online account terms and conditions

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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.

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

Effective from 8 January 2010

Saffron Building Society is your payment service provider. We will operate your account in accordance with these terms and conditions. Every effort has been made to ensure that these terms are fair and in accordance with the relevant regulations by which we are governed.

We are committed to providing you with a prompt, efficient and fair service. In this document we aim to give you information to help you operate your online account, together with the general terms and conditions.

It explains the responsibilities of both you; the member and us; the Society. The terms refer to all online services we offer and they specify our business relationship with you, the member. However, if a specific service we provide has terms and conditions stated in the online account document, then the specific conditions will take priority. We will ensure that these special conditions are also fair and in accordance with the regulations by which we are governed.

1. Account Opening, Holders and Membership.

When you open an account we are required by law to confirm your identity. We will seek to validate your identity and residency using an online search facility when you apply for the account. 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 let you know if we need this documentary evidence. Do not send original documents to us in the post. Further information is available in our Things You Need to Know leaflet.
Prior to account opening we will tell you about all of the accounts that we offer which have the services you are looking for, the main features of the accounts and the rates of interest payable on the accounts. However, if you require information on just one account in particular we will provide you with this information. All current product information will be available to you at all times on our website.
Before you open an account we will provide you with a copy of these terms and conditions and give you the opportunity to fully read and understand them before you are bound by any contract with us.
Once your online account has been opened, we will provide you with the relevant security details in order that you can access your account online at any time. You will be able to view a record of all transactions that you make on your account. For some details regarding the safe keeping of your personal security details please see section 17 of these conditions.
When opening an account you will be required to fully complete the necessary application form. By applying for and accepting the account you are making the declaration as documented on the application form.
We reserve the right to refuse to open an account without giving a reason. We also reserve the right not to release your personal security features until satisfactory evidence of identification has been provided.
To be eligible for an online account you must have a personal email address and be at least 16 years of age, with the exception of the e-saver 55-plus account for which you need to be at least 55 years of age. You must also be permanently resident in the United Kingdom (UK).
When you open an online 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 (31 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 at any time by requesting them from our head office or by emailing marketing@saffronbs.co.uk
Unless the specific product terms allow, the account must be held in your sole name only and cannot be opened as a joint account. Similarly, unless the specific product terms allow, these accounts cannot be opened by a charity, club or other organisation. An online account cannot be opened under a Power of Attorney.
We do not have to recognise the interest or claim of any person other than the account holder(s) 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.
The Society offers accounts through the following channels:
1. face to face in one of our branches or agencies;
2. through the post with Saffron Direct;
3. over the phone with Saffron Direct;
4. over the internet with our online accounts.
These terms and conditions do not cover our savings accounts or ISA accounts and the terms and conditions relating to these accounts can be found in the Your Savings Terms and Conditions and ISA Terms and Conditions.

2. Membership

We will give you your personal security features on account opening and receipt of satisfactory evidence of identification.
You must keep your personal security features safe, for some practical advice about how you can do this please see section 17 of these conditions. We recommend that you regularly check the transactions on your account. If you see an entry which appears to be wrong, you must advise us as soon as possible so that we can take action to sort it out. For full details of the process to follow and what action we will take please see section 8 of these conditions.
If your personal security features are either lost or stolen, or you are concerned that someone else may know your details, you must notify us as soon as you can by emailing e-saversecurity@saffronbs.co.uk. On receipt of notification we will suspend the use of the security features.
We reserve the right to suspend the use of your personal security features where we reasonably believe that the security of the account is at risk, or that there may be fraudulent activity on the account. Unless it would be unlawful to do so, we will tell you if we are going to do this and the reasons for doing so by writing to you. We will remove any block on the use of the security features once we have reasonable belief that the reason for stopping the security features in the first place no longer exists.
The maximum overall investment any customer may hold with the Society in total may not exceed £5,000,000. Exceptions to this limit may be considered by the Society's board. Some products carry their own maximum investment limits, details of which can be found in the relevant product literature.
No passbook or certificate will be issued for the account.

