ISA saver (issue 4)

The Saga ISA Saver (Issue 4) provided by Birmingham Midshires is available now for cash ISA deposits for the 2013/2014 tax year.

  • Rates include a fixed bonus for the first 18 months: 0.90% if you choose yearly interest or 0.89% if you choose monthly interest
  • Deposit your money tax free
  • Deposit any sum from £1 up to £5,760 for the 2013/2014 tax year
  • Transfer some or all of your previous tax years subscriptions or all of your current tax year subscriptions
  • Unlimited access to your money with no notice withdrawals
  • Choose yearly or monthly interest
  • Saga ISA Saver (Issue 4) is a cash ISA

 

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ISA SAVER (ISSUE 4)

The Saga ISA Saver (Issue 4) gives you unlimited easy access to your money, while you earn tax free interest

What you need to know

  • Available if you are aged 50 or over and resident in the UK for tax purposes.

  • Interest is variable and calculated daily.

  • We will pay you a fixed bonus for 18 months – 0.90%  if you have your interest paid yearly, or 0.89%  if you have your interest paid monthly. After 18 months the variable rate without bonus will apply, currently 0.50% tax free / AER variable.

  • Saga ISA Saver (Issue 4) is a cash ISA.

  • Once you have paid in your full year’s cash ISA allowance you cannot replace any money you withdraw in the same tax year.

  • If you open a cash ISA and subsequently transfer it to a stocks & shares ISA, you can re-invest in a cash ISA for the current tax year as long as the total investment allowance is not exceeded.

  • For the yearly interest option, we’ll pay you interest 12 months after your first deposit, then six months after the first payment of interest (which is 18 months after your first deposit) and after that, yearly. For the monthly interest option, interest will be paid on the first day of the month.

  • The Account pays a variable interest rate. The variable rate excluding bonus will be no less than 2.00% below the Bank of England Bank Rate, subject to a maximum of 8.00% AER and a minimum of 0.25% AER.

  • To help you keep track of your account, we’ll send you a statement. Please refer to the account conditions for more information. 

  • Money paid by cheque receives interest two bank working days after it is credited to your account. Transfers from an existing account will earn interest the day the money is credited to the Saga ISA Saver. Interest can be paid to your ISA, to another Saga Savings account you hold with us or paid to another UK bank or building society that accepts Faster Payments.  Interest payments to non Saga Savings accounts will reach that other account by the end of the next bank working day.

  • You can manage your account by post.

  • Tax treatment depends on your individual circumstances and may change.

  • Transfers in from other providers should take 15 bank working days. For more information view Transferring your cash ISA 

AER stands for Annual Equivalent Rate and illustrates what the rate of interest 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.

Tax free is the contractual rate of interest payable where interest is exempt from income tax.

Tax treatment depends on your individual circumstances and may change.

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.