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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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90 Day Notice Saver (Issue 1)

The account at a glance

The Saffron 90 Day Notice Saver (Issue 1) allows you to pay in money when you want, and providing you give us 90 days’ notice to withdraw your funds, you can do so penalty free. The information below provides an overview of the account and the product specific terms and conditions.

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

90 Day Notice Saver (Issue 1)

What is the interest rate?

This account has tiered interest rates, which means the more you save the higher your rate of interest:

Deposit Gross p.a./AER*
£1,000 + 0.65%
£10,000 + 0.65%
£25,000 + 0.75%
£50,000 + 0.85%

current rates valid from 1 December 2017

Deposit Gross p.a./AER*
£1,000 + 0.40%
£10,000 + 0.40%
£25,000 + 0.50%
£50,000 + 0.60%

previous rates valid from 5 July 2017 to 1 December 2017

current rates | previous rates

If your account falls below the minimum balance of £1,000, 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 annually on 31 December; this will be credited directly to your 90 Day Notice Saver (Issue 1).

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 projections are provided for illustrative purposes only and do not take into account your individual circumstances. They assume no withdrawals or further deposits beyond the opening deposit.

Opening balance Gross p.a./AER* Projected balance
£1,000+ 0.65% £1,006.50
£10,000+ 0.65% £10,065.00
£25,000+ 0.75% £25,187.50
£50,000+ 0.85% £50,425.00
How do I open and manage my account?

The 90 day notice saver 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 6 months.

  • You must be a UK resident to open this account aged 16 or over
  • The minimum deposit needed to open this account is £1,000
  • Deposits can be made by cash, cheque or transfer from another bank or Building Society account.
  • One account may be opened per customer regardless of being held on sole or joint names.
  • You can open and manage your account at any of our branches or by post.
  • You can deposit up to a maximum of £1,000,000.
Can I withdraw money?
  • You can withdraw cleared funds from your account by giving us 90 days’ notice.
  • If you need immediate access to your funds, the withdrawal will be subject to a penalty equivalent to 90 days’ interest which will be deducted from your balance.
  • Where the account has not accrued 90 days’ interest, the penalty will be deducted from your balance.
  • You can withdraw up to £500 in cash per day and up to £100,000 by cheque.
  • Money cannot be withdrawn by electronic transfer.
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.

† 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 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. We will close your account and return your 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 www.fscs.org.uk for more information.

Product specific Terms and Conditions – Effective from 1 December 2017

These product specific terms and conditions apply to this 90 Day Notice Saver (Issue 1) in addition to the Savings Terms & Conditions which also apply to your account. Where the terms and conditions are inconsistent with the product specific terms and conditions, these product specific terms and conditions will apply and will take priority.

Eligibility

  1. The 90 Day Notice Saver (Issue 1) is a share account and must be held by an individual/s. It cannot be held by a corporate entity.
  2. This account is available to new customers in branch and existing customers who have held a savings or mortgage account with the society for at least 6 months.

Joint Accounts

  1. The maximum number of joint holders is four. Where there are multiple account holders any one account holder may operate the account (subject to withdrawal instructions on application form).

Minimum and Maximum Limits

  1. The minimum amount to open the account is £1000 and this minimum must be maintained at all times to keep the account open.
  2. You may pay money into your account at any of our branches or by post.
  3. Deposits can be made by cash cheque, or transfer from another bank or building society account.
  4. If your balance falls below £1,000, the interest rate will reduce to 0.05%. if the balance is not increased we reserve the right to close your account and return your funds to you with any interest that is due.
  5. The maximum deposit for this account is £1,000,000.

Interest

  1. The gross interest rate is variable which means it can go up as well as down at any time during the life of the account.
  2. Interest is calculated daily and paid on 31 December each year and credited directly to your 90 Day Notice Saver (Issue 1)
  3. If you wish to transfer the interest out of your account it will be classed as a withdrawal, and the 90 day notice rule will apply.
  4. The interest rate is tiered for this account and the rate will apply according to the balance you hold.
  5. You may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information please contact HMRC or visit hmrc.gov.

Withdrawals and early closure

  1. This is a notice account; 90 days’ notice is required for withdrawals or closure and funds can only be withdrawn once they are cleared.
  2. Where deposits are made by cheque we require at least 7 working days before funds are available to withdraw.
  3. If you need to access your funds immediately, the withdrawal will be subject to an equivalent of 90 days interest, which will be deducted from the balance.
  4. Where the account has not accrued 90 days interest, the penalty will be deducted from your balance.
  5. If you make a withdrawal in one of our branches, we will provide you with a withdrawal form which you must authorise by signing.
  6. We may request additional identification in order to complete your request.
  7. The interest penalty is calculated on the amount you are withdrawing at the rate of interest that applies to your balance at the time of withdrawal.
  8. You can withdraw up to £500 in cash per day and up to £100,000 by cheque.
  9. Larger cash or cheque withdrawals above the daily limits can be arranged, but will require notice please contact us.
  10. When you provide us with 90 days’ notice to make a withdrawal you will be given a due date on which the withdrawal can take place. The notice can be extended by up to 6 days from the due date. Any further extension will not be permitted.
  11. If you do not make the withdrawal within 6 days of the due date, your notice to withdraw will expire and a further notice period will be required.
  12. In the event of death of a sole account holder we will waive the 90 day interest penalty on closure of the account.

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.