Building society launches new market-leading savings account with 8% interest rate
The building society is also offering customers free mortgage payments and theatre tickets.
Saffron Building Society has launched a market-leading regular savings as part of its annual Members’ Month celebration, taking place this month.
The Members’ Month Loyalty Saver is a limited-edition account for existing members and offers an inflation-busting eight percent AER/gross (fixed) to over 100,000 Saffron members across the country.
It can be opened with a minimum deposit of £1, with monthly payments not exceeding £50, which can be made through single or multiple deposits.
Savers can withdraw money once per month and interest is paid when the account matures after 12 months.
The account is available to open online or in one of Saffron’s branches across the East of England. However, members are urged to act fast to bag the table-topping rate as it's only around for a "limited" period.
Marcus Buck, head of marketing and product at Saffron Building Society commented: “Our members know a good deal when they see one, so we expect this account to be really popular.
“It’s a really flexible account designed to reward our loyal members with a little extra boost to their savings.”
The launch of the Members’ Month Loyalty Saver is just the start of a packed month of activities for Saffron members, including:
- ‘Month Off My Mortgage’ – a prize draw offering four members up to £2,000 to cover their monthly Saffron mortgage payment
- ‘Showtime with Saffron’ – over 400 members will win a £50 ATG theatre gift voucher towards a night out
- The opportunity to attend the ‘Grand Saffron Tea Party’ at Down Hall Hotel, the former home of The Great British Bake Off
- ‘Cuppa & Cakes’ mornings at branches featuring local artisan food
- Surprise giveaways in-branch all month long.
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Mr Buck continued: “Building societies often talk about the benefits of mutuality in dry theoretical terms, but we wanted to focus on giving our members tangible rewards and fun experiences that will spark a little joy this June.
“That’s why we’ve brought Members’ Month back for the second year running.
“We were blown away by our members’ enthusiasm for free tea and cakes last year, so the Grand Saffron Tea Party remains a highlight in this year’s programme.
“But we’ve added exciting new initiatives, like our Showtime with Saffron theatre ticket giveaway. We’re even covering four lucky members’ mortgage payments.
“Our members mean the world to us, and we can’t wait to celebrate with them.”
Saffron Building Society’s new account is currently topping the table for regular savers, but competition doesn’t fall too far behind.
Online bank first direct, and the Co-operative Bank are offering an Annual Equivalent Rate (AER) of seven percent on savings of up to £3,000.
Nationwide Building Society places just behind with an AER of 6.5 percent and savers can deposit up to £200 a month.
