Our One Year Fixed Rate Maturity Bond allows you to re-invest a lump sum from a Saffron account that has reached the end of its term for a further year with a fixed interest rate.
This account can be withdrawn at any time.
Perfect if you...
- Want to store away your savings for a fixed term
- Want to have a fixed rate of interest
- Have a lump sum deposit
Just remember...
- The account can only be opened with funds from a maturing fixed term Saffron Building Society account
- You will need a minimum deposit of £500
- You must be a UK resident aged 16 or over
Summary box
One Year Fixed Rate Maturity Bond
The interest rate paid on the account will be paid as below:
| Minimum balance | Interest | Gross p.a./AER* |
| £500.00 | Annually | 5.00% |
Rate effective from 24 November 2023.
Interest is calculated each day on the money in your account and is paid 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.
| Balance | Gross p.a./AER* | Balance at 12 months |
| £1,000.00 | 5.00% | £1,050.00 |
- You must be 16 or over and a UK resident to have this account.
- You can open the account in branch, by post.
- 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 one 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.
Where the Savings Terms & Conditions are inconsistent with the account-specific rules and criteria, these account-specific rules and criteria will apply and will take priority.
- The maximum number of joint holders is two. Where there are multiple account holders any one account holder may operate the account (subject to withdrawal instructions on application form)
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