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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
Email: ICT@fscs.org.uk

More information: http://www.fscs.org.uk

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 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.

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 £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.

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 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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One Year Fixed Rate Maturity Cash ISA

The account at a glance

Our One Year Fixed Rate Maturity Cash ISA is an exclusive account for existing Saffron customers† with a maturing Cash ISA. It allows you to benefit from tax-free interest. Other than your maturing funds no further funds can be added to the account. 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.

Limited availability and can be withdrawn at any time.

Protecting your money

Key product information

Account name

One Year Fixed Rate Maturity Cash ISA

What is the interest rate?
Deposit Tax-free p.a./AER*
£500 + 1.25%

current rates valid from 28 February 2018

Deposit Tax-free p.a./AER*
£500 + 1.25%

previous rates not applicable

current rates | previous rates

This account is not intended to have a balance below £500. However if this happens for any reason, you will earn a fixed rate of 0.05% gross/AER.

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 one year product term.

What would the estimated balance be after 12 months based on a £1,000 deposit?

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 Tax-free p.a./AER* Projected balance
£1,000 1.25% £1,012.50
How do I open and manage my account?

The One Year Fixed Rate Maturity Cash ISA can only be opened if you are a qualifying existing customer. To qualify to open this account you need to have held a savings or mortgage account with the Society for at least six months.

To be eligible to open an account you must:

  • Be an individual aged 16 or over
  • Be a UK resident or ordinarily reside in the UK
  • You must be able to provide us with your National Insurance number
  • This account must be opened with funds from a maturing fixed term account
  • The minimum deposit needed to open this account is £500
  • Your initial deposit to open the account must be made in one transaction

To manage your account:

  • You can deposit up to the maximum balance of your maturing account, including interest
  • Deposits can be made by cash cheque or transfer from your maturing fixed term account
  • Once opened no further funds can be added
  • ISA transfers in from another ISA provider are not permitted
  • You can open and manage your account at any of our branches or by post
Can I withdraw money?

You cannot make any partial withdrawals from this account, however if you do need access to your funds you can close or transfer your account to another provider before the end of the term.

If you close your account or your transfer to another provider takes place before maturity, your account will be subject to a penalty equivalent to 180 days’ interest. Where the account has not accrued 180 days’ interest, the penalty will be deducted from the capital balance. Closing your account will mean that these funds will lose their ISA status.

Your account will mature one year from the date of your initial deposit. When your account matures it will automatically switch to a variable rate Maturity Cash ISA.

Tax

Cash Individual Savings Accounts (ISAs) pay interest tax-free. 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.

† To qualify as an existing customer to open this account, you need to have held a savings or mortgage account with the Society for at least six months.

* The tax-free rate is the contractual rate of interest payable where interest is exempt from income tax. 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. If you close your account and don’t transfer your Cash ISA to another provider, the closed account and funds will lose their ISA status.

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

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.

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 Savings Terms & Conditions.

Account specific rules and criteria – Effective from 28 February 2018

These account specific rules and criteria apply to this One Year Fixed Rate Maturity Cash ISA in addition to the Savings Terms & Conditions which also apply to your account. Where the terms and conditions are inconsistent with the account specific rules and criteria, these account specific rules and criteria will apply and will take priority.

Eligibility

  1. To open an ISA you must:

    • Be an individual aged 16 or over
    • Be a UK resident or ordinarily reside in the UK
    • Have not subscribed to another cash ISA during the current tax year
    • You must be able to provide us with your National Insurance number
  2. Joint accounts are not permitted and the account must be held solely in your name. You cannot assign the rights of your account to anyone else or use it as security for a loan.
  3. This account is available to customers who have held a savings or mortgage account with the Society for at least six months.

Subscription Limits

  1. You can only subscribe to one cash ISA per year. Each tax year the government sets the annual maximum subscription limits for cash ISAs.
  2. 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.
  3. By investing in this cash ISA, you will be limiting the amount you can invest in the other types of ISAs.
  4. You can switch from another Saffron Building Society ISA (subject to the original accounts terms and conditions).

ISA Transfers

  1. ISA transfers in from other ISA providers are not permitted.
  2. If you transfer your funds to another ISA provider they will not lose their ISA status.
  3. ISA Transfer will be carried out in accordance with HMRC ISA regulations.

Withdrawals and early closure

  1. Saffron Building Society is not a flexible ISA provider. Withdrawals are not allowed for this account.
  2. If you close your account before the end of the term, your funds will lose their ISA status and the closure will be subject to a penalty equivalent to 180 days’ interest, this will be deducted from your balance.
  3. 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.
  4. Money cannot be withdrawn by electronic transfer.

Interest

  1. Interest will be paid tax- free, providing your account meets HMRC ISA regulations. This interest will be automatically added to your account on maturity at the end of the 1 year term.

Maturity

  1. Your account will mature one year from the date of your deposit. When your account matures it will automatically switch into a variable rate Maturity Cash ISA.
  2. We will contact you prior to your account maturing and provide you with a copy of the Maturity Cash ISA special terms and conditions.

We will notify you if, as a result of any failure to satisfy the provisions of HMRC ISA Regulations, your cash ISA no longer qualifies as an ISA.

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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.