtain a replacement for the lost cheque.
Cheques paid in which are subsequently returned from the bank will be debited to your account and there will be a charge, Click here to view the Society savings charges, or see the Society's savings charges leaflet. Cheques returned for any reason will be returned to the account holder.
Only when an initial deposit by cheque has cleared will it be available to you to transact online.
Funds received by BACS/CHAPS electronic funds transfer are cleared on the day we receive them.
Funds received by BACS/CHAPS must quote the following details:
Sort Code: 20-74-05
Account number: 00775991
Reference: your e-saver account number
The Society accepts no responsibility and will not be liable for incorrect bank details being quoted and as a result funds being returned to the originating bank.
If deposits are being made by Direct Debit, you must allow 17 days for this instruction to take effect.
Any changes to the original Direct Debit instruction must be notified in writing a minimum of 10 working days in advance of the amended instruction taking effect.
If you have not used your Direct Debit facility for 11 months, your mandate will be cancelled, and we will require a new Direct Debit mandate to be completed. We will write to you if this is the case.
If a Direct Debit is returned unpaid, an administration charge will be debited to your account. Please see the Society's savings charges leaflet for details of this charge.
All subsequent deposits must be made by electronic funds transfer.
Payments cannot be made by cash, postal order or traveller's cheques.
While we try to operate your account accurately, mistakes may occur. If you are aware that an amount has been incorrectly credited or debited to your account you should notify us immediately. If you use funds with the knowledge that they were incorrectly credited to your account, we may take steps to recover the money from you or take it from your account and take such other proceedings or actions as may be appropriate.
If we become aware of an error we will notify you and amend the error accordingly, including removing any money incorrectly credited into your account.
The maximum overall investment any customer may hold with the Society in total must not exceed £5,000,000. Exceptions to this limit may be considered by the Society's Board.

Withdrawals

Withdrawals can be made without the requirement to give notice.
You can withdraw from your account by:
Transferring funds to another account with the Society
Transferring a payment by BACS to one of your nominated bank accounts that you supplied on your application.
The minimum withdrawal is £100.00
Withdrawals made by transfer to another Society account, if requested by 1pm will be processed on the same working day. If a specific date has been requested, these will be processed at the end of the day specified. If a transfer is requested after 1pm it will be processed on the following day.
Withdrawals made by BACS to a nominated account requested by 1pm will be processed on the same banking day and will appear in your bank account on the 3rd banking day. Withdrawals made by BACS to a nominated account requested after 1pm will be processed on the next banking day and will appear in your bank account on the 4th banking day. (A banking day is Monday to Friday excluding Bank holidays).
Withdrawals made by BACS for a specified future date, will be processed on the specified banking day, and will appear in your nominated bank account on the 3rd banking day.
Your account may not go overdrawn. Transactions will not be authorised unless you have sufficient cleared funds in your account.
If you break the general or specific terms and conditions of your account or you become bankrupt we may suspend the use of the account immediately.
Withdrawals to an account outside of the Society must be made to one of your nominated bank accounts, details of which you supplied to us in your account application.
Your nominated Bank account(s) must not be in the name of or held by a third party, sole trader, partnership or company.
Third party withdrawals are not permitted. This account does not offer a bill payment facility.
Withdrawals from the account cannot be made by Direct Debit.
Once a transaction request has been processed it cannot be cancelled.
We can restrict at any time the amount that may be withdrawn from any account. We will only do this if:

we reasonably believe that there may be fraudulent activity or other financial crime affecting the account;
we are required to do so by any law, regulation or court order;
there is a dispute (which we reasonably believe may be genuine) about the ownership of, or entitlement to, the money in the account;
circumstances beyond our reasonable control prevent us from offering a normal service (such as in the event of terrorist threat, computer systems failure or strikes); or
circumstances exist which lead us reasonably to believe our financial stability is under threat (such as where rumours cause actual or potential abnormal levels of cash withdrawals).

In the case of (d) and (e) above:

we will act proportionately to the circumstances in question;
we will take all reasonable steps to ensure that the restrictions are lifted as soon as practical and to minimise the inconvenience to you;
we will take into account the interests of the Society's membership as a whole;
we will, if practical, give advance notice; and
we may consider exceptions to the restrictions if we are reasonably satisfied that substantial hardship would otherwise be caused.

We reserve the right to freeze your account if we suspect your account is being used illegally or if there is a dispute regarding transactions on your account.
The Society accepts no responsibility and will not be liable for incorrect bank details being provided to us and therefore not reaching the intended destination account.
If we allow you to make a withdrawal against an account opening cheque a certain number of days after it was paid in, this is no guarantee that the cheque has been 'cleared'. If the cheque is not 'cleared', you will have to repay us the amount of the withdrawal.
If your balance falls below the minimum of £100, we will advise you personally by email. If you do not increase the balance within 30 days we will close your account and return your money plus any interest you are due. A lower rate of interest will apply whilst your balance is below £100. We will advise you by email of the lower interest rate.
If withdrawals, payments, or fees made from your account take the balance below £0, therefore creating an unauthorised overdraft, your account must be brought back into credit immediately. If this happens we will advise you personally by email.
If full settlement of any unauthorised overdraft is not made within 28 days from the date we issue a notice of formal demand, we reserve the right to register the account as 'defaulting' with one or more licensed credit reference agencies.
Where we take court action to recover any outstanding unauthorised overdraft, interest may be charged at the Bank of England's base rate up to and including the date of judgement. Following judgement by the court, the debt will continue to attract interest at a rate set by the court.
If you have other savings accounts with the society, we may set off any debit balance on one account against a credit balance on another account to bring the account back into a positive balance. We will write to you personally if we do this.

