Saffron Building Society launches 'market leading' 8% regular savings account - but for a limited time only

The account will be given to eligible members on a first come first serve basis.

Existing members would have had to have held an account since on or before June 1, 2023 to qualify.

Thousands of Saffron customers across the country will be able to benefit from the inflation-busting return.

This account is part of a series of events, giveaways and quirky surprises designed to spark joy throughout June.

​The account can be opened with a minimum deposit of £1, with monthly payments not exceeding £50 (made by a single or multiple deposits).

Savers can withdraw from the account once per month and the interest will be paid when the account matures after 12 months.

The account is available to open online or in one of Saffrons branches across the East of England.

However members are being urged to act fast to bag the table-topping rate as it won't be around for long.

Marcus Buck, head of marketing & product at Saffron Building Society said: “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.

Other surprises include:

• ‘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 on us;
• The opportunity to attend the ‘Grand Saffron Tea Party’ at Down Hall Hotel, former home of The Great British Bake Off;
• ‘Cuppa & Cakes’ mornings at branches featuring local artisan food; and
• Surprise giveaways in-branch all month long.

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.”

LATEST DEVELOPMENTS:

• Savings warning as Britons losing £641 to low interest accounts
• Paragon Bank increases interest rates across multiple savings accounts - full list here
• Inflation woes continue as Britons need £1,200 pay rise to keep up with CPI rate

The top-paying regular savers come with a big 'but' attached, Customers must also hold another product from the same provider, usually its current account.

First Direct had the top spot for regular accounts for existing members before todays launch. First direct are offering savers seven per cent on up to £300 a month.

Customers must pay in every month and they can’t make any withdrawals or close the account during the 12 months or they will get a lower rate.

If people would prefer a more flexible account, Co-operative Bank offers seven per cent and allows people to skip months and make unlimited withdrawals, though they can only pay in a slightly lower £250 a month – so they’ll earn less interest overall.