Our sort code is changing
- What is a sort code?
- A sort code is a six digit number that’s used to help identify the bank and branch where your account is held. Or, in the case of Saffron Building Society, details of our clearing bank. It’s often written with three pairs of digits separated by dashes.
- Why is the Saffron Building Society’s sort code changing?
- You may have already heard that following the 2008 financial crisis, the UK government put reforms in place for banks to separate corporate and private customers. This is known as ‘ring-fencing’. As a financial institution, our clearing bank needs to move Saffron Building Society to their corporate division. As a result, we have been issued with a new sort code.
- Will ring-fencing affect me as a Saffron Building Society customer?
- This will not have any impact on any of the accounts you hold with Saffron Building Society. However please read on to find out what actions you may need to take.
- What do I have to do?
- If you wish to make payments into your Saffron Building Society savings account(s) via standing order, Faster Payments and/or transfer money online from your bank account into your Saffron Building Society account, you will need to change the existing Saffron Building Society sort code by 22 January 2021. We recommend you contact your bank or building society to update the payment details you use to send payments to us at you earliest convenience.
- Our new sort code is:
- Sort code: 20-74-21
- What payment methods are affected by these changes?
- These changes will affect you if you use one or more of the following options to pay into your Saffron Building Society savings account(s):
- Standing order
- Faster Payments
- Transfer money online from your bank account(s) into your Saffron Building Society account(s)
- I have a mortgage with you. Do I need to make any changes?
Mortgage customers who make payments by Standing Order, Faster Payment or Bank Transfer over the counter at Barclays must make the changes to the sort code.
Mortgage customers with an existing direct debit do not need to take any action – your payment will be redirected to us automatically.
- I want to make an overpayment on my mortgage. How do I do that?
- If you would like to make overpayments on your mortgage as a separate arrangement to your existing direct debit, you will need to use the new sort code details above.
- What happens if I make a payment to the old account details?
- Until 22 January 2021 all payments will be automatically redirected to the correct sort code. After this date, this will stop and the payments will automatically be returned, so we recommend that any Standing Orders, online transfers and Faster Payments are changed at your earliest convenience. We are unable to do this for you as your bank will not accept our instructions.
- Is my own mortgage account number(s) changing?
- No. Your own account numbers for mortgages will stay the same.
- I have a monthly saver account with the Saffron Building Society, how do I amend your bank details on my payment?
- If you make payments by Standing Order or Faster Payment you need to contact your bank or building society who make the payment on your behalf, and request that they use our new bank sort code.
- Will my Saffron Building Society payee reference number be changing too?
- No. Your payee reference number will remain as before, this should be your Saffron Building Society Account number ONLY,which can be found inside the front cover of your passbook. If this is incorrect or any other information is included then your payment will not be successful.
- What reference should I put on my standing order or Faster Payment?
- You should only use your Saffron Building Society payee’s reference number. You do not need to include any other reference.
- Is my own savings account number(s) changing?
- No. Your own account numbers for savings will stay the same.
- I have my salary paid in to my Saffron account, what do I do
- You will need to contact your employer and give them the new sort code to use as soon as possible.
- I have benefit payments or payments from The Department for Work and Pensions (DWP) paid into my Saffron Building Society Account(s): Do I need to change this?
- Yes, you will need to contact the relevant agencies and ask them to amend the bank sort code by 22 January 2021. After that date, any payments received will automatically be returned, so we recommend that any payments are changed at your earliest convenience.
Main DWP Contact Number: 0843 504 7178
Phone the DWP on their Pension Service contact number 0345 606 0265 to report a change in your bank account details so that you can continue claiming your pension.
Existing Benefit Claims
Please phone the Department for Work & Pensions on 0345 608 8545, 0800 169 0310 or 0843 504 7178 to report a change to your bank account so that you can continue to receive your benefits.
Write to the Department for Work & Pensions
You can contact the Department for Work & Pensions (DWP) in writing to get a written response to your enquiries by using their official postal address below, where you can also send documents relevant to a benefits claim or pensions dispute.
DWP, Caxton House, Tothill Street, London, SW1H 9NA, United Kingdom.
- I have payments set up from my bank to pay into my Saffron Building Society account(s): do I need to change this?
- Yes, you will need to amend the receiving bank sort code by 22 January 2021. After that date, any payments received quoting the old sort code will automatically be returned.
- I use internet banking to transfer money to my Saffron Building Society account(s).
- You will need to update any reference to the old sort code number on your internet banking or mobile apps.
- I am going to use internet banking to transfer money to my Saffron Building Society account(s) for the first time, what Saffron Building Society account details should I use?
- If you are using internet banking to send funds to an account you hold with the Saffron Building Society for the first time you should use the new Sort Code 20-74-21, Account Number 00775991 and quote your Saffron Building Society Account number as the reference, which can be found in your member documents.
- If I send money to your existing sort code details by mistake, will it delay my payment so I would lose out on interest?
- The payment will not be delayed and therefore you will not lose out on interest should you make a payment using the old sort code. However if it is after 22 January 2021 the payment will automatically be returned and therefore no interest will be accrued.
- If somebody pays into my savings account using the old sort code by mistake, will you be able to redirect the money into my account or would you have to return the funds to them to re-send?
- Any payment made quoting our old sort code will automatically redirect to the correct account until 22 January 2021. After this time any payments quoting the old sort code details will automatically be returned.
- I have been given a brochure/application form/leaflet which still shows the old sort code.
- We will be phasing in the new sort code across all our printed and online materials during 2018. For the time being, you may come across the existing sort code details. Please ensure you use the new sort code when setting up any new payments.