Interest

Your money earns interest from the day after you invest until the day before you withdraw it.
Interest is calculated on the daily balance of your account.
Interest on esaver issue 1 is paid annually
Interest on esaver issue 2 can be paid monthly or annually.
Annual interest is paid on all credit balances annually on 31 December. Interest can be added to your account, paid into your nominated bank account or transferred into another of your accounts held with the Society, for e-saver issue 1. Interest is added to your account, for esaver issue 2.
Monthly interest is paid on all credit balances on the last day of each month. Interest is added to your account
The interest rate on this account is variable. Click here to see our current interest rates.
If the interest rate for this account changes, you will receive personal notification by email within 30 days of the change taking effect.
It is your responsibility to ensure that your postal and email addresses are current, and that you check your email account on a regular basis.
We will pay interest after the deduction of income tax at the basic rate (currently 20%) or gross subject to the required R85 form being completed. Click here to download and print the form.
If the initial investment to open the account is made by cheque and the cheque is not honoured then the funds will be removed from your account and no interest will be earned on this amount.
Where the balance falls below the minimum of £100 a lower rate of interest will apply. We will advise you by email of the lower interest rate.

Charges

In accordance with the Society's rules we may make charges relating to the operation of your account and deduct those charges from the amount in the account. The charges will reflect expenses we incur and the cost of staff time and the use of our office and computer facilities. Click here to view the Society savings charges, or see the Society's savings charges leaflet. We will advise you if a charge is applicable before we provide a product or service.
We can change the charges for any other valid reason where we reasonably believe change is appropriate.
Where we introduce new charges, or increase existing charges, we will tell you by email at least 30 days before the increase takes effect.
A change, which abolishes a charge or reduces the amount of an existing charge, may be introduced with immediate effect and without notice.

Closure

You can close your account by calling 0800 072 1100 and requesting a closure withdrawal form. Your identity will be verified by our contact centre staff, who will then give you further instructions.
Closure can be made by cheque or by transfer to one of your nominated bank accounts. Cheques and transfers will not be paid to a third party.
Any cheque drawn from your account will be 'Account Payee only' which means it cannot be endorsed to the benefit of a Third party.
Upon notification of death of an account holder, the account will be frozen and the other accounts held with the Society will no longer be allowed to be viewed online. Your personal representatives will be required to provide proof of their authority before we allow them to close the account.
Once your account has been closed you will be unable to continue to view your online account and unable to view the other accounts you hold with the Society. You are therefore responsible for printing any account details you wish to retain on closure.
Once an account has been closed, it cannot be reactivated or reopened. A new account application will need to be completed.
We reserve the right to close your account without notice and return funds to you, if you are threatening or abusive towards our staff.
Closures made by BACS to a nominated account, if requested by 1pm, will be processed by the end of the next banking day and will appear in your bank account on the 3rd Banking day. (A banking day is Monday to Friday excluding Bank holidays).

Statements

You will not receive regular written account statements, as transaction listings can be viewed online and printed (subject to a maximum of 2 years data).
It is your responsibility to examine your transactions. If you are aware that an amount has been incorrectly credited or debited to your account you should notify us immediately. You can telephone us on 0800 072 1100 or email us at saffrondirect@saffronbs.co.uk

Terms and Conditions

We reserve the right to change these Terms and Conditions at any time.
We can change the terms on which your investment is held (other than the rate of interest and charges) as follows:

If the change is to your disadvantage, we will tell you about it personally at least 30 days before we make the change by email. At any time up to 60 days from the date of the notice you may, without notice, switch your account or close it without having to pay extra charges or interest for doing this.
We may make any other change immediately and tell you about it within 30 days. We will notify you by email if we make changes to our Terms and Conditions.
If we have made a major change or a number of minor changes in any one year, we will give you a copy of the new terms and conditions or a summary of the new changes, by email.

Unclaimed Balance

- If:

You cannot be traced after reasonable enquiry, and
For a period of 10 years you have made no payment to or withdrawal from your account and the amount in that account is less than £10.

We may decide to close that account and the money in it will be retained by us. If, however, you contact us at a later date we will either open a new account for you and credit that account with the amount of money in the closed account, including interest, or repay the money to you.