3. Applicable conditions where a joint account is allowed under the product specific terms and conditions

As referred to in section 1.9 of these conditions, it could be that a specific account allows more than one account holder. Where this is allowed, the first named on the account is called the representative joint holder and is the only person on a joint account who is entitled to vote at the Society's Annual General Meeting. The other parties to the account do not have voting rights. You are entitled to choose the order in which the joint holders are named on the account.
When operating a joint account you need to be aware that all transactions and operations on the account can be executed by one account holder only. Explicitly this means that any one account holder can withdraw funds, amend or close the account without the consent or knowledge of the other account holder(s) at any time.
On proof of death of any joint account holder, we will recognise only the survivor(s) as having ownership of or interest in the account and the survivor(s) shall be entitled to operate the account on the same terms.

4. Distance Contract

All online accounts are deemed to be distance contracts as they are opened without any face to face contact with us.
When you apply for an online account you will always be given an opportunity to fully read and understand these terms and conditions before being bound by any contract with us. You will also be provided with the terms and conditions in a format that will enable you to save, retain and print a copy for future reference.
We will always provide you with sufficient information about our accounts so that you are able to make an informed decision about the type of service that you wish for us to provide. This information is not limited to but will include the following:

a description of the main characteristics of the service that we will provide;
the details about any right to cancel that may exist for the contract;
details about our complaints procedure; and
details about any compensation scheme that may apply to your account.

The normal conditions for account opening will apply, in that a fully completed and accepted application will be required and you will be required to prove your identification and residency as stated in section 1.1 of these conditions.

5. Services of Notices and how we will communicate with you

We will ensure that all communications (including financial promotions) with you are clear, fair and not misleading. All communications with you will be in English and in comprehensible form.
Where we send you a notice via email, it will be treated as properly served if we have sent it to the email address as registered on your account. 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 pre-paid envelope addressed to your notified address. The notice or document will be treated as properly served 72 hours after it is posted. We will not be liable for delays due to circumstances outside our control, including postal delays. Where we state in these conditions that we will communicate with you via email and the email service is down we may communicate with you through the post.
If we accidentally fail to:
1. send to you a communication intended for our investors generally or a category of investors of which you are one; or
2. display a notice at our head office or any other branch office;
this will not make the notice invalid.
We will never explain the benefits of a product or service without also making its risks clear to you.
Where required by the regulations by which we are governed, we will send you information in a durable medium. This means that it will be in a format that is storable for future reference by you.
You will not receive statements from us as transaction listings can be viewed online and printed at any time (subject to a maximum of 2 years' data).
We are required by the regulations by which we are governed, to send you notices and information when certain things on your account happen and/or change. These notices are detailed under the relevant section of these conditions.
We will not make any charge for providing any of the information that we are obliged to provide by the regulations by which we are governed. We are entitled to make a charge for the provision of information that is in addition to the requirements set out by the regulations by which we are governed. We will only provide additional information where you ask us to and we will always tell you if it will incur a charge prior to carrying out your request.
If your name and/or address, including post code changes, you must inform us over the phone on 0800 072 1100, within 28 days. Before we can change our records we will require you to complete the necessary security procedures and supply documentary evidence for a change of name (marriage certificate etc).

6. Deposits into your account

We will accept deposits to your account in sterling in the following ways:
1. Standing Order,
2. BACS Payments,
3. Internal Transfers,
4. CHAPS Payments,
5. Faster Payments,
6. Direct Debit Payments.
The accounts that the Society offers do not allow you to receive money in any currency other than sterling.
When arranging for money to be credited to your account you must give the person sending you the money the correct bank details in order that the money be credited to your account. The correct details for all Standing Orders, BACS, CHAPS and Faster Payments are:

Sort Code: 20-74-05
Account Number: 00775991
Reference: Your 8-digit Society account number which we have sent you and can be found online.

Should you personally send or arrange for money to be sent that does not reach your account, we will not be liable where you have not given the correct payment details. Where the correct payment details have not been given we will make all reasonable efforts to help you recover the funds.
The amount that we credit to your account will always be the full amount that we have received from the sending bank.

