Easy access
Saffron Building Society savings review
Saffron Building Society offers a broad range of savings accounts with interest rates up to 4.8%.
No reviews yet.
Write a review
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
Table: sorted by interest rate
Saffron Building Society's best easy access rate of 3.45% is significantly lower than today's market-best rate of 5.12%.
Compare more instant and easy access accounts up to 5.12%
Cash ISAs
Table: sorted by interest rate
Saffron Building Society's best cash ISA rate of 3.7% is slightly lower than today's market-best rate of 4.55%.
Compare more ISAs up to 4.55%
Fixed-rate bonds
Table: sorted by interest rate
Saffron Building Society's best fixed-rate bond rate of 3.7% is lower than today's market-best rate of 5.15%.
Notice savings accounts
Table: sorted by interest rate
Saffron Building Society's best notice savings account rate of 3.25% is lower than today's market-best rate of 4.31%.
Compare more notice savings accounts up to 4.31%
Regular savings accounts
Table: sorted by interest rate
Saffron Building Society's best regular savings account rate of 4.8% is significantly lower than today's market-best rate of 7%.
Compare more regular savings accounts up to 7%
Business savings accounts
Table: sorted by interest rate
Saffron Building Society's best business savings account rate of 2.9% is significantly lower than today's market-best rate of 4.5%.
Compare more business savings accounts up to 4.5%
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
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
Our customer satisfaction scores ("Customers say") are based on a survey of 2,224 customers carried out in December 2022.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.
More guides on Finder
-
Side hustle statistics for 2023
Almost half of Brits (44%) have a side hustle in 2023. The average income from side hustles is £205.79 per week, or £10,701.24 per year.
-
Get organised with Starling’s new “Split Payment” tool
Starling launches a money management tool to help you divide up your salary and send funds to different accounts automatically.
-
Weekly share tips: This week is Berkshire Hathaway
Why George Sweeney believes Berkshire Hathaway is one to watch. This week’s share tip. Not financial advice or a recommendation.
-
Nationwide customers to get Fairer Share Payment worth £100
Nationwide is planning to give eligible members £100 in June as part of its newly launched Fairer Share scheme.
-
How to buy cryptocurrency
There’s lots to consider when buying cryptocurrency. Here’s your step-by-step guide.
-
How do we rate kids’ bank accounts?
Your kids’ bank account is often where your child starts their financial journey – here’s how we decide our star ratings for them.
-
The best stock trading apps and platforms in the UK
We’ve tested, analysed and scored trading apps to find the 10 best trading platforms in the UK, who they’re best for and the pros and cons.
-
The best stock trading apps and platforms in the UK
We’ve tested, analysed and scored trading apps to find the 10 best trading platforms in the UK, who they’re best for and the pros and cons.
-
The best stock trading apps and platforms in the UK
We’ve tested, analysed and scored trading apps to find the 10 best trading platforms in the UK, who they’re best for and the pros and cons.
-
A step-by-step guide to how card readers work
Our guide explains all you need to know about the card reader payment process.