Two Year Fixed Rate Cash ISA

Two Year Fixed Rate Cash ISA

The interest rate paid on the account will be paid as below:

Rate effective from 6 March 2024.

Interest is calculated each day on the money in your account and is paid on the anniversary of the account opening and at the end of the fixed term.

The interest rate for this account is fixed for the term and can't be changed.

If your account falls below the minimum balance, the interest rate we'll pay you will reduce to 0.05% Gross p.a/AER*.

This is based on no further money being paid in or taken out of the account and no change to the interest rate.

• You must be 18 or over and a UK resident to have this account.
• You must provide your National Insurance number.
• You can open the account online, in branch, by post. If you choose to open your account online, we'll need your email address and mobile phone number.
• You need to pay money into your account within 30 days of opening it. If you don't we'll close the account.
• You'll need to keep a minimum of £500 in your account to get the interest rate.
• Your current year subscriptions must not exceed the annual Cash ISA allowance.
• You can also transfer money from a Cash ISA with another bank or building society.
• The overall maximum that can be held in this account is £500,000.00.
• You can manage the account online, on the mobile app, in branch, by post, by phone, on webchat.
• No further funds can be added after the opening deposit.
• You can switch from another Saffron ISA (subject to the account's Terms and Conditions).

No, you can't take money out of this account. You can close your account within the fixed term but you will lose 180 days' interest deducted from the capital balance.

If you close your account having paid some or all of your annual ISA allowance in, you can't open another Cash ISA at Saffron within the same tax year.

Saffron Building Society is not a Flexible ISA provider. This means you can't replace the money you have taken out, before the end of the same tax year, without it affecting your annual ISA allowance.

You can transfer this ISA elsewhere, subject to your new provider's conditions, by contacting your new provider.

Before the two year term ends we'll contact you to let you know. Your account will change to the Maturity Cash ISA account, which will have a different interest rate. The account number won't change. If you want to switch to a different account, we'll tell you how to do this in the maturity pack that we'll send you.

Our Savings Promises provide you with additional peace of mind, including penalty-free access to your money if your life circumstances significantly change (e.g. serious illness, redundancy, etc). For more information please click here or ask us.

Interest will be paid tax-free, providing your account meets HM Revenue & Customs (HMRC) ISA regulations.

You need to tell HMRC if your child earns more than £100 in interest from money given by one parent, or more than £200 if given by two parents, this interest is liable for tax. Please contact HMRC for advice.

If the total amount of interest you earn is more than your tax-free Personal Savings Allowance, you may have to pay tax to HM Revenue & Customs (HMRC). For more information visit gov.uk.

* Interest Rate definitions: Gross is the interest rate without the tax deducted. AER stands for the Annual Equivalent Rate and illustrates what the interest rate would be if the interest was paid and compounded once each year.