Our Enviro Saver account (Issue 1) is an online savings account that allows you to deposit and withdraw your funds as and when you need to. In addition to the interest paid to you, an annual donation is paid to an environmental charity.
The charity to be supported by the account this year is The Conservation Volunteers. It was chosen by members, customers and the public via an online poll held in May 2020. The charity will receive their donation in June 2021.
The information below provides overview of the account and the product specific terms and conditions.
Perfect if you...
- Want to support a local environmental charity
- Want instant access to you savings
- Want access to your savings online
- You will need a minimum of £10 to open the account
- You must provide a valid email address and mobile number
- You must be a UK resident aged 16 or over
Enviro Saver account
The interest rate paid on the account will be paid as below:
Current rates valid from 19 August 2020.
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
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 you do not provide us with your nominated bank account, account closure and withdrawals will only be via cheque made payable to the account holder(s). (If you are applying online we will need to capture your bank account details to open the account.)
If your account falls below the minimum balance of £10 and you do not increase the balance within 30 days, we will close your account and return your money plus any interest you are due.
There is a commitment for the ‘overall rate’ to always be in line with or above our on-sale e-saver whilst the Enviro saver is on-sale. The ‘overall rate’ is the interest rate payable to the customer plus the interest rate of the charity donation.
Annually we will donate a sum equal to an interest rate of 0.10% of the average balances held in the Enviro Saver for each 12 month period, commencing 1 June, to an Environmental Charity.
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.