Client Account

Client Account

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

Rate effective from 21 November 2024.

Interest is calculated each day on the available money in your account and is paid on the last day every month.

If your account falls below the minimum balance, the interest rate we'll pay you will reduce to 0.05% Gross p.a/AER variable*.

The interest rate for this account is variable. This means we can change it at any time. You can find full details in our Savings Terms and Conditions.

This is based on no further money being paid in or taken out of the account and no change to the interest rate.

Projection of average monthly interest if being paid away to your nominated bank account or another account with us

Monthly interest payment will change depending on the number of days in the month.

Your projected balance will be £1,000 in 12 months if your interest is paid away each month.

• For regulated businesses that have a legal requirement to hold money for clients, such as Solicitors, Brokers, Accountants, Financial Advisers and Estate Agents 
• The business must be registered in the UK.
• Signatories must be 18 or over and a UK resident.
• The Society will comply with the Rules as laid down by the FCA in relation to the client funds held in a building society account.
• You'll need to provide details of the business's nominated bank account, along with a bank statement dated within the last 3 months. This will be a bank current account in its name. When you want to take your money out, we'll send it to this current account.
• Provide a signed CASS acknowledgement letter of your authority to hold client moniesProvide a signed CASS acknowledgement letter of your authority to hold client monies
• The account is suitable for undesignated client funds only.
• You can open your account online, in branch, by post. If you choose to open your account online, we'll need the business email address and business phone number. We'll also need a mobile and personal email address for each signatory.
• You need to pay money into your account within 30 days of opening it. If you don’t, we'll close the account.
• You'll need to keep a minimum of £1,000.00 in your account to get the interest rate.
• The maximum amount you can pay into this account is £5,000,000.00.
• You can manage the account online, on the mobile app, in branch, by post, by phone, on webchat.
• On an annual basis we will contact you for information to support ongoing due diligence.

Yes, you can take money out of this account anytime, in line with our daily withdrawal limits. This means you can also close your account anytime.

This product is a Deposit Account. It doesn’t give you a share of Saffron Building Society or membership rights. You won’t be allowed to attend or vote at our Annual General Meetings and we won’t send you our annual Summary Financial Statement. Please click here for our full Terms and Conditions.

It is your obligation to comply with all legal, fiduciary, client money and regulatory obligations which apply to you.

If the total amount of interest you earn is more than your tax-free Personal Savings Allowance, you may have to pay tax to HM Revenue & Customs (HMRC). For more information visit gov.uk.

* Interest Rate definitions: Gross is the interest rate without the tax deducted. AER stands for the Annual Equivalent Rate and illustrates what the interest rate would be if the interest was paid and added to the balance once each year.

New fraud rules from 7 October 2024 mean that with this product, you're eligibility to claim for fraud has changed. For more information please click here.