Savings Accounts

We've been helping our Members save since 1924. Whether you're saving for something special or want a safe place for your funds, we've got the account for you, depending on your circumstances and what you want to achieve.

Bank of England Base Rate Change

The Bank of England Base Rate has increased several times during 2022.

In August 2022, Base Rate increased again from 1.25% to 1.75%, its highest level since 2009.

Following the recent increases, from the 1st September 2022, rates across most of our savings accounts will increase and the Standard Variable Rate (SVR) on our mortgage products will move to 5.85%.

Young Saver Accounts for foster children

You will need a signed letter from SMBC, which a supervising social worker can provide in place of proof of address. You will also need a copy of the child's birth certificate to open the account.


Financial Services Compensation Scheme

Did you know that your eligible deposits with the Vernon are protected up to a total of £85,000 (£170,000 for joint accounts) by the Financial Services Deposit Scheme (FSCS), the UK's deposit guarantee scheme?

Learn more about the FSCS
Help Centre

Got a question about savings?

Jump over to our savings help centre and see if we can answer it for you.

Help Centre

Savings Jargon Buster

There are a few considerations to make when opening a savings account, so we've explained as many terms as we can.