Perfect if you...
- Want immediate access to your funds
- Want to withdraw funds as and when you need to
- Want to manage your account in branch or by post
- The account can only be opened with fund from a maturing fixed term Saffron Building Society corporate account
- You must have a minimum opening deposit of £1
- The maximum balance of this account is £2,000,000
Corporate Maturity account
The interest rate paid on the account will be paid as below:
Current rates valid from 19 August 2020.
Interest is calculated daily and paid gross; without the deduction of tax, into your account/to another bank or building society annually on 31 December, or you can request this to be paid on the last day of each month.
If your account falls below the minimum balance for your account type your rate will decrease to a variable rate of 0.05% Gross p.a./AER.
The interest rate for this account is variable and can be changed in accordance with clauses 7.6 – 7.10 (inclusive) of the Savings Terms & Conditions.
The following projection is provided as an example only and doesn't take into account your individual circumstances. It assumes no withdrawals or further deposits beyond the opening deposit.
|Opening balance||Gross p.a./AER*||Balance after 12 months|
To be eligible to open this account you must:
- Open with funds from a maturing fixed term Saffron Building Society corporate account
- Have a minimum deposit of £1. The maximum balance of this account is £2,000,000
- Open in branch or by post
Please Note: Before we can open your account, we will confirm your identity using electronic searches and may request paper based evidence.
To manage your account:
- You can manage this account in branch or by post
You can withdraw cleared funds from this account at any time.
Cash withdrawals are allowed up to a maximum limit of £1,000 per day. Cheque withdrawals are allowed up to a maximum limit of £100,000 per day. Money cannot be withdrawn by electronic transfer.
If your account falls below the minimum balance of £1, you will earn a fixed rate of 0.05% gross/AER*, until the account returns to the required minimum balance.
If you decide this account isn’t right for you, you can close your account. Cleared funds will be returned to you with the inclusion of any interest earned.
You may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information, please contact HMRC or visit www.hmrc.gov.uk
* The gross rate is the rate before deducting tax at the rate applicable to savings income. The annual equivalent rate (AER) is a notional rate which illustrates what the gross interest rate would be if the interest was paid and added to the account annually.
Account Specific Rules and Criteria – Effective from 19 August 2020
Where the Savings Terms & Conditions are inconsistent with the account specific rules and criteria, these account specific rules and criteria will apply and will take priority.
- We will automatically open this account for funds maturing from a fixed term corporate account if you haven’t instructed otherwise.
- This account is for business monies only. Client funds cannot be held in this account.