Saga Internet Saver (Issue 4)

  • Deposit from £1 up to £1 million
  • Earn a tiered variable interest rate
  • Interest rates apply to the whole balance and you have a choice of yearly or monthly interest payments
  • For yearly interest - earn 2.60% gross / AER variable on balances of £1 to £19,999.99 including a 12 month fixed bonus of 2.10%. For balances of £20,000 or more earn 3.05% gross / AER variable including a 12 month fixed bonus of 2.55%
  • For monthly interest - earn 2.57% gross / 2.60% AER variable on balances of £1 to £19,999.99 including as 12 month fixed bonus of 2.07%.  For balances of £20,000 or more earn 3.01% gross / 3.05% AER variable including a 12 month fixed bonus of 2.51%
  • After 12 months the variable rate without bonus will apply, currently 0.50% gross / AER
  • Apply for and view your account online
  • Make unlimited transactions using your linked account with no-notice withdrawals

Your account is provided by Birmingham Midshires.

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Saga Internet Saver (Issue 4)

Easy access savings offering tiered variable interest rates based on the account balance, so the more you save, the more you earn.

What you need to know

 

  • You can transfer funds effortlessly to and from your account using a Linked Account. Your Linked Account is an account you will nominate when you open your Saga Internet Saver, and must be a personal current account with direct debit facilities at a UK bank or building society and must accept Faster Payments. It may be in your name or jointly with another person, but only if either of you can set up direct debits on the Linked Account.

  • Money paid into your account via your Linked Account begins to earn interest from the day it’s received. Your initial deposit is paid by cheque and will receive interest from the second bank working day after it’s deposited.

  • Your interest is calculated daily and credited yearly on the anniversary of the first deposit or monthly on the first bank working day of each month. Interest can be paid to the account, another Saga savings account or to another bank or building society account. Interest payments to your Linked Account will reach that other account by the end of the next bank working day.

  • Please note this account is unavailable to joint account holders.

    

Apply for the Saga Internet Saver (Issue 4) online for a yearly interest account or monthly interest account

 

AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product, which quotes an interest rate, will contain an AER you will be able to compare more easily what return you can expect from your savings over time.

Gross is the contractual rate of interest payable before the deduction of income tax at the rate specified by law.

Net rates are illustrative only, allowing for the deduction of income tax at 20%. If you are a higher rate tax payer, you may have a further amount to pay. If we deduct more tax than you have to pay this can be reclaimed from HMRC.

Calls may be monitored and recorded for security and training purposes.

The deposit-taker for Saga Savings Accounts is Birmingham Midshires, a division of Bank of Scotland plc, which is authorised for accepting deposits by the Financial Services Authority. It is entered on the FSA Register and its number is 169628. Registered office: The Mound, Edinburgh, EH1 1YZ (Registered in Scotland No. SC327000).

 

For details of the Financial Services Compensation Scheme click here, or for historical rates of previous savings products please click here.