Saffron BS - Small Saver Q

Swoosh84

Afternoon,

I was looking to open a Saffron Small Saver account @ 5.75% interest, the account is question is: https://www.saffronbs.co.uk/savings/regular-savings-accounts/small-saver

My initial plan was to simply pay in £50pm over the course of the year but got half way through the application and now not sure thats the best approach. During the application, I was asked to make my initial deposit, the site confirmed it should be a minimum of £1 and a maximum of £600.

The info on their site is not clear, on their info page, the 'Just rember' section says you need to deposit between £1 and £50 per month. The 'How do i open and manage my account' does not say this, it says you must keep at least £1 in there, the maximum balance can be £600.

So a bit of confusion here, if they allow the initial deposit of £600, I cannot pay in the minimum of £1pm because it will go over their max of £600 for the account?

Has anyone got experience of this account, particular in paying in the max from day 1?

Thanks,
J

nightowl888

You can deposit upto £50 per month - with a maximum of £600 total for the year

Bridlington1

The ``initial deposit should be a minimum of £1 and a maximum of £600" will be a typo, I seem to recall there was a similar typo when funding their NLA 9% Members RS. 

You can only deposit a maximum of £50 per calendar month, your initial deposit will count towards your monthly deposit and can not exceed £50.

nightowl888

So paying in £50 a month is fine

jameseonline

Recently had 1 ended, it's a £50 max per month account same as the members month one. Therefore your 1st deposit can only be £50.

PloughmansLunch

I had one mature today and was very impressed. As you can now arrange maturity instructions in advance on the app I had a payment of £569.83 into a current account, and £50 instantly added back to the small saver which was refreshed for another year, keeping the same account number. AND on a Sunday. That’s how you should do it, First Direct. 

jameseonline

Have found Saffron to be decent, can send messages via app (although the replies aren't that quick) & the new maturity section is good, it tells you the date of maturity & even tells you the amount of money you are going to get at maturity.

I've applied for the 5.25% regular so hopefully I will get that soon.

(Still got their 9% Members Month @ £50 a month 😁)

allegro120

PloughmansLunch said:

I had one mature today and was very impressed. As you can now arrange maturity instructions in advance on the app I had a payment of £569.83 into a current account, and £50 instantly added back to the small saver which was refreshed for another year, keeping the same account number. AND on a Sunday. That’s how you should do it, First Direct. 

Exactly the same here (and on Sunday .  Very convenient.  I had to call them because the promised online option doesn't exist, but it was quick and efficient.

pafpcg

allegro120 said:

PloughmansLunch said:

I had one mature today and was very impressed. As you can now arrange maturity instructions in advance on the app I had a payment of £569.83 into a current account, and £50 instantly added back to the small saver which was refreshed for another year, keeping the same account number. AND on a Sunday. That’s how you should do it, First Direct. 

Exactly the same here (and on Sunday .  Very convenient.  I had to call them because the promised online option doesn't exist, but it was quick and efficient.

I had the same problem.  Subsequently, I found that the online option to submit maturity instructions doesn't appear until seven days before the maturity date.

Swoosh84

Morning All,

Thank you for all your responses on the account, I have managed to get this all setup and the account is ready to deposit.

Quick question on the deposit account, never used them before but I was expecting my Saffron account to be much like any other regular savings account. But it appears they are asking me to deposit money into a Barclay's account? Do Saffron operate differently and use Barclay's infastructure/accounts?

Just a little nervous about making payments to a Barclay's account that I can't actually verify with my own bank as they don't give any account name!

Thanks,
J

Bridlington1

Swoosh84 said:

Morning All,

Thank you for all your responses on the account, I have managed to get this all setup and the account is ready to deposit.

Quick question on the deposit account, never used them before but I was expecting my Saffron account to be much like any other regular savings account. But it appears they are asking me to deposit money into a Barclay's account? Do Saffron operate differently and use Barclay's infastructure/accounts?

Just a little nervous about making payments to a Barclay's account that I can't actually verify with my own bank as they don't give any account name!

Thanks,
J

It's quite common for building societies to use bigger banks. Skipton, SRBS, Monmouthshire BS, Mansfield BS etc all use the same sort of system, funds will go into the building society's account that they have with the clearing bank and then be allocated to your account depending on the payment reference (so make sure you check the payment reference carefully)

Also don't worry if your payment doesn't show up instantly, this is normal but the funds should arrive by the end of the day if you send them now.