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Financial Services Compensation Scheme Information Sheet

Basic information about the protection of your eligible deposits
Eligible deposits in Saffron Building Society are protected by: the Financial Services Compensation Scheme ("FSCS")1
Limit of protection:

£85,000 per depositor per bank / building society /credit union2

The following trading names are part of your bank / building society / credit union:

Saffron Building Society and Saffron Direct

If you have more eligible deposits at the same bank / building society / credit union: All your eligible deposits at the same bank / building society / credit union are "aggregated" and the total is subject to the limit of £85,000.2
If you have a joint account with other person(s): The limit of £85,000 applies to each depositor separately.3
Reimbursement period in case of bank, building society or credit union's failure: 20 working days4
Currency of reimbursement: Pound sterling (GBP, £) or, for branches of UK banks operating in other EEA Member States, the currency of that State.

To contact Saffron Building Society for enquiries relating to your account:

To contact the FSCS for further information on compensation:

Saffron Building Society
1A Market Street,
Saffron Walden,
Essex CB10 1HX

Financial Services Compensation Scheme
10th Floor Beaufort House,
15 St Botolph Street
London EC3A 7QU
Tel: 08006781100 or 020 77414100

More information:

1Scheme responsible for the protection of your eligible deposit

Your eligible deposit is covered by a statutory Deposit Guarantee Scheme, If insolvency of your bank, building society or credit union should occur, your eligible deposits would be repaid up to £85,000 by the Deposit Guarantee Scheme.

2General limit of protection

If a covered deposit is unavailable because a bank, building society or credit union is unable to meet its financial obligations, depositors are repaid by a Deposit Guarantee Scheme. This repayment covers at maximum £85,000 per bank, building society or credit union, This means that all eligible deposits at the same bank, building society or credit union are added up in order to determine the coverage level. If, for instance a depositor holds a savings account with £80,000 and a current account with £20,000, he or she will only be repaid £85,000.

This method will also be applied if a bank, building society or credit union operates under different trading names, Saffron Building Society also trades under Saffron Direct. This means that all eligible deposits with one or more of these trading names are in total covered up to £85,000.

In some cases eligible deposits which are categorised as "temporary high balances" are protected above £85,000 for six months after the amount has been credited or from the moment when such eligible deposits become legally transferable. These are eligible deposits connected with certain events including:

  1. certain transactions relating to the depositor's current or prospective only or main residence or dwelling;
  2. a death, or the depositor's marriage or civil partnership, divorce, retirement, dismissal,redundancy or invalidity;
  3. the payment to the depositor of insurance benefits or compensation for criminal injuries or wrongful conviction.

More information can be obtained under

3Limit of protection for joint accounts

In case of joint accounts, the limit of £85,000 applies to each depositor.

However, eligible deposits in an account to which two or more persons are entitled as members of a business partnership, association or grouping of a similar nature, without legal personality, are aggregated and treated as if made by a single depositor for the purpose of calculating the limit of £85,000.


The responsible Deposit Guarantee Scheme is the Financial Services Compensation Scheme, 10th Floor Beaufort House, 15 St Botolph Street, London, EC3A 7QU, Tel: 0800 678 1100 or 020 7741 4100, Email:, It will repay your eligible deposits (up to £85,000) within 20 working days until 31 December 2018; within 15 working days from 1 January 2019 until 31 December 2020;within 10 working days from 1 January 2021 to 31 December 2023; and within 7 working days from 1 January 2024 onwards, save where specific exceptions apply.

Where the FSCS cannot make the repayable amount available within 7 working days, it will, from 1 June 2016 until 31 December 2023, ensure that you have access to an appropriate amount of your covered deposits to cover the cost of living (in the case of a depositor which is an individual) or to cover necessary business expenses (in the case of a depositor which is not an individual or a large company) within 5 working days of a request.

If you have not been repaid within these deadlines, you should contact the Deposit Guarantee Scheme since the time to claim reimbursement may be barred after a certain time limit. Further information can be obtained under

Other important information

In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes. Exceptions for certain deposits are stated on the website of the responsible Deposit Guarantee Scheme. Your bank, building society or credit union will also inform you of any exclusions from protection which may apply. If deposits are eligible, the bank, building society or credit union shall also confirm this on the statement of account.

Exclusions List

A deposit is excluded from protection if:

  1. The holder and any beneficial owner of the deposit have never been identified in accordance with money laundering requirements. For further information, contact your bank, bank building society or credit union.
  2. The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering.
  3. It is a deposit made by a depositor which is one of the following:
    • credit institution
    • financial institution
    • investment firm
    • insurance undertaking
    • reinsurance undertaking
    • collective investment undertaking
    • pension or retirement fund1
    • public authority other than a small local authority

For further information about exclusions, refer to the FSCS website at

1Deposits by personal pension schemes, stakeholder pension schemes and occupational pension schemes of micro, small and medium sized enterprises are not excluded.

