Suffolk Building Society savings rates — compare every account, plus switch offers and guides

Who they are

Suffolk Building Society is a UK building society based in Ipswich, Suffolk, and a member of the Building Societies Association. Founded in October 1849, it is the fourth-oldest building society in existence today. The name changed in 2021, when a special resolution at the Society's Annual General Meeting moved it from "Ipswich Building Society" to "Suffolk Building Society" - a name felt to be more appropriate for a mutual with branches spread across the county.

The society is owned by its members, not shareholders. When it makes a profit, that goes towards investing in the future of the society and doing good in the community. It has over 60,000 members, around 170 employees, and 10 branches across Suffolk. All savings held with Suffolk Building Society are protected up to £120,000 by the FSCS - a higher limit than the standard £85,000 that applies to banks, which reflects its building society status.

Savings accounts

Suffolk Building Society offers a broad range of savings products, from fixed-rate bonds through to children's accounts and cash ISAs.

On the fixed side, the 1 Year Fixed Rate Bond and 1 Year Fixed Rate ISA both currently pay 4.35%, while the 2 Year and 3 Year Fixed Rate Bonds and their ISA equivalents each pay 4.40%. The minimum deposit for all of these is £1,000, and your money is locked away until maturity. If you are a committed regular saver, the 1 Year Fixed Rate Regular Saver stands out at 5.00%, starting from just £10.

If you want some access to your money, the notice and limited-access accounts offer a middle ground. The 180 Day Notice Account pays 3.80% and the 120 Day Notice Account pays 3.65%, both variable and with a £1,000 minimum. The Single Access Saver (3.60%) and Triple Access Saver (3.35%) allow one or three withdrawals per year respectively, from £100.

The ISA range is similarly varied. The Single Access ISA pays 3.75% and the Double Access ISA pays 3.65%, while instant-access options like the Everyday ISA sit at 1.60%. For younger savers, the Stepping Stone ISA for 18-24 year olds pays 2.60%, the Junior ISA pays 3.50%, and the Children's Regular Saver (Trust) pays 4.00%.

One account worth a closer look is the House Deposit Savings Account. It pays a variable base rate of 3.25%, but also carries a conditional 1.50% fixed bonus on top of that. To qualify for the bonus you need to make at least 11 monthly deposits of between £10 and £1,000 in the anniversary year, keep the account open, and make no more than one withdrawal. The bonus resets after each anniversary, so it can be earned again year after year.

Is it right for you?

Suffolk Building Society suits savers who value a genuine mutual with deep local roots and face-to-face branch access across Suffolk. Customers can also manage accounts over the phone or online , so it is not limited to those who live nearby. The FSCS protection limit of £120,000 per person is worth noting if you are holding a larger lump sum.

There are no switch offers in place at the moment. Rates on variable accounts can change, so the live figures shown on this page are always the most reliable guide - it is worth checking them before you decide.