The features of the types of credit transactions are given below:

Transaction Type	Where you can carry out the transaction?	How to authorise the transaction	When will it be paid into my account?	When will it be available?
Standing Order	By instructing the sending bank.	Instruction to bank.	Paid into your account on the 3rd business day after the money has been sent which will be the same day that we receive the funds.	Funds are available as soon as they reach your account.
BACS Payments	Executed by the sending bank.	Not applicable.	Paid into your account on the 3rd business day after the money has been sent which will be the same day that we receive the funds.	Funds are available as soon as they reach your account.
Internal Transfer	Online via the Online Account web page.	Personal security features.	Paid into your account on the same day where the transaction is executed before 1pm. Next business day where after 1pm.	Funds are available as soon as they reach the destination account.
CHAPS Payments	Executed by the sending bank.	Not applicable.	Paid into your account the same day that we receive the money.	Funds are available as soon as they reach your account.
Credit by Faster Payments System	Executed by the sending bank.	Not applicable.	Paid into your account the same day that we receive the money.	Funds are available as soon as they reach your account.
Direct Debit Payments	Through Saffron Direct.	Signing and/or completing the Direct Debit Mandate, once set up but contacting Saffron Direct.	Paid into your account the same day that we receive the money.	Funds are available as soon as they reach your account.

As of 1 January 2012, it will be a requirement of all financial institutions that, where money is sent electronically, it will need to reach the destination account by the close of business on the day following the day that it was sent. Until this time money that is sent electronically will reach its destination by the close of business on the 3rd business day. An extra day is allowed where the request to execute a transaction is received in writing.
Standing Orders
1. A payment that is sent to you by Standing Order will take 3 business days to reach your account. The money will be credited and made available to you on the same day that we receive the funds.
2. A Standing Order into your account can only be instigated at the sending bank. You will need to give the details noted under section 6.2 of these conditions in order for the payment to reach your account.
BACS
1. A payment that is sent to you through the BACS system will take 3 business days to reach your account. The money will be credited and made available to you on the 3rd business day.
2. A BACS payment into your account can only be instigated at the sending bank. You will need to give the details noted under section 6.2 of these conditions in order for the payment to reach your account.
Internal transfer
1. A payment that is transferred internally will be received into your account on the same day that it is sent where you execute the transaction before 1pm. For transactions executed after 1pm the payment will be processed on the next business day.
2. An internal transfer into your account can only be instigated via our online service.
CHAPS
1. A payment that is sent to you through the CHAPS system will be received into your account on the same day that it is sent. There is normally a charge for this type of transaction that will be levied by the sending bank.
2. A CHAPS payment into your account can only be instigated at the sending bank. You will need to give the details noted under section 6.2 of these conditions in order for the payment to reach your account.
Faster Payments
1. Any money that is sent to you via the Faster Payments system will be received into your account on the same day that it is sent.
2. A Faster Payment into your account can only be instigated at the sending bank. You will need to give the details noted under section 6.2 of these conditions in order for the payment to reach your account.
Direct Debits
1. Any money that the Society calls into your account via the Direct Debit system will take 3 business days to reach your account. The money will be made available to you on the 3rd business day after it has left the source account, which is the same day that we receive it.
2. A Direct Debit payment into your account can only be instigated by us. A Direct Debit instruction form will need to be completed giving your authorisation for the transaction. We will need to receive this instruction a minimum of 13 business days prior to the planned receipt of funds.
3. Should we take your instruction to call an amount into your account via the Direct Debit system and there are insufficient funds in the source account then we may reasonably make a charge for the returned payment. The charge will be debited from your account on the day that the payment is returned and the relevant charge is detailed in the Things You Need to Know leaflet.
4. If you do not use your direct debit instruction for 11 months then the mandate will be cancelled and we will require a new Direct Debit instruction to be completed. We will notify you by email or letter if this happens.
While we try to operate your account accurately, mistakes may occur. If you are aware that an amount has been incorrectly credited 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 that we have made we will notify you either by telephone, letter or email. We will amend the error accordingly including removing any money incorrectly credited into your account.
Should the removal of such funds result in any account charges or debit interest then we will refund these to you.
We may refuse to accept any deposit on an account where we believe that it would be unlawful to accept the deposit or where it contravenes the conditions of the account as set out in this document and any product specific conditions.
If we refuse to accept a deposit we will, except where it would be unlawful to do so, provide you with a full reason for doing so and explain what you need to do in order that we can accept the deposit. We will provide this notification to you by the end of the business day following that on which we receive the deposit from you.
When you ask us to execute a transaction we will tell you, on request, how long it will take for the transaction to reach its destination and about any charges in respect of the transaction. We will give you this information before we carry out your instructions.
Once an instruction to credit your account has been sent you can only cancel the transaction up to the close of business on the working day before the funds leave the source account. You must do this by contacting the bank from where you are sending the payment.

