Two Year Loyalty ISA

Two Year Loyalty ISA

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

Rate effective from 26 February 2025.

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 have held a savings or mortgage account with Saffron for 3 months. Alternatively, you must have been a signatory, Power of Attorney or Court of Protection with Saffron for at least 3 months.
• You can switch to this product when your existing Saffron account has matured and can top up your funds, you can do this on the mobile app or internet banking. You can set up your maturity instruction up to 14 days before the maturity date of your existing product.
• 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. You’ll need to complete an ISA Transfer Authority form on the day of funding the account.
• 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.

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.

New fraud rules from 7 October 2024 mean that with this product, you're eligibility to claim for fraud has changed. For more information please click here.

If we delegate any of our functions or responsibilities under this agreement to someone else, we will satisfy ourselves that the person or organisation we delegate to will be competent to carry out those functions and responsibilities.