
Saffron Building Society savings review
Saffron Building Society offers a broad range of savings accounts with interest rates up to 4.8%.
Saffron Building Society was established in 1849 in Saffron Walden. Following several mergers, the building society now has branches throughout Essex, Hertfordshire and Suffolk.
Saffron Building Society offers a number of different savings accounts which we review below.
Easy access savings accounts
Cash ISAs
Fixed-rate bonds
Notice savings accounts
Regular savings accounts
Business savings accounts
Overview of Saffron Building Society savings
Savings account types include | Easy access, cash ISAs, fixed-rate bonds, notice accounts, regular savers, business |
---|---|
Best easy access rate | 3.45% |
Best cash ISA rate | 3.7% |
Best fixed-rate bond rate | 3.7% |
Best notice account rate | 3.25% |
Best regular saver rate | 4.8% |
Best business savings account rate | 2.9% |
Fixed bond terms | 1 year - 2 years |
Notice account periods available | 30 days - 120 days |
Opening options | Branch, website, post |
FSCS protection |
How to open an account
Depending on the account you choose, you can open it in branch, by post or online. Most accounts require you to be at least 16 years old (unless you’re after a children’s account) and you will need to be a UK resident.
Once you have opened an account, you have a 14-day cooling-off period in which to change your mind. If you decide the account is not for you, you can have your money back or switch to another account without losing interest.
Documents needed to open an account
When opening an account with Saffron Building Society, your identity will be confirmed using electronic searches but you may also be asked to provide proof of ID such as your passport or driving licence.
Is Saffron Building Society safe?
Yes, Saffron Building Society is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority and PRA. This means all eligible deposits are protected up to a total of £85,000 by the Financial Services Compensation Scheme (FSCS). This increases to £170,000 for joint accounts.
Pros and cons
Pros
- Flexibility. Wide range of accounts available, whether you want to lock your money away or easily access your funds.
- Multiple ways to bank. Manage your account online, by post or in branch.
- FSCS protection. Money in accounts will be protected up to £85,000 per person.
Cons
- Better rates elsewhere? Saffron’s savings rates vary quite dramatically and you might find better rates elsewhere.
- Limited branch access. You’ll need to live in Essex, Hertfordshire or Suffolk to have easy branch access to your account.
Our verdict: Is a savings account from Saffron Building Society worth it?
Saffron Building Society offers a huge range of savings accounts, so whether you’re looking for an easy access account, a fixed rate bond, a cash ISA, a children’s account or even a savings account for your business, there’s something for everyone. Many accounts can be opened online but if you want to open or manage your account at a branch, keep in mind that you’ll only find them in Essex, Hertfordshire and Suffolk.
Before opening an account, it’s also best to check what else is on the market from other providers to be sure you’re getting a good deal.
Frequently asked questions
Savings ratings
Our customer satisfaction scores ("Customers say") are based on a survey of 2,224 customers carried out in December 2022.
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