The Maturity Easy Access account is for Saffron customers with a maturing fixed-term account.
It offers immediate access, allowing you to deposit and withdraw your funds as and when you need to. The information below provides an overview of the account and the product specific terms and conditions.
Perfect if you...
- Want immediate access to your funds
- Want to deposit and withdraw your funds as and when you need to
- Want to manage your account in branch or by post
- The account can only be opened with maturing funds from a fixed term Saffron Building Society account
- You must have a minimum opening deposit of £1
- You must provide a valid email address and mobile number
Maturity Easy Access account
The interest rate paid on the account will be paid as below:
Current rates valid from 5 June 2020
Interest is calculated daily and paid gross; without the deduction of tax, into your account/to another bank or building society 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:
- Open with funds from a maturing fixed term Saffron Building Society account.
- Have a minimum deposit of £1. The maximum balance of this account is £1,000,000
- Open in branch or by post
- 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 in branch or by post
You can withdraw cleared funds from this account at any time.
Cash withdrawals are allowed up to a maximum limit of £1,000 per day. Cheque withdrawals are allowed up to a maximum limit of £100,000 per day. Money cannot be withdrawn by electronic transfer.
*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 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 5 June 2020
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.
- We will automatically open this account for funds maturing from a fixed term account if you haven’t instructed otherwise.