7. Investment withdrawals

Withdrawals can be made from your account in sterling in the following ways, where your account allows such transactions:
1. BACS Payment to a nominated account,
2. Internal Account Transfer
The accounts that the Society offers do not allow you to send money internationally.
When requesting an amount to be paid from your account the full amount of the transaction will be debited plus any charges that are associated with that transaction. Details of all charges that relate to particular types of transactions are detailed in the Things You Need to Know leaflet.

The features of the types of debit transactions are given below:

Transaction Type	Where can you execute?	How to authorise the transaction	When will my account be debited?	When will the money reach its destination?
BACS Payment	Online.	Personal Security Features.	On the day that you make the request if executed before 1pm. Next business day if after 1pm.	On the 3rd business day after the money has been sent if before 1pm. On the 4th business day if sent after 1pm.
Internal Account Transfer	Online.	Personal Security Features.	The day that you request the funds to move if executed before 1pm. Next business day if after 1pm.	The same day that the money debits the account.

BACS Payment
1. Money can only be transferred by this method to accounts that are pre-determined as 'nominated accounts'. A nominated account cannot be in the name of a third party, sole trader, partnership or company, and you are not able to transfer money to third parties from this account.
2. Money sent by this method will reach its destination on the 3rd business day after it has been sent where the request was made before 1pm on a business day. For requests made after this time, the money will reach its destination on the 4th business day after your request.
Internal Account Transfer
1. You may transfer money to one of your other Society accounts, subject to the conditions of the receiving account, through our online service. Where the request is made before 1pm the transaction will be processed the same day. For requests made after 1pm the transaction will be processed on the next business day.
2. Money sent in this way will reach its destination on the same day that the money leaves the source account.
3. Where your online account is in your sole name you can only execute a transaction online to an account held in your sole name. Where your online account is held in joint names you can only execute a transaction online to an account held in the same names. For all other transactions, such as from a joint account to a sole account, you will need to contact Saffron Direct on 0800 072 1100.
Any withdrawal limits or restrictions as detailed within the product specific conditions must be observed at all times. The minimum balance must be maintained at all times. If your balance does fall below the minimum balance 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 the minimum balance. We will advise you by email of the lower interest rate.
There may be specific terms and conditions that apply to withdrawals from your specific type of account and therefore you should check your product literature for any additional conditions on withdrawals or you can ask any of our staff.
Once a request has been received and/or the money has debited your account you are not able to revoke the transaction. For transactions that are forward dated you are able to cancel your instruction up to close of business the working day before the funds are debited from the account.
We can restrict at any time the amount which can be withdrawn from any account. We will only do this if:
1. we reasonably believe that there may be fraudulent activity or other financial crime affecting the account;
2. we are required to do so by any law, regulation or court order;
3. there is a dispute (which we reasonably believe may be genuine) about the ownership of, or entitlement to, the money in the account;
4. 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
5. 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).
When you ask us to execute a transaction we will tell you on request how long it will take for the transaction to reach its destination and about any charges in respect of the transaction. We will give you this information before we carry out your instructions.
When an electronic payment transaction debits your account we will make the following information available to you, for you to obtain on a monthly basis should you wish to do so:
1. a reference enabling you to identify the electronic payment;
2. the payee's name so that you know where the payment has gone;
3. the amount of any charges for the transactions;
4. the date that the money left your account.
You can obtain the above information by emailing us at saffrondirect@saffronbs.co.uk. This information will be emailed to you. There will be no charge for the provision of this information on a monthly basis.
When an electronic payment transaction debits your account we will provide the following information to the intended recipient so that they can easily indentify where the funds have come from:
1. a reference enabling the payee to identify the electronic payment and its source;
2. the amount of the transaction to be credited to the intended account;
3. the amount of any charges for the transactions;
4. the credit value date.
Your account must not go overdrawn. Withdrawals cannot be made unless you have sufficient cleared funds in your account. If withdrawals, payments, or fees made from your account do take the balance below zero, therefore creating an unauthorised overdraft, your account must be brought back to credit immediately. If this happens we will advise you personally by email or letter.
If full settlement of any unauthorised overdraft is not made within 28 days from the date that we issue the notification as stated in section 7.13 of these conditions; 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 set at a rate by the court.
If you have other savings accounts with the Society, we may set off any debt 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.

