Our Two Year Fixed Rate Maturity Cash ISA allows you to re-invest a lump sum from a Saffron account that has reached the end of its term for a further two years with a fixed and tax-free interest rate.
This account can be withdrawn at any time.
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
- ISA transfers from other providers are not permitted for this 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
Two Year Fixed Rate Maturity Cash ISA
The interest rate paid on the account will be paid as below:
|Minimum balance||Interest||Tax-free p.a./AER*|
Rate effective from 24 November 2023.
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.
|Balance||Tax-free p.a./AER*||Balance at 2 years|
- You must be 16 or over and a UK resident to have this account.
- You must provide your National Insurance number.
- You can open the account in branch, by post.
- You'll need to keep a minimum of £500 in your account to get the interest rate.
- The maximum amount you can pay into this account is £500,000.00
- Open with funds from a Saffron account that has finished its fixed term.
- You can manage the account in branch, by post, by phone, on webchat.
- No further funds can be added after the opening deposit.
- ISA Transfers from other providers are not accepted.
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.
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.
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: Tax Free 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.
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 account's 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, provided your account meets HMRC ISA regulations
- If you are subscribing to the 2022/2023 tax year, the annual ISA allowance is up to £20,000