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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
Financial Services Compensation Scheme
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:
- certain transactions relating to the depositor's current or prospective only or main residence or dwelling;
- a death, or the depositor's marriage or civil partnership, divorce, retirement, dismissal,redundancy or invalidity;
- the payment to the depositor of insurance benefits or compensation for criminal injuries or wrongful conviction.
More information can be obtained under http://www.fscs.org.uk
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: ICT@fscs.org.uk, 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 www.fscs.org.uk.
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.
A deposit is excluded from protection if:
- 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.
- The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering.
- 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
1Deposits by personal pension schemes, stakeholder pension schemes and occupational pension schemes of micro, small and medium sized enterprises are not excluded.
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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.
Smart Saver account (Issue 3)
|What is the interest rate?||
Interest rates on this account are tiered based on account balance, and are paid as below:
current rates valid from 31 August 2018
previous rates valid from 09 May 2018 to 30 August 2018
Interest is calculated daily and paid gross; without the deduction of tax, into your account annually on 31 December.
|Can Saffron Building Society change the interest rate?||
The interest rate for this account is variable and can be changed in accordance with clauses 7.6 – 7.10 (inclusive) of the Savings Terms & Conditions.
|What would the estimated balance be after 12 months?||
The following projection is provided as an example only and doesn't take into account your individual circumstances. It assumes no withdrawals or further deposits beyond the opening deposit.
|How do I open and manage my account?||
To be eligible to open this account you must:
Please Note: Before we can open your account, we will confirm your identity using electronic searches and paper based evidence. Please refer to our Identifying You and Preventing Fraud leaflet.
To manage your account:
Cash deposits and electronic payments received by 4:30pm will be made available the same day, any received after 4.30pm will be made available by 9am on the next working day.
|Can I withdraw money?||
You can withdraw cleared funds from this account at any time by presenting your membership document and signing a withdrawal slip.
Cash withdrawals are allowed up to a maximum limit of £1,000 per day. Cheque withdrawals are allowed up to the maximum balance of your account and must be made payable to the child. Money cannot be withdrawn by electronic transfer.
If your account falls below the minimum balance of £1, you will earn a fixed rate of 0.05% gross/AER*, until the account returns to the required minimum balance.
On your 17th Birthday, the account will move into a variable rate Maturity Easy Access account unless you instruct us otherwise.
If you decide this account isn’t right for you, you can close your account. 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 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.
Account Specific Rules and Criteria – Effective from 27 November 2018
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.
- All funds invested belong to the child.
- 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.
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 www.fscs.org.uk for more information.
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.