IMPORTANT: You must acknowledge receipt of this information sheet by clicking the button at the bottom of this page in order to proceed with your application.
Financial Services Compensation Scheme Information Sheet
|Basic information about the protection of your eligible deposits|
|Eligible deposits in Saffron Building Society are protected by:||the Financial Services Compensation Scheme ("FSCS")1|
|Limit of protection:||
£85,000 per depositor per bank / building society /credit union2
The following trading names are part of your bank / building society / credit union:
Saffron Building Society and Saffron Direct
|If you have more eligible deposits at the same bank / building society / credit union:||All your eligible deposits at the same bank / building society / credit union are "aggregated" and the total is subject to the limit of £85,000.2|
|If you have a joint account with other person(s):||The limit of £85,000 applies to each depositor separately.3|
|Reimbursement period in case of bank, building society or credit union's failure:||20 working days4|
|Currency of reimbursement:||Pound sterling (GBP, £) or, for branches of UK banks operating in other EEA Member States, the currency of that State.|
To contact Saffron Building Society for enquiries relating to your account:
To contact the FSCS for further information on compensation:
Saffron Building Society
Financial Services Compensation Scheme
1Scheme responsible for the protection of your eligible deposit
Your eligible deposit is covered by a statutory Deposit Guarantee Scheme, If insolvency of your bank, building society or credit union should occur, your eligible deposits would be repaid up to £85,000 by the Deposit Guarantee Scheme.
2General limit of protection
If a covered deposit is unavailable because a bank, building society or credit union is unable to meet its financial obligations, depositors are repaid by a Deposit Guarantee Scheme. This repayment covers at maximum £85,000 per bank, building society or credit union, This means that all eligible deposits at the same bank, building society or credit union are added up in order to determine the coverage level. If, for instance a depositor holds a savings account with £80,000 and a current account with £20,000, he or she will only be repaid £85,000.
This method will also be applied if a bank, building society or credit union operates under different trading names, Saffron Building Society also trades under Saffron Direct. This means that all eligible deposits with one or more of these trading names are in total covered up to £85,000.
In some cases eligible deposits which are categorised as "temporary high balances" are protected above £85,000 for six months after the amount has been credited or from the moment when such eligible deposits become legally transferable. These are eligible deposits connected with certain events including:
- certain transactions relating to the depositor's current or prospective only or main residence or dwelling;
- a death, or the depositor's marriage or civil partnership, divorce, retirement, dismissal,redundancy or invalidity;
- the payment to the depositor of insurance benefits or compensation for criminal injuries or wrongful conviction.
More information can be obtained under http://www.fscs.org.uk
3Limit of protection for joint accounts
In case of joint accounts, the limit of £85,000 applies to each depositor.
However, eligible deposits in an account to which two or more persons are entitled as members of a business partnership, association or grouping of a similar nature, without legal personality, are aggregated and treated as if made by a single depositor for the purpose of calculating the limit of £85,000.
The responsible Deposit Guarantee Scheme is the Financial Services Compensation Scheme, 10th Floor Beaufort House, 15 St Botolph Street, London, EC3A 7QU, Tel: 0800 678 1100 or 020 7741 4100, Email: ICT@fscs.org.uk, It will repay your eligible deposits (up to £85,000) within 20 working days until 31 December 2018; within 15 working days from 1 January 2019 until 31 December 2020;within 10 working days from 1 January 2021 to 31 December 2023; and within 7 working days from 1 January 2024 onwards, save where specific exceptions apply.
Where the FSCS cannot make the repayable amount available within 7 working days, it will, from 1 June 2016 until 31 December 2023, ensure that you have access to an appropriate amount of your covered deposits to cover the cost of living (in the case of a depositor which is an individual) or to cover necessary business expenses (in the case of a depositor which is not an individual or a large company) within 5 working days of a request.
If you have not been repaid within these deadlines, you should contact the Deposit Guarantee Scheme since the time to claim reimbursement may be barred after a certain time limit. Further information can be obtained under www.fscs.org.uk.
Other important information
In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes. Exceptions for certain deposits are stated on the website of the responsible Deposit Guarantee Scheme. Your bank, building society or credit union will also inform you of any exclusions from protection which may apply. If deposits are eligible, the bank, building society or credit union shall also confirm this on the statement of account.
A deposit is excluded from protection if:
- The holder and any beneficial owner of the deposit have never been identified in accordance with money laundering requirements. For further information, contact your bank, bank building society or credit union.
- The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering.
- It is a deposit made by a depositor which is one of the following:
- credit institution
- financial institution
- investment firm
- insurance undertaking
- reinsurance undertaking
- collective investment undertaking
- pension or retirement fund1
- public authority other than a small local authority
1Deposits by personal pension schemes, stakeholder pension schemes and occupational pension schemes of micro, small and medium sized enterprises are not excluded.