8. Unauthorised Payments and Disputed Transactions

As noted under section 2.2 of these conditions, we recommend that you check your transactions on a regular basis.
If someone other than you inputs your personal security features online, and is therefore able to withdraw money from your account, you will be liable for the amount of any withdrawals made if you have acted fraudulently or with gross negligence.
Where you identify that a transaction has occurred on the account that you did not authorise you must tell us as soon as possible so that we can take the necessary action.
You will not be liable for any losses incurred in relation to an unauthorised payment where you have not acted fraudulently or intentionally, or with gross negligence, failed to comply with your obligations under these conditions in relation to the use and safe keeping of your personal security features.
Where you have acted fraudulently or you have intentionally, or with gross negligence, failed to comply with your obligations under these conditions in relation to the use and safe keeping of your personal security features, you will be liable for all losses incurred.
Where we are unable to prove that you authorised the payment we will (subject to sections 8.4 & 8.5 of these conditions) refund the amount of the unauthorised payment and restore your account to the state it would have been in had the transaction never taken place by the end of the following business day.
Where you identify that we have either:
1. not executed a transaction at your request; or
2. not executed a transaction in accordance with your instructions;
you must tell us as soon as possible so that we can take the necessary action.
Unless we are able to prove that the payment was authenticated, accurately recorded, entered into our system and not affected by any technical breakdown, we will (subject to section 8.10 of these conditions), without undue delay, refund the amount of the non-executed or incorrectly executed payment and where applicable restore your account to the state it would have been in had the transaction never taken place.
Where we have carried out a transaction in accordance with your instructions we will be deemed to have carried out your instructions correctly. Where it is identified however that the instructions that you provided were incorrect we will make all reasonable efforts to trace and recover the funds for you.
Where we identify that the payment reached the firm with whom the destination account is held then it will be the responsibility of the destination firm to immediately make the payment available to the intended recipient of the funds by crediting the amount to the intended account.
Where we do allow a payment that is requested from your account by the payee (for example, a direct debit) and the payment is not correctly executed you must inform us. We will then, within 10 business days, refund the amount of the transaction if the following conditions are met:
1. the amount varies on a regular basis
2. the amount debited is more than you could have reasonably expected to have been debited.
3. you inform us of this within 8 weeks of the amount being debited.
No right to a refund will exist where at least 4 weeks' notice of the payment was given to you.
Where we refund any amounts in accordance with section 8 of these conditions we will also refund any charges or debit interest incurred as a result of the unauthorised or disputed transaction in question.

9. Interest

Details of the interest rates that apply to all of our savings accounts can be found by clicking here. This information will be provided to you prior to you being bound by any contract with us.
Interest will be earned on all credit balances at the current stated rate of pay. Up to date interest rate information can always be found on our website.
Interest will be paid on the 31 December each year for annual interest accounts. Interest on monthly income option accounts will be paid on the last calendar day of each month, unless the specific product terms and conditions indicate otherwise. In this case the specific product terms and conditions will take priority.
Unless you tell us otherwise, interest will always be paid net (after the deduction of tax as explained in section 10 of these conditions) into the account on which the interest was earned. If you have an e-saver issue 1 account you can choose to have your interest paid to another Bank or Society account and you can change your instructions at any time by writing to us at least six weeks before the next interest payment date.
Interest on our accounts is calculated on a daily basis. There may be specific conditions to your particular account which stipulate that this is different. In this circumstance the special condition will take priority. If this is the case we will tell you before you are bound by any contract with us.

Any deposits into your account will start to earn interest from the day that we receive your deposit. How this works for the individual types of transaction is detailed below:

Transaction Type	Interest earned from or up to
Automated Transfer In	From the day of credit to account.
Automated Payment out	Up to the day before it is transferred out.

Automated transfers as detailed above include internal transfers.

