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Martin W

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Review of the Saffron Building Society, Savings:

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Introduce automatic Small Saver renewal facility?

A have a Small Regualr Saver account, saving £50 a month. I am very happy with it and the interest rate it pays. It has just matured. I want another account, exactly the same. One is on offer and I have signed up for it. The staff were very helpful when I telephoned to ask for the new account. But this renewal process is more clunky than it need be. It could be made smoother if, like the Halifax, the monies in the maturing account were automatically dumped into another, easy access, Saffron savings account, and the monthly payments into the Regular Saver simply allowed to continue. An "automatic renewal" facility would save staff time and the savers' time. People could be asked if they wanted automatic renewal when they first opened a Regular Savings account, or be permitted to opt in (or out) at a later date. Win, win. so why not add this feature and cut unnecessary costs? After all, my new Regular Saver has exactly the same account number as my old one. Reviewed on: 10th January 2025

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