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Easy Access Cash ISA (Issue 2)[Previously known as Branch Cash ISA]
The account at a glance
Our Easy Access Cash ISA (Issue 2) allows you to benefit from tax-free interest, it also allows you to pay money in when you want and offers you immediate access to your funds. The information below provides an overview of the account and the product specific terms and conditions.
Please ensure that you also read the Savings Terms & Conditions.
Limited availability and can be withdrawn at any time.
Key product information
Easy Access Cash ISA (Issue 2)
|What is the interest rate?||
current rates valid from 1 December 2017
previous rates valid from 20 December 2016 to 1 December 2017
If your account falls below the minimum balance of £1 you will earn a fixed rate of 0.05% Tax-free/AER* until the account returns to the required minimum balance.
Interest is calculated daily and is paid on 05 April each year; this will be credited directly to your Easy Access Cash ISA (Issue 2), or can be transferred to another bank or building society account.
|Can Saffron Building Society change the interest rate?||
The interest rate for this account is variable, which means it can go up or down. Please see clauses 7.6 – 7.10 (inclusive) of the Savings Terms & Conditions, which sets out how and why we change interest rates.
|What would the estimated balance be after 12 months?||
The following projection is provided for illustrative purposes only and doesn't take into account your individual circumstances. It assumes no withdrawals or further deposits beyond the opening deposit.
|How do I open and manage my account?||
To be eligible to open an account you must:
To manage your account:
|Can I withdraw money?||
Cash Individual Savings Accounts (ISAs) pay interest tax-free. If you have any individual personal tax queries, or to find out if any tax is due on your savings interest, please contact HMRC as we are unable to provide any tax advice.
* The tax-free rate is the contractual rate of interest payable where interest is exempt from income tax. 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.
What if I change my mind?
This is an immediate access account, if you decide that the account isn’t right for you, you can switch to another account or you can have your money back – without penalty or notice. We will close your account and return your cleared funds to you; interest will be paid on the balance of your account up to the day before closure.
Financial Services Compensation Scheme (FSCS)
Your eligible deposits with Saffron Building Society are protected up to a total of £85,000 by the FSCS, the UK’s deposit protection scheme. Any deposits you hold above the £85,000 threshold are not covered. You can visit www.fscs.org.uk for more information.
Product specific Terms and Conditions – Effective from 1 December 2017
These product specific terms and conditions apply to this Easy Access Cash ISA (Issue 2) in addition to the Savings Terms & Conditions which also apply to your account. Where the terms and conditions are inconsistent with the product specific terms and conditions, these product specific terms and conditions will apply and will take priority.
Our Easy Access Cash ISA (Issue 2) is an Individual Savings Accounts, as defined by HMRC ISA Regulations.
- To open an ISA you must:
- Be an individual, aged 16 or over
- Be a UK resident and ordinarily reside in the UK
- Have not subscribed to another cash ISA during the current tax year
- You must be able to provide us with a National Insurance number
- Joint accounts are not permitted and the account must be held solely in your name. You cannot assign the rights of your account to anyone else or use it as security for a loan.
- You can only subscribe to one cash ISA per year. Each tax year the government sets the annual maximum subscription limits for cash ISAs.
- Where you do not subscribe to the maximum limit in a tax year, you cannot carry over the unused limit to the following tax year.
- By investing in this cash ISA, you will be limiting the amount you can invest in the other types of ISAs.
- You can switch from another Saffron Building Society ISA (subject to the original accounts terms and conditions).
- Each tax year you can continue your ISA without the need to apply for a new account. To do this you will need to make at least one deposit during the new tax year.
- ISA transfers in from other ISA providers are permitted
- You may transfer your subscription to another ISA provider at any time. Transfers out will be subject to the new ISA providers terms and conditions.
- If you transfer your funds to another ISA provider they will not lose their ISA status.
- If you transfer your funds out to another ISA provider, no penalties will be charged on closure of your account.
- ISA transfers will be carried out in accordance with HMRC ISA regulations.
- Interest will be paid tax-free, providing your account meets HMRC ISA regulations.
- Interest is calculated daily and is paid on the 5 April each year.
- Interest can be paid to your account, transferred to another bank or building society account in accordance with your instruction on the application form.
- Interest added to your account is not counted as part of your annual subscription limit.
Withdrawals and early closure
- You can withdraw cleared funds from your account at any time.
- Where deposits are made by cheque we require at least 7 working days before funds are available to withdraw.
- You can withdraw up to £500 in cash per day from any of our branches and up to £100,000 by cheque in branch or by post.
- Larger cash or cheque withdrawals above the daily limits can be arranged, but will require notice, please contact us.
- If you close your account, and have made a subscription to the account during the current tax year, the ISA rules do not allow you to open another cash ISA in the same tax year.
- Money cannot be withdrawn by electronic transfer.
We will notify you if, as a result of any failure to satisfy the provisions of HMRC ISA Regulations, your cash ISA no longer qualifies as an ISA.
Find out more
If you have any questions relating to this product, or any of the other products and services we offer please contact us
This product is no longer available to new customers
This product is no longer available to new customers.