Saffron Building Society has launched a regular saver account offering existing customers 8% – an inflation-busting and table-topping deal.
The mutual has launched the Members’ Month Loyalty Saver, paying an inflation-beating, market-leading 8% gross/AER, which also sits above the current Bank of England base rate of 5.25%.
As the name suggests, it’s for loyal or existing customers only – those who have been with it a year or more (since 1 June 2023), so if you’ve recently opened an account or taken out a product, you won’t be eligible unfortunately.
An estimated 100,000 members are eligible to open the account.
But, as it’s a “limited-edition” account that is also offered on a first-come, first-served basis, members are urged to “act fast” to bag the deal, as it can be pulled from the market at any time without notice.
Here’s what you need to know as part of the mutual’s annual Members’ Month celebration, which runs up to 30 June…
SAFFRON MEMBERS’ MONTH LOYALTY SAVER
This is a regular savings account allowing customers to put away a minimum of £1 and maximum of £50 per month.
It can be opened online or in a Saffron branch (across the East of England) with a minimum of £1. Make sure to pay in money to the account within 30 days of opening or it’ll be closed.
While the interest rate for this account is fixed for the 12-month period, if the balance falls below £1, the interest rate will drop to 0.05% gross/AER variable. You can make multiple payments into the account each calendar month, as long as you don’t exceed the £50 monthly allowance.
However, if you miss a monthly deposit, you can’t make it up in a subsequent month, so if you can, try to set up a standing order to go out each month.
You can manage your account online, on the mobile app, in branch, by post, by phone, or on webchat.
You can access your money – once per month – without penalty, and you can close your account at any time.
If you pay in the full monthly allowance and take money out within the same month, the money taken out can’t be replaced.
Interest is calculated daily and paid on maturity. Based on the maximum £50 per month contribution, the estimated balance at the end of the 12 months would be £626.
After the year’s up, your cash will be transferred to a Saffron Maturity Easy Access account, but your account number won’t change. If you don’t want this transfer, Saffron said it will write to customers before maturity to let them know their options.
Marcus Buck, head of marketing and product at Saffron Building Society, said: “Building societies often talk about the benefits of mutuality in dry theoretical terms, but we wanted to focus on giving our members tangible rewards and fun experiences that will spark a little joy this June. That’s why we’ve brought Members’ Month back for the second year running.
“We were blown away by our members’ enthusiasm for free tea and cakes last year, so the Grand Saffron Tea Party remains a highlight in this year’s programme. But we’ve added exciting new initiatives, like our Showtime with Saffron theatre ticket giveaway. We’re even covering four lucky members’ mortgage payments!
“Our members mean the world to us, and we can’t wait to celebrate with them.”
To find out more about Saffron Building Society’s Members’ Month, see www.saffronbs.co.uk/membersmonth
