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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:

£75,000 per depositor per bank / building society /credit union2

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

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 £75,000.2
If you have a joint account with other person(s): The limit of £75,000 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
Email: ICT@fscs.org.uk

More information: http://www.fscs.org.uk
Acknowledgement of receipt by the depositor:

Additional information (all or some of the below)

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 £75,000 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 £75,000 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 £70,000 and a current account with £20,000, he or she will only be repaid £75,000.

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 £75,000.

In some cases eligible deposits which are categorised as "temporary high balances" are protected above £75,000 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 http://www.fscs.org.uk

3Limit of protection for joint accounts

In case of joint accounts, the limit of £75,000 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 £75,000.

4Reinbursement

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 £75,000) 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. Again, there are specific exceptions to this obligation.

In the case of a depositor which is a large company, where the FSCS cannot make the repayable amount available within 7 working days, it will, from 3 July 2015 until 1 December 2016, ensure that you have access to your covered deposits within fifteen working days of a request containing sufficient information to enable it to make a payment, save where specific exceptions apply.

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 http://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.

Exclusions List

Applies only to accounts opened on or after 3 July 2015

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

For further information about exclusions, refer to the FSCS website at www.FSCS.org.uk

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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12 Month Fixed Rate Regular Saver (Issue 3)

The account at a glance

The 12 Month Fixed Rate Regular Saver (Issue 3) offers a competitive rate of interest. It may be appropriate for those with a short-term savings goal, who are saving up for something like a holiday or home improvements. You can save regularly and, should you need it, have immediate access to your savings. The information below provides an overview of the account and the product specific terms and conditions.

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

Limited availability and can be withdrawn at any time.

Key product information

Account name

12 Month Fixed Rate Regular Saver (Issue 3)

What is the interest rate?
Deposit Gross p.a./AER*
£10 + 3.50%

current rates valid from 26 May 2015

Deposit Gross p.a./AER*
£10 + 4.00%

previous rates valid from 13 August 2011 to 25 May 2015 and refer to the previous issue of the account

current rates | previous rates

If your account falls below the minimum balance of £10, you will earn a fixed rate of 0.05% gross/AER*, until the account returns to the required minimum balance.

Interest is calculated daily and is paid on maturity.

Can Saffron Building Society change the interest rate?

The interest rate for this account is fixed, which means it won't change for the duration of your product term.

What would the estimated balance be after 12 months?

The following projection is provided for illustrative purposes only and does not take into account your individual circumstances. It assumes no withdrawals are made and that you deposit the maximum amount of £200 each month.

Maximum monthly payment Payment months Gross p.a./AER* Projected Balance
£200 12 3.50% £2,445.99
How do I open and manage my account?

You must be a UK citizen. There are no age limits on this account. However for children under seven years old, a parent or guardian must act as a signatory on the account. You can open this account at any of our branches. If you're an existing Saffron Building Society customer you can also open this account by postal application.

The minimum deposit needed to open this account is £10, the maximum opening deposit and regular monthly amount is £200. Only one of these accounts can be held with the Society at any time

Once opened you can manage your account at any of our branches or by post.

Can I withdraw money?

You can withdraw cleared funds from your account at any time. You can withdraw up to £500 in cash per day from any of our branches and up to £100,000 by cheque in branch or by post. Larger cheque withdrawals above the daily limits can be arranged, however these require at least one banking days' notice to arrange for you.

Your account will mature after 12 months. When your account matures it will automatically switch to a variable rate Maturity Easy Access account.

Tax

Interest will be paid gross which means no tax will be deducted. If you have any individual personal tax queries, or to find out if any tax is due on your savings interest, please contact HMRC as we are unable to provide any tax advice.

* 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?

This is an immediate access account, if 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.

Alternatively, if you wish we can arrange for a free savings review to help you find the savings account best suited to your needs.

Paying money in

Each month, for a maximum of 12 months, you can make payments from £10 up to £200, into your account at any of our branches or by post. You can make as many deposits during the month as you need to, providing they don't exceed the monthly limit of £200. Your deposits can be made by cash, cheque, or transfer from another bank or building society account. Where deposits are made by cheque we require at least seven working days before the funds are available to withdraw.

To ensure you receive the maximum monthly interest your payments need to reach your account by the 28th of each month for them to be counted. Any missed payments can't be backdated.

Financial Services Compensation Scheme (FSCS)

Your eligible deposits with Saffron Building Society are protected up to a total of £75,000 by the FSCS, the UK's deposit protection scheme. Any deposits you hold above the £75,000 threshold are not covered. You can visit www.fscs.org.uk for more information.

The information you've just read is a brief at a glance view of this savings account. Before you choose this account it's important that you read and understand the Your Savings Terms & Conditions.

Find out more

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

This product is no longer available to new customers

This product is no longer available to new customers.