Two Year Fixed Rate Maturity Bond

Two Year Fixed Rate Maturity Bond

The interest rate paid on the account will be paid as below:

Rate effective from 6 March 2024.

Interest is calculated each day on the money in your account and is paid on the anniversary of the account opening and at the end of the fixed term.

The interest rate for this account is fixed for the term and can't be changed.

If your account falls below the minimum balance, the interest rate we'll pay you will reduce to 0.05% Gross p.a/AER*.

This is based on no further money being paid in or taken out of the account and no change to the interest rate.

• You must be 16 or over and a UK resident to have this account.
• You can open the account in branch, by post.
• You can switch to this product when your existing Saffron account has matured, you can do this on the mobile app or internet banking. You can do this up to 30 days before the maturity date of your existing product.
• You'll need to keep a minimum of £500 in your account to get the interest rate.
• The maximum amount you can pay into this account is £500,000.00.
• Open with funds from a Saffron account that has finished its fixed term.
• No further funds can be added after the opening deposit.
• You can manage the account in branch, by post, by phone, on webchat.

No, you can't take money out of this account. This also means you can't close your account within the fixed term.

Before the two year term ends we'll contact you to let you know. Your account will change to the Maturity Easy Access account, which will have a different interest rate. The account number won't change. If you want to switch to a different account, we'll tell you how to do this in the maturity pack that we'll send you.

Our Savings Promises provide you with additional peace of mind, including penalty-free access to your money if your life circumstances significantly change (e.g. serious illness, redundancy, etc). For more information please click here or ask us. 

If the total amount of interest you earn is more than your tax-free Personal Savings Allowance, you may have to pay tax to HM Revenue & Customs (HMRC). For more information visit gov.uk.

* Interest Rate definitions: Gross is the interest rate without the tax deducted. AER stands for the Annual Equivalent Rate and illustrates what the interest rate would be if the interest was paid and compounded once each year.