Saffron Offers 8% AER on Regular Savings Account – Forbes Advisor UK
Saffron Building Society has launched a new regular savings account that pays a market-leading 8% AER. The account is open to anyone aged 18 or over, and you can save between £25 and £250 each month. The account has a fixed term of one year, and you can make unlimited withdrawals during that time. However, if you withdraw more than three times in a year, the interest rate will drop to 5% AER. There is no minimum balance requirement for the account, and you can open it online or by post. You can also manage your account online or through the Saffron app. The account is covered by the Financial Services Compensation Scheme (FSCS), which means that your savings are protected up to £85,000.
Is the Saffron Regular Savings Account a good deal?
The Saffron Regular Savings Account is a good deal if you are looking for a short-term savings account with a high interest rate. The 8% AER is one of the highest rates available on the market, and the account is flexible and easy to manage. However, it is important to note that the interest rate is only guaranteed for one year. After that, the rate could change, and it could be lower than the current rate. If you are looking for a long-term savings account, you may want to consider a fixed-rate savings account. Fixed-rate accounts offer a fixed interest rate for a set period of time, so you can be sure that your money will earn the same amount of interest over the term of the account.
How do I open a Saffron Regular Savings Account?
You can open a Saffron Regular Savings Account online or by post. To open an account online, you will need to provide your personal details, contact information, and bank account details. To open an account by post, you will need to download and complete an application form. Once you have opened an account, you can start saving money by setting up a regular savings order. You can do this online or through the Saffron app. Your savings will be automatically transferred from your bank account to your Saffron Regular Savings Account on the day that you choose.
Conclusion
The Saffron Regular Savings Account is a good deal if you are looking for a short-term savings account with a high interest rate. The account is flexible and easy to manage, and your savings are protected by the FSCS. However, it is important to note that the interest rate is only guaranteed for one year. If you are looking for a long-term savings account, you may want to consider a fixed-rate savings account.
Saffron Offers 8% AER On Regular Savings Account – Forbes Advisor UK
Key Points:
* Saffron Building Society is offering 8% AER on its new Regular Saver account. * The account allows customers to deposit up to £200 per month. * The minimum deposit is £1 and the account has a 12-month maturity term. * The account is available to new and existing customers of Saffron Building Society. * The AER is variable and may change in the future.
Full Article:
Saffron Building Society has launched a new Regular Savings Account offering an attractive 8% AER. This account is designed to help customers save for short-term goals, such as a holiday or a new car. The account allows customers to deposit up to £200 per month, with a minimum deposit of £1. The account has a 12-month maturity term, meaning that customers will be able to access their savings after 12 months. The 8% AER is variable and may change in the future. However, it is currently one of the highest rates available on a regular savings account. The account is available to new and existing customers of Saffron Building Society. To open an account, customers will need to visit a branch or apply online.
Benefits of the Saffron Regular Savings Account:
* High interest rate of 8% AER * Flexible deposits of up to £200 per month * Minimum deposit of £1 * 12-month maturity term * Available to new and existing customers
Eligibility:
To be eligible for the Saffron Regular Savings Account, customers must be UK residents aged 16 or over. They must also have a valid UK bank account.
Additional Information:
* The account is covered by the Financial Services Compensation Scheme (FSCS) up to £85,000 per person. * Customers can manage their account online or through the Saffron Building Society mobile app.
Conclusion:
The Saffron Regular Savings Account is a great option for customers looking to save for short-term goals. The high interest rate of 8% AER makes it one of the most competitive accounts on the market.