We can change the rate of interest paid to your online account for any valid reason where we reasonably believe change is appropriate.
Where a change in interest rate is to your advantage we may make the change without giving you any prior notice. We will, however, tell you that a change has happened in one or all of the following ways:
1. sending you an email;
2. by putting up notices in our branches informing you that our interest rates have changed;
3. putting notification on our website that our interest rates have changed;
4. by advertising in the newspapers that are local to our branches.
You can then obtain the information specific to your account by checking our website, asking our staff or requesting to receive a copy of our latest rates in the post.
Where a material change in the interest rate that is paid on your savings is proposed and this change is to your detriment we may make the change by giving you 30 days personal notice prior to the change happening.

A material change that is detrimental to you is defined by the Society as being any drop in the rate of interest paid where you have a balance of at least £500 in your account at the month end prior to the notification being given. We will give you this notification by email.

This notification will include the following information:
1. what the current interest rate payable is on your account;
2. what the proposed interest rate is;
3. the reason for the change;
4. when the change will take effect;
5. the options that you have including:
  1. how you can decline the change;
  2. how long you have to decline the change;
  3. details of any comparable accounts that the Society offers with similar account features and services;
  4. the consequences of declining the change or not declining the change.
For clarification; no personal notification will be given where you have less than £500 in your account at the month end prior to the notification being given. However, you will be advised of the change to your interest rate in accordance with section 9.8 of these conditions.
We will display all interest rate changes on our website.
Details of historic rates are available on our website, including for accounts that are no longer available.
Where your account pays an introductory or bonus rate that ends after 1 May 2010 we will give you personal notification 30 days prior to this rate coming to an end where all of the following applies:
1. your account has a balance of more than £500 at the month end before the introductory or bonus rate is due to end; and
2. you have had your account for at least 12 months when the introductory or bonus rate is due to end; and
3. the rate of interest paid to you will drop by more than 1.00%.
We will do this by sending you an email.

This notification will include the following information:
1. what the introductory or bonus rate is;
2. when it will end;
3. what the interest rate payable will be after this time;
4. where you are not tied into the account, comparable accounts that the Society offers.
Where the interest rate payable on your account is linked to a reference rate; for example the Bank of England Base Rate, your rate will change to be in line with any change in the reference rate within 28 days.

10. Taxation

Where required by legislation, interest on accounts will be paid or credited after the deduction of income tax at the prevailing basic rate.
At the end of each tax year, the Society will produce, on written request, a statement known as a Section 975 Certificate, for all accounts where tax applies. This certificate will confirm the amount of interest credited to your account in the previous twelve months where tax has been deducted. A Section 975 Certificate may be required where you intend to reclaim tax that has already been deducted from the interest you have earned on your accounts.
The Society reserves the right to charge you for issuing a duplicate Section 975 Certificate. Please see the Things You Need to Know leaflet for details.
If you do not have to pay income tax you may complete a HM Revenue & Customs form R85 and we will pay you interest without the deduction of tax. Please ask us for a form in our branches or over the phone. Alternatively you can download one from our website. For certain corporate deposit accounts interest can be paid gross (without the deduction of tax). Please ask us for details in our branches or over the phone.
If you have any queries regarding your tax liability you should get in touch with your local HM Revenue & Customs 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 directly with HM Revenue & Customs.
If you are parents investing on behalf of a child, you can each give your child a lump sum that produces up to £100 gross income each year without any personal liability. If the gross income from the investment exceeds £100 then the whole amount becomes subject to income tax as if it were the parents' earned income. This rule only applies to parents.

11. Charges

In accordance with the Society rules we may make charges for certain services that are available on the account. We are not however allowed to charge for the provision of any information that we are required to give you under the regulations by which we are governed.
Savings charges are listed in the Things You Need to Know leaflet and they accurately reflect the expenses that we incur, the cost of staff time and the use of our office and computer facilities.
We will always provide you with a copy of the Things You Need to Know leaflet prior to you being bound by any contract with us.
We will advise you if a charge is applicable before we provide a product or service, and whenever you ask us. The charge will be deducted from the amount in the account on providing the service.
We may change the charges for any valid reason where we reasonably believe the change is appropriate.
Where we make a change to any of our charges, we will give you 60 days personal notice prior to the change happening. We will do this by sending you an email.

