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

Following the Bank of England Base Rate increases in March and May, on 1st July 2022, the Standard Variable Rate (SVR) on our mortgage products moved to 5.60% and the interest rates on most of our savings accounts went up too.

On 4th August, the Bank of England Base Rate increased again from 1.25% to 1.75%, its highest level since 2009. We are reviewing the implications of this latest increase and will update our website in due course.


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.