Perfect if you...
- Want to store away your savings for a fixed term
- Want to have a fixed rate of interest
- Have funds maturing from a fixed term Saffron Building Society account
- You will need a minimum deposit of £500 from a maturing fixed rate Saffron Building Society account
- You must provide us with a valid email address and phone number
- ISA transfers from other providers are not permitted for this account
Two Year Fixed Rate Maturity Cash ISA
The interest rate paid on the account will be paid as below:
Current rates valid from 31 March 2021.
Interest is calculated daily and paid gross; without the deduction of tax, into your account/to another bank or building society on the anniversary and on the day of maturity.
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 fixed, which means it won't change during the 2 year account term.
The following projection is provided as an example only and deosn'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 2 years months|
To be eligible to open an account you must:
- Be a UK resident aged 16 or over with a single opening deposit between £500 and £500,00
- Open with funds from a maturing fixed term Saffron Building Society account in branch or by post
- Provide us with your National Insurance Number
- Have not subscribed to another ISA during the current tax year
- ISA transfers from other providers or internal ISA transfers from previous years are not permitted for this account
- Provide a valid email address and mobile number
- Provide details of you 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
No withdrawals can be made from this account, however if you need access to your funds you can close your account. This will be subject to a penalty equivalent of 180 days’ interest deducted from the capital balance.
*If you do not provide us with your nominated bank account, account closure will only be via cheque made payable to the account holder(s).
Once opened, your account will mature after 2 years. It will automatically switch to a variable rate Maturity Cash ISA unless you instruct us otherwise.
For a period of 14 days after opening your account, you can close your account penalty free. 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.
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 31 March 2021
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 provided the funds are from the current tax year (subject to the complying with the new 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