FAQ's - Payments

We have recently made a change to our savings accounts, meaning you will now be notified via SMS/email when an electronic payment has been made from your savings account to comply with payment service regulations.

Please note that this also includes interest payments out from your account. However, if you are unsure on a payment which has been made, please contact us.

You can pay money into your account by Faster Payment or Standing Order using the following details:

• Payee Name: First Name & Surname of account holder E.G. Mr Joe Bloggs
• Sort Code: 20-74-21
• Account Number: 00775991
• Reference: Please quote your Saffron account number only. If this is not quoted correctly the funds will be returned to the sender.

You can download a standing order form by following the link provided. 

Sometimes your payment details will appear as Barclays.

This is because we use them for our clearing system – so all payments are made into one Barclays account and then assigned to your Saffron Building Society account by using your Saffron account number quoted as the reference.

We are not affiliated with the Barclays Group regarding the FSCS compensation scheme or their banking services.

Payments in arrive on working days - any day which is not a Saturday, Sunday or a bank holiday in England and Wales.

Cut-off times apply for receipt of an electronic payment such as a Faster Payment, CHAPS or BACS payment. These are as follows:

• The cut-off time for Faster Payments is 8pm on a working day.
• The cut-off times for CHAPS payments is 5pm on a working day.
• A payment that is sent to you by Standing Order or through the BACS system can take up to three working days to reach your account.

You can transfer money to your nominated bank account via ‘Make Payment’ located on the Account Summary page.

Please note: The terms and conditions of your account may restrict who you can transfer money to, and some accounts do not allow withdrawals.

£100,000 or less:
Payments of £100,000 or less will be sent via Faster Payment.

If the payment is requested before 4pm, it will be sent the same working day.

If the payment is requested after 4pm, it will be sent on the next working day.

Over £100,000:
Payments that exceed £100,000 or where the receiving bank does not accept Faster Payment, will be sent via BACS payment.

If the payment is requested before 3.30pm, it will be sent the same working day.

If the payment is requested after 3.30pm, it will be sent on the next working day.

Funds that are sent by BACS should be received in the destination account within three working days, after they are sent.

Yes, you can transfer money to your other Saffron Building Society accounts, subject to the source and destination account's terms and conditions. 

Please select the “Transfer Money” option to complete an internal transfer.

Yes, by viewing your transactions, you can also select to view your future dated payments under the ‘Future Payments’ tab in the Online Savings Portal and the “future Transactions” tab on our mobile app. 

Yes, by selecting ‘cancel’ next to the relevant payment on the ‘Future Payments’ tab in the Online Savings Portal. 

Please note: You can only cancel these payments if your account is an online account. If you are unable to cancel online, please contact us.

No, if there are no longer sufficient funds in an account to cover a payment that has been set up, no funds will be transferred, and a fee won’t be charged.

No, you are only able to set up ad hoc payments on a one-off basis, for either the current or a future date.