By clicking 'OK' you are confirming that all account holders are in receipt of the above Information Sheet and Exclusions List.

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Smart Saver account (Issue 3)

The information below provides an overview of the account and the Account Specific Rules and Criteria.

Please ensure that you also read the Savings Terms & Conditions.

We will be in touch with your parent/guardian via email to help you keep on track with your savings.

Limited availability and can be withdrawn at any time.

Protecting your money

Summary box

Account name

Smart Saver account (Issue 3)

What is the interest rate?
Deposit Interest Gross p.a./AER*
£1 + Annual 1.45%
£250 + Annual 1.55%
£500 + Annual 1.70%
£1,000 + Annual 1.20%

current rates valid from 31 August 2018

Deposit Interest Gross p.a./AER*
£1 + Annual 1.20%
£250 + Annual 1.30%
£500 + Annual 1.45%
£1,000 + Annual 0.95%

previous rates valid from 09 May 2018 to 30 August 2018

current rates | previous rates

Interest is calculated daily and paid into this account annually on 31 December. In the year the sole account holder becomes 16, any interest due will be paid on the 16th birthday and on the 31 December.

Can Saffron Building Society change the interest rate?

The interest rate for this account is variable, which means it can go up or down. Please see clauses 7.6 – 7.10 (inclusive) of the Savings Terms & Conditions, which sets out how and why we change interest rates.

What would the estimated balance be after 12 months?

The following projection is provided for illustrative purposes only and doesn’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 12 months
£1+ 1.45% £1.01
£250+ 1.55% £253.87
£500+ 1.70% £508.50
£1,000+ 1.20% £1,012.00
How do I open and manage my account?

To be eligible to open this account you must:

  • Be a UK Resident aged between 13 – 16 years
  • Pay a minimum opening deposit of £1. You can deposit up to a maximum of £10,000
  • Open the account in the sole name of the child (Adult/s can act as a signatory on the account)
  • Have Parent/Legal Guardian approval to process the child’s data on the Children’s Application Form
  • Only hold one Smart Saver account (Issue 3) at a time

To manage your account:

  • You can open and manage this account at any of our branches or by post. (If a signatory is on the account, only they can manage the account)
  • Deposits can be made by cash, cheque or transfer from another bank or building society
Can I withdraw money?

You can withdraw up to £500 in cash per day in branch and/or up to £10,000 by cheque of cleared funds from your account at any time with no penalty or charge.

This account is not intended to have a balance below £1. However if this happens for any reason, you will earn a fixed rate of 0.05% gross/AER*.

On your 17th Birthday, the account will move into a Maturity Easy Access account, unless you instruct us otherwise.

Money cannot be withdrawn by electronic transfer.

Additional information

Interest will be paid gross, which means no tax will be deducted. We are unable to provide any tax advice. Please contact HMRC for any queries on Individual Personal Tax and to see if tax is due on your savings interest.

* The gross rate is the rate before deducting tax at the rate applicable to savings income. 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.

What if I change my mind?

If in the first 14 days of opening your account you decide that the account isn’t right for you, you can switch to another account or you can have your money back – without penalty or notice. We will close your account and return your cleared funds to you; interest will be paid on the balance of your account up to the day before closure.

Financial Services Compensation Scheme (FSCS)

Your eligible deposits with Saffron Building Society are protected up to a total of £85,000 by the FSCS, the UK’s deposit protection scheme. Any deposits you hold above the £85,000 threshold are not covered. You can visit for more information.

Account Specific Rules and Criteria – Effective from 9 May 2018

These Account Specific Rules and Criteria apply to the Smart Saver account (Issue 3) in addition to the Savings Terms & Conditions. Where the Savings Terms & Conditions are inconsistent with the Account Specific Rules and Criteria, the Account Specific Rules and Criteria will apply and will take priority.


  1. The Smart Saver account (Issue 3) is a share account and must be held by an individual. It can't be held by a corporate entity.


  1. 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 2 parents, this interest is liable for tax. Please contact HMRC for advice.


  1. We will contact you prior to your account maturing on your 17th Birthday and provide you with a copy of the Maturity Easy Access account Account Specific Rules and Criteria.
  2. All funds invested belong to the child, and at the point of maturity, the signatory will be removed from the account.

Parental / Legal Guardian Approval

  1. If Parent/Legal Guardian is not acting as the signatory, or the account is held in the child’s sole name, approval for the child’s data to be processed in line with our Customer Privacy Notice is required on the application form.

Find out more

If you have any questions relating to this account, or any of the other accounts and services we offer please contact us

This product is no longer available to new customers

This account can only be opened in branch.