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Saffron Building Society savings review
Saffron Building Society offers a broad range of savings accounts with interest rates up to 4.15%.
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Saffron Building Society offers a number of different savings accounts which we review below.
Saffron Building Society's top savings rate of 4.2% is available on one of its cash ISA accounts.
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 6%.
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How we picked theseCash ISAs
Table: sorted by interest rate
Saffron Building Society's best cash ISA rate of 4.2% is slightly lower than today's market-best rate of 4.67%.
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How we picked theseFixed-rate bonds
Table: sorted by interest rate
Saffron Building Society's best fixed-rate bond rate of 4.1% is very slightly lower than today's market-best rate of 4.5%.
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How we picked theseRegular savings accounts
Table: sorted by interest rate
Saffron Building Society's best regular savings account rate of 4% is significantly lower than today's market-best rate of 7.5%.
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How we picked theseBusiness savings accounts
Table: sorted by interest rate
Saffron Building Society's best business savings account rate of 3.85% is slightly lower than today's market-best rate of 4.55%.
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How we picked these
What is Saffron Building Society's best savings account with the highest interest rate?
The best savings account depends on what you want from your savings. If you're after fast access to your money, then an easy-access account should suit you. However, if you're happy to lock your money away for a time to access a higher rate, then a fixed-rate bond is a good option.
Finally, if you're looking to maximise your returns and shield them from income tax, consider an ISA. Below, we've listed the different types of accounts Saffron Building Society offers, plus the highest interest rate currently available.
| Savings account types include | Easy access, cash ISAs, fixed-rate bonds, regular savers, business |
|---|---|
| Best easy access rate | 3.45% |
| Best cash ISA rate | 4.2% |
| Best fixed-rate bond rate | 4.1% |
| Best regular saver rate | 4% |
| Best business savings account rate | 3.85% |
| Fixed bond terms | 1 year - 2 years |
| 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 £120,000 by the Financial Services Compensation Scheme (FSCS).
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 £120,000 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.
Customer service information for Saffron Building Society
| Email support | |
|---|---|
| Telephone support | |
| In-app or live chat | |
| Contact form | |
| Branch support |
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
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. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.
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