Community Maturity Account

Community Maturity 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 money in your account and is paid on 31 December every year.

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

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.

• This is a default product - it will be opened with funds from a Saffron account that has finished its fixed term.
• You'll need to keep a minimum of £1.00 in your account to get the interest rate.
• The maximum amount you can have in this account is £5,000,000.00.
• You can manage the account online, in branch, by post, by phone, on webchat.
• The money paid into the account belongs to the community group or charity only.

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.

Cash and cheque withdrawals are allowed within appropriate usage.

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.

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.