Our e-saver account (Issue 20) is an online savings account that allows you to deposit and withdraw your funds as and when you need to. The information below provides overview of the account and the product specific terms and conditions.
We only accept electronic payments for this account.
This account can be withdrawn at any time.
Perfect if you...
- Need immediate access to your savings
- Want access to your savings online
- Want to withdraw your funds as and when you need to
- You will need a minimum deposit of £10 when you open the account
- You must be a UK resident aged 16 or over
- You must provide a valid email address and mobile number
E-Saver Account (Issue 20)
The interest rate paid on the account will be paid as below:
Current rates valid from 27 January 2021
Interest is calculated daily and paid gross; without the deduction of tax, into your account/to another bank or building society account annually on 31 December, or you can request this to be paid on the last day of each month.
If your account falls below the minimum balance for your account type your rate will decrease to a variable rate of 0.05% Gross p.a./AER.
The interest rate for this account is variable and can be changed in accordance with clauses 7.6 - 7.10 (inclusive) of the Savings Terms & Conditions.
The following projection is provided for illustrative purposes only and doesn't take into account your individual circumstances. It assumes no withdrawals or further deposits beyond the opening deposit.
|opening balance||Gross p.a./AER*||Balance after 12 months|
To be eligible to open this account you must:
- Be a UK resident aged 16 or over with a minimum deposit of £10. The maximum balance of this account is £500,000
- Provide a valid email address and mobile number
- Provide details of your current account held with another bank or building society. This must be in your name and will be used as your Nominated Bank Account
This account can be held in joint names.
Please Note: Before we can open your account, we will confirm your identity using electronic searches and may request paper based evidence.
To manage your account:
- You can manage this account online at www.saffronbs.co.uk
Electronic payments received by 4.30pm will be made available the same day, any received after 4.30pm will be made available by 9am on the next working day.
You can withdraw cleared funds from this account at any time.
Withdrawals can only be made by electronic transfer to another Saffron account held in your name, or to your nominated bank account.
If your account falls below the minimum balance of £10 your rate will decrease to a variable rate of 0.05% Gross p.a./AER. If you do not increase the balance with 30 days, we will have the right to close your account and return your money plus any interest you are due.
If you decide this account isn’t right for you, you can close your account. Cleared funds will be returned to you with the inclusion of any interest earned.
You may need to pay tax on any interest that exceeds your Personal Savings Allowance. For more information, please contact HMRC or visit www.hmrc.gov.uk
Our full Savings Terms & Conditions will be provided to you before opening this account; you can ask us for a copy at any time.
* 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.
Account specific rules and criteria – Effective from 27 January 2021
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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