Perfect if you...
- Want to have instant access to your savings
- Want to make withdrawals as and when you need to
- Have a maturity fixed term Saffron Building Society Cash ISA account
- You will need a minimum deposit of £1 to open the account
- You must be a UK resident aged 16 or over
- ISA transfers from other providers are not permitted for this account
Maturity Cash ISA
The interest rate paid on the account will be paid as below:
Current rates valid from 05 June 2020.
Interest is calculated daily and paid gross; without the deduction of tax, into your account/another bank or building society on 05 April each year. Interest added to your account isn’t counted as part of your annual subscription limit.
If your account falls below the minimum balance for your account type your rate will decrease to a variable rate of 0.05% Tax-free 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||Tax-free p.a./AER*||Balance after 12 months|
To be eligible to open an account you must:
- Open with funds from a maturing fixed term Saffron Building Society Cash ISA account
- Have a minimum deposit of £1. The maximum balance of this account is £1,000,000
- Open in branch or by post. ISA transfers in from other providers are not accepted.
- Provide a valid email address and mobile number
- Provide details of your current account held with another bank or building society*. This must be in your name and will be used as your Nominated Bank Account
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
- No further funds can be added after the opening deposit
You can withdraw cleared funds from this account at any time, however funds withdrawn that are not transferred to another ISA account or ISA provider will lose their ISA status.
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 Money cannot be withdrawn by electronic transfer.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 you do not provide us with your nominated bank account, account closure and withdrawals will only be via cheque made payable to the account holder(s). (If you are applying online we will need to capture your bank account details to open the account.)
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.
For information on your Personal Savings Allowance please contact HMRC or visit www.hmrc.gov.uk
Our full Savings Terms & Conditions will be provided to you before opening this account; you can ask us for a copy at any time.
* 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.
Account Specific Rules and Criteria – Effective from 5 June 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.
- 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)
- Saffron Building Society is not a flexible ISA provider
- 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
- Interest will be paid tax- free, providing your account meets HMRC ISA regulations
- We will automatically open this account for funds maturing from a fixed term Cash ISA account if you haven’t instructed us otherwise.