This notification will include the following information:
1. what the current charge is for the one(s) we are changing;
2. what we are changing it to;
3. the reason for the change;
4. when the change will take effect;
5. the options that you have including:
  1. how you can decline the change;
  2. how long you have to decline the change;
  3. the consequences of declining the change or not declining the change.
Not declining the change, as detailed in your notification, will have the effect of you accepting the change for the account and therefore the changes being adopted.

12. Changes to Terms & Conditions

Upon opening the account you are bound by these online terms and conditions. For savings accounts, Your Savings Terms and Conditions will apply. For ISA accounts, the ISA Terms and Conditions will apply.
You can obtain a written copy of our terms and conditions at any time by asking one of our staff or agency staff.
We can change the terms and conditions, as detailed in this document, on which your investment is held. The conditions under this section do not apply to any changes in interest rate or charges. The provisions for these areas are detailed under sections 9 and 11 of these conditions respectively.
Any proposed changes will automatically take effect unless you tell us in accordance with the notice you will receive under section 12.5 of these conditions.
Where we make a change to any of the terms and/or conditions as set out in this document, we may make the change by giving you 60 days personal notice prior to the change happening. We will do this by sending you an email.

This notification will include the following information:
1. what the current condition is where one is changing;
2. what the proposed change is;
3. the reason for the change;
4. when the change will take effect;
5. the options that you have including:
  1. how you can decline the change;
  2. how long you have to decline the change;
  3. the consequences of declining the change or not declining the change.
Not declining the change, as detailed in your notification, will have the effect of you accepting the new terms and conditions of the account and therefore the changes being adopted within these conditions.
If we have made a major change or a lot of minor changes, we will give you a copy of the full terms and conditions or a summary of the changes that have been made with the notification given under section 12.5 of these conditions.

13. Account Closure

For a period of 14 calendar days following the opening of your account you are entitled to change your mind and cancel your account and contract with us without any notice, reason or penalty. We will help you to switch accounts or simply give you your money back without losing any interest.
You can let us know that you wish to change your mind by sending us an email at saffrondirect@saffronbs.co.uk.
By exercising your right to change your mind you will be cancelling your contract with us. Consequently, should you wish to reinvest, a new application will be required.
In the case of cancellation, we will, within 30 calendar days, return to you any funds in your account including the interest that it may have earned. We are also entitled to receive back any sums that you may owe us within 30 calendar days. We will let you know if this applies to you when we receive your notification.
After the 14 day cancellation period, you are still entitled to close your account but you may be required to comply with the special conditions that apply to that particular account, subject to sections 13.6 - 13.8 of these conditions.
Unless you have a fixed term account; if you wish to close your account after the 14 day cancellation period and your specific account conditions impose a notice period for withdrawals then a maximum notice period of one month will be required. This notice must be given in writing. No further charges will be levied for closing your account.
Should you wish to close your account after the 14 day cancellation period and your specific account conditions do not impose any notice period; then you may close your account without any notice or penalty. This notice may be given verbally or in writing. No further charges will be levied for closing your account.
Where you have an account that is for a fixed term, then you may close your account at any time after the 14 day cancellation period after giving the required notice specified in the particular account conditions. Failure to provide the required notice will incur a loss of interest as specified in the particular account conditions.
In order to close your account you will need to contact us on 0800 072 1100 and complete the necessary security procedures. Your identity will be verified by our contact centre staff who will then give you further instructions on the closure process.
If you decide that you want to close your account and move your funds to another financial institution we will help you do this by providing you with a cheque for any amount that we owe you in accordance with section 13.4 of these conditions.
We will close your account as soon as possible after we receive your instructions to do so, subject to the clearance of your funds. Receipt of your instruction will take the form of the completion of the relevant closure form
Under normal circumstances we will not close your account without giving you at least 60 days' notice. Should we give you this notice it will be in writing to you at the address that we hold for you.
Examples of circumstances that are not 'normal' include threatening or abusive behaviour towards staff.
We will not close your account, or threaten to do so, as a response to a valid complaint you have made.
If you break the general or specific terms and conditions of your account or any account holder becomes bankrupt we may suspend the use of the account immediately.
We reserve the right to close the account if the balance falls below the minimum investment amount for that account as detailed in section 7.6 of these conditions.
If you have an account that matures after a certain period of time then your options on maturity will be sent to you before the account matures and closes.
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.

