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4% Regular Saver Cash ISA @ Saffron Members only
Options
adindas
Posts: 6,856 Forumite
http://www.saffronbs.co.uk/savings/display.product.php?categoryID=2&category=tax-free&productID=t6
If you have cash up to £1,250 monthly to save for the next twelve month then this is the best option.
4% tax free is equivalent to 5% for basic tax payers. I am not aware any of saving account that will pay 5% instant access.
The bad news is that the Members' Regular Saver Cash ISA is exclusively for Saffron members. So it might not be for everyone. But those who has RSA, I fully believe they already have RSA with Saffron as they have a RSA of 4%.
We define our 'members' as anyone who has held a minimum balance of £100 with the Society for 12 months or more consistently in a personal savings account.
The good news is that this ISA account can be opened by Post. So you do not need to go to the branch like many other Building Society products to open this saving account,.
Available from 7 April to 30 April 2014 (inclusive)
Product Details
Exclusively for Saffron members who are aged sixteen years or over
12 monthly payments of £10 - £1,250 inclusive by cash, cheque or bank transfer (Your opening deposit acts as the first monthly payment).
Missed payments cannot be added at a later date.
If you do not pay in the maximum amount each month you will not utilise your full NISA allowance (£15,000)
Transfers in are not accepted.
Open by post or in one of our branches.
You can take money out whenever you like but withdrawn funds will lose ISA status.
Withdrawn funds can be re-deposited but will count towards the monthly limit.
Closure of the account will result in a loss of ISA status unless funds are transferred out in accordance with ISA Regulations and our Terms and Conditions.
Interest is calculated daily and paid on maturity.
current rates | previous rates
Deposit Gross p.a. / AER* Net p.a.
(after deduction of basic rate tax)
£10 or over 4.00% -
current rates valid from 7 April 2014
* The gross rate is the rate before deducting tax at the rate applicable to savings income. The annual equivalent rate (AER) is a notional rate which illustrates the contractual rate (excluding any bonus interest payable) as if paid and compounded on an annual basis.
Important Product Information
Available to Saffron Building Society members for a limited time only.
We define our 'members' as anyone who has held a minimum balance of £100 with the Society for 12 months or more consistently in a personal savings account. Members also include our mortgage customers with over £100 on loan for at least the last 12 months consistently.
You are only allowed one Members' Regular Saver Cash ISA.
We must have your application and opening deposit by 30 April in order for you to qualify for this account.
This is a fixed term account that will run for 12 months from the date of the initial deposit.
As a regular saver Cash ISA, we cannot accept a lump sum deposit of the full year's ISA allowance or transfers in from other providers.
Shortly before your account matures we will contact you for instructions.
If we do not receive any instructions from you prior to maturity, your account will automatically switch to a variable rate Maturity Cash ISA.
You are not allowed to open another Cash ISA in the same tax year. If a current year's subscription for a Cash ISA is transferred to a Stocks & Shares ISA, you are entitled to subscribe to another Cash ISA once the transfer is complete, subject to the overall subscription limits.
If your account falls below the minimum balance, you will earn a fixed rate of 0.05% gross p.a./AER*
Please make sure you've read the Your ISA Savings Terms and Conditions and Things You Need to Know leaflets before applying for this account.
This product can be withdrawn at any time.
Assuming you make the maximum payment of £1,250 on the seventh day of each month for the full term you will receive approximately £329 gross.
If you have cash up to £1,250 monthly to save for the next twelve month then this is the best option.
4% tax free is equivalent to 5% for basic tax payers. I am not aware any of saving account that will pay 5% instant access.
The bad news is that the Members' Regular Saver Cash ISA is exclusively for Saffron members. So it might not be for everyone. But those who has RSA, I fully believe they already have RSA with Saffron as they have a RSA of 4%.
We define our 'members' as anyone who has held a minimum balance of £100 with the Society for 12 months or more consistently in a personal savings account.
The good news is that this ISA account can be opened by Post. So you do not need to go to the branch like many other Building Society products to open this saving account,.
Available from 7 April to 30 April 2014 (inclusive)
Product Details
Exclusively for Saffron members who are aged sixteen years or over
12 monthly payments of £10 - £1,250 inclusive by cash, cheque or bank transfer (Your opening deposit acts as the first monthly payment).
Missed payments cannot be added at a later date.
If you do not pay in the maximum amount each month you will not utilise your full NISA allowance (£15,000)
Transfers in are not accepted.
Open by post or in one of our branches.
You can take money out whenever you like but withdrawn funds will lose ISA status.
Withdrawn funds can be re-deposited but will count towards the monthly limit.
Closure of the account will result in a loss of ISA status unless funds are transferred out in accordance with ISA Regulations and our Terms and Conditions.
Interest is calculated daily and paid on maturity.
current rates | previous rates
Deposit Gross p.a. / AER* Net p.a.
(after deduction of basic rate tax)
£10 or over 4.00% -
current rates valid from 7 April 2014
* The gross rate is the rate before deducting tax at the rate applicable to savings income. The annual equivalent rate (AER) is a notional rate which illustrates the contractual rate (excluding any bonus interest payable) as if paid and compounded on an annual basis.
Important Product Information
Available to Saffron Building Society members for a limited time only.
We define our 'members' as anyone who has held a minimum balance of £100 with the Society for 12 months or more consistently in a personal savings account. Members also include our mortgage customers with over £100 on loan for at least the last 12 months consistently.
You are only allowed one Members' Regular Saver Cash ISA.
We must have your application and opening deposit by 30 April in order for you to qualify for this account.
This is a fixed term account that will run for 12 months from the date of the initial deposit.
As a regular saver Cash ISA, we cannot accept a lump sum deposit of the full year's ISA allowance or transfers in from other providers.
Shortly before your account matures we will contact you for instructions.
If we do not receive any instructions from you prior to maturity, your account will automatically switch to a variable rate Maturity Cash ISA.
You are not allowed to open another Cash ISA in the same tax year. If a current year's subscription for a Cash ISA is transferred to a Stocks & Shares ISA, you are entitled to subscribe to another Cash ISA once the transfer is complete, subject to the overall subscription limits.
If your account falls below the minimum balance, you will earn a fixed rate of 0.05% gross p.a./AER*
Please make sure you've read the Your ISA Savings Terms and Conditions and Things You Need to Know leaflets before applying for this account.
This product can be withdrawn at any time.
Assuming you make the maximum payment of £1,250 on the seventh day of each month for the full term you will receive approximately £329 gross.
0
Comments
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From the terms you post above, you need to be a member of the Saffron for at least 12 months to have this ISA.
We define our 'members' as anyone who has held a minimum balance of £100 with the Society for 12 months or more consistently in a personal savings account.Do Money Saving sites make you buy more bargains - and spend more money?0 -
From the terms you post above, you need to be a member of the Saffron for at least 12 months to have this ISA.
We define our 'members' as anyone who has held a minimum balance of £100 with the Society for 12 months or more consistently in a personal savings account.
Spot on.
Members only this one0 -
Interesting one.
I reckon it will make £3782 interest.
If you have the money available the 2.75% Coventry one will actually make £178 more in the first year.0 -
I reckon it will make £3782 interest.
LOL, I reckon that you got this totally wrong.
If you deposit £1,250 every month, you will have made £323.05 after 12 months.
http://www.moneysavingexpert.com/savings/best-regular-savings-accounts#calculator0 -
arh ! I thought it was a bit high lol !0
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does anyone have a link to the application form ?
It states open by post, but can't see a specific form at the moment0
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