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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This account can be withdrawn at any time.
You can select this account online:
To switch to this product when your existing Saffron account has matured, you can do this on the mobile app or internet banking. Login to your account, click on the ‘View Account’ button next to the relevant account and then select ‘Set Maturity Instruction’. You can do this up to 14 days before the maturity date of your existing product.
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 | 4.35% |
Rate effective from 22 January 2025.
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 | 4.35% | £1,043.50 |
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.
New fraud rules from 7 October 2024 mean that with this product, you're eligibility to claim for fraud has changed. For more information please click here.
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.
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