Lien

We have the right to retain and set off all money you hold with us against any money you may owe to us (whether under mortgage, loan, guarantee or otherwise) which is due for payment but which has not been paid. We will inform you in writing when we have done this. Interest and bonuses will not be paid on any money that has been used in this way.

Income Tax

Where required by legislation, interest on accounts will be paid or credited after deduction of income tax.
At the end of each tax year, the society will produce, on written request, a statement known as a Section 352 Certificate, for all accounts where tax applies. This certificate confirms the amount of interest credited to your account in the previous 12 months where tax has been deducted. You do not need a Section 352 Certificate unless you wish to reclaim tax that has already been deducted from the interest you have paid as detailed on your annual statement. The Society reserves the right to charge for issuing a duplicate Section 352 Certificate (Click here to view the Society savings charges, or see the Society's savings charges leaflet).
If you do not have to pay income tax you may fill in an Inland Revenue form R85 and we will pay you interest without deduction of tax. Click here to download and print the form, or ask at your local branch if you need one. If you have any queries on your tax liability you should get in touch with your Inland Revenue Tax Office.
Interest received and subject to higher rate income tax should be entered in your annual tax return and any further liability to pay higher rate tax must be settled direct with the Inland Revenue.

Service of Notices

Where we send a notice or other document by post, it will be treated as properly served if we post it to you in a postage paid envelope addressed to your notified address. The notice or document will be treated as served 72 hours after it is posted. We will not be liable for delays due to circumstances outside our control, including postal delays.
It is your responsibility to notify the Society of any changes to your name, email address and postal address in writing within 28 days of the change. We cannot take responsibility for undelivered emails during this period. We will require evidence of your change of name (marriage certificate, deed poll, statutory declaration, civil partnership certificate or gender recognition certificate) before we can change our records.
If we accidentally fail to send you a communication intended for our investors generally or a category of our investors of which you are one, this will not make the notice invalid.

Security

As part of the application process you will be asked to provide responses to a memorable question and answer. You should ensure that your memorable data responses are not known to anyone else.
It is your responsibility to keep your Account number,Customer ID and Password secure. Please memorise your Account number and Customer ID as soon as you receive them, and destroy the notification that we send to you. You must contact us immediately if you suspect someone has obtained these details or if you have forgotten or misplaced them. You can email us at e-saversecurity@saffronbs.co.uk. Under these circumstances we will prevent transactions being carried out on your account and we will expect you to co-operate with us and the police in any investigations. We may give the police and our insurers any information that we think they will need to enable them to carry out their investigations.
Your e-saver password will automatically ask you to change it after 60 days.
There is an online facility that gives you the option to change your Password if you suspect that it has become known to someone else.
We will not be liable for any losses incurred as a result of you failing to treat your Account number,Customer ID and password securely, or if you have acted fraudulently or negligently.
In the event that you have lost or forgotten your password contact us immediately on 0800 072 1100. You will be asked a series of security questions based on your memorable data. Once your identity has been verified you will be issued with a new password separately.
Any correspondence we send to you by post will only be sent to the address registered on your account.
If you use funds with the knowledge that they were incorrectly credited to your account we will take steps to recover the money from you or take it from your account.
We have taken reasonable steps to ensure that transmissions passing over the internet remain confidential, but we cannot guarantee the confidentiality of this or of the content of emails and by using the e-saver product, you are confirming your instructions on that basis.
We recommend that you regularly check your transactions. If you see an entry which appears to be unusual, you must advise us as soon as possible so that we can take action to sort it out.
If your password is either lost or stolen you must advise us as soon as you can, verbally on 0800 072 1100. You will be asked a series of security questions based on your memorable data. Once your identity has been verified you will be issued with a new password separately.
If someone other than you finds your Customer ID, password and confirmation password, pretends to be you and is able to transact on your account, you will be liable if you have acted fraudulently or with gross negligence.

Banking Code

Saffron Building Society is a mutual organisation, which means we operate for the benefit of our members. We subscribe to the Banking Code, which sets minimum standards of customer service and our staff will be happy to help with any questions you may have (please call 0800 072 1100) and we will supply you with a copy of the code, if you would like one.

Data Protection

Click here for full details of how we use your information, and your rights to see the information we hold about you. Alternatively, please refer to any savings brochure or ask for a copy of 'Your guide to data protection', available at any of our branches.

Complaints

We have an internal complaints procedure and are a member of the Financial Ombudsman Services scheme. Please Click here to read our internal complaints procedure for further details

System Requirements

Your information technology equipment may need to meet certain technical specifications for you to be able to access your online account or use our website.
We are not responsible for errors you make when giving instructions in relation to our account via our website. We will act on the instruction you actually give and not on your intended instruction.
You are responsible for all third party fees, cost and charges you may incur in accessing our website and managing your account online.
In the event that you encounter any technical problems with our website you may contact us on 0800 072 1100. The availability of our website may be restricted depending on the severity of the problem.
Unless otherwise stated on the product pages, the services and products on this website are intended for use by residents of the United Kingdom only, and are not aimed at or intended for use by residents of any other jurisdiction.
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