Small Saver (Issue 4)

Small Saver (Issue 4)

The interest rate paid on the account will be paid as below:

Current rates are valid from 29 June 2022

Previous rates

Interest is calculated daily and paid gross; without the deduction of tax, into your account upon maturity at the end of the 12 month term.

If your account falls below the minimum balance of £1, you will earn a variable rate of 0.05% gross/AER*, until the account returns to the required minimum balance.

The interest for this account is fixed, which means it won't change during the 12 month account term.

The following projection is provided as an example only and doesn't take into account your individual circumstances. It assumes no withdrawals are made and that you deposit the maximum amount of £50 each calendar month.

To be eligible to open this account you must:

• Be a UK resident aged 16 or over  
• Deposit between £1 and £50 per calendar month (the maximum deposit amount per calendar month is £50, and can be made up of multiple deposits) 
• Only hold one Small Saver or Regular Saver per customer (be it held in sole or joint names) with Saffron Building Society at a time
• 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
• Open in branch, by post or online

Please Note: Before we can open your account, we will confirm your identity using electronic searches and paper based evidence. 

To manage your account:
You can manage this account in branch, by post, online or via our mobile app. If you open your account online and wish to manage your account in branch, we will initially require one Proof of Identity  (Please see our ‘Identifying you and preventing fraud’ leaflet to see the list of documentation we accept)

To ensure you receive the maximum monthly interest, payments need to reach your account by the 28th of each month for them to be counted. Any missed payments cannot be backdated.
 

You can withdraw cleared funds from this account once per calendar month by presenting your membership document and signing a withdrawal slip or by cheque in the post. If you are an online account holder, funds can be withdrawn electronically to your nominated bank account. 

Withdrawn funds cannot be replenished within the same calendar month as withdrawal.

Further withdrawals are not allowed and will result in the account being closed.

Under exceptional circumstances a second withdrawal may be permitted. Please speak to a member of staff in this instance.

**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 £1, you will earn a variable rate of 0.05% gross/AER*, until the account returns to the required minimum balance.

Once opened, your account will mature after 12 months. It will automatically switch to a variable rate Maturity Easy Access Account unless you instruct otherwise.

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 and Conditions will be provided to you before opening this account; you can ask us for a copy at any time.