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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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Please ensure that you read Savings Terms & Conditions.
Limited availability and can be withdrawn at any time.
Key product information
Children's Regular Saver
|What is the interest rate?||
current rates valid from 1 December 2015
previous rates not applicable
If your account falls below the minimum balance of £5, 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 allowed each month.
|How do I open and manage my account?||
Our Children's Regular Saver is limited to one account per child. To open an account you must be a UK resident, aged 15 or under. Children under the age of 13 need to have an adult to act as nominee or trustee. Children aged 13 or over can have the account in their sole name or an adult can act as a signatory on the account.
You can open and manage this account at any of our branches or by post.
The minimum deposit needed to open this account is £5; the maximum opening deposit is £100. The maximum balance is £1,200 (12 x £100 per calendar month)
|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 and up to £100,000 by cheque in branch or by post.
Your account will mature 12 months from the date of the initial deposit. When your account matures it will automatically switch to a variable rate Maturity Easy Access account.
Money cannot be withdrawn by electronic transfer.
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?
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 £5 up to £100, into your account at any of our branches or by post. 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 payment needs to reach your account by the end of each month for it to be counted. Missed payments can’t be backdated.
Consent to open this account by the parent/guardian is required on the application form.
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 the 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.