14. Unclaimed Balances and Dormant Accounts

If:
1. you cannot be traced after reasonable enquiry; and
2. for a period of 3 years you have made no payment to or withdrawal from your account and the amount in that account is less than £100, or
3. For a period of 5 years you have made no payment to or withdrawal from your account and the amount in that account is more than £100;
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.

15. 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 a mortgage, loan, guarantee or otherwise) which is due for payment but which has not been paid.
We will notify you in writing when we have done this. Interest or bonuses will not be paid on any money that has been used in this way.

16. Regulations

The Payment Services Regulations (PSRs) are effective from 1 November 2009 and introduce a number of benefits for customers, and cover:
1. The information that we have to give you before you open an account with us;
2. Giving instructions and what happens when mistakes are made;
3. How we give you information before you open an account with us and during our relationship with you;
4. How we can vary or terminate your agreements.
The PSRs cover certain types of transactions that you are able to execute on your accounts with us, for example a Standing Order. For all other aspects of your account and the service that we offer, you are protected by the governance of the FSA's Banking Conduct of Business Rules which also came into force on 1 November 2009.

17. Data Protection & Security

We will treat all your personal information as private and confidential (even when you are no longer a customer). We will not make your name and address or details about your accounts known to anyone, including other companies in the group, unless you give us your authority to do so. There are exceptions to this as detailed in our leaflet Your Guide to Data Protection.
For full details of how we use your information, and your rights to see the information that we hold about you, please refer to our leaflet Your Guide to Data Protection, available at any of our branches, by calling 0800 072 1100 or by visiting our website
As part of the application process you will be asked to provide 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.
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.
In the event that you have lost or forgotten your password, contact us immediately on 0800 072 1100. You will be asked a number of security questions based on your memorable data. Once your identity has been verified you will be issued with a new password separately.
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 online accounts, you are confirming your instructions on that basis.
Any telephone conversations with us may be recorded and used for security and training purposes.

18. Complaints & Compensation Scheme

We have an internal complaints procedure and are a member of the Financial Ombudsman Services Scheme.
You may make a complaint at any time by talking to us over the phone or face to face, writing to us or emailing us. Specific details about how you can do this are provided in our Things You Need to Know leaflet.
Nothing in these terms and conditions will reduce your statutory rights. For further information about your statutory rights contact your local authority Trading Standards Department or Citizens Advice Bureau.
We are a member of the Financial Services Compensation Scheme established under the Financial Services and Markets Act 2000.
As a customer of Saffron Building Society your account(s) are covered by the Financial Services Compensation Scheme (FSCS) up to the maximum amount of £50,000 per person unless you are:

A large company; a large partnership; a large mutual organisation; a local, provincial or municipal authority; a credit institution; an overseas financial services institution; an operator or trustee of a collective investment scheme; a pension and retirement fund or a trustee of such a fund; a supernational institution; a government, or central administrative authority; a firm within the Saffron Building Society group; a person whose claim arises from transactions relating to a conviction they have received for money laundering. Further details of exclusions under the FSCS cover can be found on the Financial Services Authority's website www.fsa. gov.uk
The limit will apply to each depositor for the total of deposits they hold with an organisation regardless of how many accounts they hold or whether they are a single or joint account holder.
Although most shares and deposits in UK building societies are denominated in Sterling, the Euro and other European Economic Area currencies are also covered. Further details are available on request from the Society.

19. 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, costs 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.
Minimum specification for your computer:
1. a 486 processor or above operating at least at 66 MHz
2. a Hayes compatible modem with a minimum transfer rate of 56000 baud (or 56k) or any broadband connection (remember to always use a firewall and have up to date anti - virus software) and VGA graphics with a screen resolution of 800 x 600 or above using 256 colours
3. Windows '98, ME, NT4, 2000, XP, Vista or Windows 7.
4. A 32 bit "Java enabled" browser that supports 128 bit encryption
Supported browsers: The site has been designed to work in all modern web browsers, including:
1. Internet Explorer 6+ for Windows
2. Mozilla Firefox for Windows
3. Opera for Windows
4. Safari for Windows
5. Netscape 8 for Windows
We recommend that users should upgrade to the latest versions of their browser. You can download the latest versions of these browsers for free, subject to your usual internet telephone charges.