Community Online Saver

Community Online Saver

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 31 December every year.

Monthly 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*.

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.

Annual Income

Monthly Income 

Projection based on monthly interest being paid into your account

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

• Our Community savings accounts are for your short-, medium-, and long-term needs. They aren’t suitable for use as a current account or the day-to-day transactions of running a community group or charity.
• You must be a Charity, Not-for-Profit, voluntary or community organisation and registered in the UK.
• Signatories must be 18 or over, a UK resident and provide proof of identity and address.
• Provide a signed mandate or minutes authorising named signatories to open and operate the account. This must include the full names of all signatories and be signed by two key persons of the group or charity.
• Provide a copy of the organisation's constitution document. If there are no Constitution documents available, a letter on headed paper confirming the same information is acceptable.
• Provide the Charity Commission registration details or number (charities only) and Companies House number (if applicable).
• You'll need to provide details of the organisation's nominated bank account, along with a bank statement dated within the last 3 months. When you want to take your money out, we'll send it to this current account.
• The money paid into the account belongs to the community group or charity only.
• This account is not available to corporate bodies
• You can 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 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

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.

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.