Maturing accounts
You will receive a maturity pack approximately 14 days before your fixed term account matures.
This page explains the process and tells you about the options available to you.
What are your options?
Continue saving with us
If you would like to take out one of the maturity account options which will be listed in your personal maturity pack you can do so by completing the maturity renewal form included in the pack your receive and returning to us in the prepaid envelope provided, together with your membership document (passbook or certificate).
Alternatively if you have any queries you can speak to someone on 0800 072 1100 or visit your local branch to look at your options.
Take no action
If you choose not to do anything, your account balance plus any accrued interest will automatically roll into a ‘Default Maturity Account’. Full information on this account can be found in your maturity pack.
Withdrawing your funds
If you would prefer to withdraw your funds and close your account, you can do so by completing the maturity renewal form included in the pack. Please ensure you have enclosed any membership documents and your instructions on your maturity renewal form. Without these we will be unable to carry out your request.
Your maturing account
Extra information
Your Maturity Pack will also contain:
- Maturity Renewal Form or Maturity Renewal Form (ISA)
- Savings Terms & Conditions
- Identifying you and preventing fraud
- Savings charges
- Complaints procedure
- Financial Services Compensation Scheme Information Sheet & Exclusions List
On your maturity date, if we have not received any instructions from you, your account will move into the default product outlined to you.
Please note the rates detailed in this maturity pack are subject to change and are valid until your maturity date.
Important Information
- What it means to be an existing customer
- At Saffron we work hard to provide the most competitive rates for our existing members. This means once you have held a savings or mortgage account with the Society for at least six months, you are eligible for one of our maturity accounts.
- Financial Service Compensation Scheme (FSCS)
- Your eligible deposits with Saffron Building Society are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme. Any deposits you hold above the limit are unlikely to be covered.
- Terms & Conditions | Things You Need To Know Documents
- Please ensure that you read these leaflets alongside your Savings Terms and Conditions and Things You Need To Know documents.
- What if I change my mind?
- If, in the first 14 days of opening your account, you decide that the account isn’t right for you, you can switch to another account or you can have your money back – without penalty or notice. We will close your account once funds are cleared. Interest will be paid on the balance of your account up to the day before closure.
- Sort Code
- Please be aware that our sort code changed in January 2018 to 20-74-21 and this new sort code should be used when paying in funds.
- Default maturity action
- If you choose not to do anything, your account balance plus any accrued interest will automatically roll into your default product.
- Delayed maturity instructions
- Please note if you wish to open a new fixed term account with your maturing funds and we receive your instructions after your account has matured you will receive a new maturity date. If you fail to give your maturity instructions in time your options could be limited.
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Saffron Building Society is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (Financial Services Register no. 100015) except for Commercial and Investment Buy to Let Mortgages and Will Writing. Registered office: Saffron House, 1a Market Street, Saffron Walden, Essex CB10 1HX.
Saffron Building Society acts as an introducer to Wren Sterling. Wren Sterling is a trading name of Wren Sterling Financial Planning Limited, which is authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 665653. Registered office: 13-19 Derby Road, Nottingham, NG1 5AA. Registered in England No. 09157918.
Saffron Building Society acts as an introducer only to Saffron Insurance for General insurance policies including home, car, van, motorcycle, property owners & business insurance. Saffron Insurance is a trading name of Saffron Insurance Services Ltd. Registered in England 829892. Saffron Insurance Services Ltd are authorised and regulated by the Financial Conduct Authority (Financial Services Register no. 302774) Registered office: 22 High Street, Saffron Walden, Essex CB10 1AX.
Saffron Building Society acts as an introducer to Co-op Estate Planning. Co-op Estate Planning is a trading name for Dovedon Limited. Registered in England and Wales under Company Number 06077167. Registered office 1 Angel Square, Manchester M60 0AG. Co-op Legal Services is authorised and regulated by the Solicitors Regulation Authority and is a member of the Society of Will Writers.
Saffron Building Society acts as an introducer to Key. Key and Key Equity Release are trading names of Key Retirement Solutions Limited which is authorised and regulated by the Financial Conduct Authority. Registered in England No. 2457440. Registered office: Baines House, 4 Midgery Court, Fulwood, Preston, PR2 9ZH.
Saffron Building Society acts as an introducer to Dignity Pre Arrangement Limited for the provision of funeral plans. If you take out the Prepaid Funeral Plan, this will be on the basis of a contract between you and Dignity Pre Arrangement Limited, a company registered in England No. 1862158. VAT Reg. No. 486 6081 14. Registered Office: 4 King Edwards Court, King Edwards Square, Sutton Coldfield, West Midlands, B73 6AP. Tel: 0121 354 1557 Fax: 0121 355 8081. Part of Dignity plc. A British company. Dignity Pre Arrangement Limited is not regulated by the Financial Conduct Authority or the Prudential Regulation Authority. Dignity Pre Arrangement Limited is regulated by the Funeral Planning Authority.
Saffron Building Society acts as an introducer only to Zopa. Zopa Limited is authorised and regulated by the Financial Conduct Authority, and entered on the Financial Services Register under firm registration number 718925.
Saffron Rewards is managed and run for Saffron Building Society by Parliament Hill Limited of 40 Gracechurch Street, London EC3V 0BT. Parliament Hill and Saffron Building Society are not part of the same group as any of the product/service providers which together form the benefits scheme. Parliament Hill is authorised and regulated by the Financial Conduct Authority for non-investment insurance mediation and credit broking only. You can check this out on the Financial Services Register by visiting register.fca.org.uk, under register number 308448. Saffron Building Society will not share your data with Parliament Hill.
Insurance benefits are subject to underwriting and underwriting criteria. Each benefit has its own terms and conditions. Please contact the provider for details. Benefits are designed with UK resident users in mind and may not be suitable for those resident outside the UK. Some benefits are not available in Northern Ireland. All the benefits and discounts are at the discretion of the third party provider and can be withdrawn or amended without notice.
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