Saga Telephone Saver (Issue 4)

  • Including a fixed first year bonus of 1.90% for the yearly interest option
  • After 12 months the variable rate without bonus will apply, currently 0.50% gross / AER
  • Deposit any balance from £1 to £1 million per customer
  • Choice of yearly or monthly interest options
  • No notice periods or charges for withdrawals
  • No restriction on the number of transactions you can make
  • Easy and convenient access by telephone
  • Available to UK residents aged 50 and over.
  • After the bonus period ends, your account will revert to a variable rate subject to a minimum of 0.25% gross/AER and a maximum of 8.00% gross/AER.

Your account is provided by Birmingham Midshires.

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Telephone Saver (Issue 4)

Easy access savings, with an attractive variable interest rate of 2.40% gross/AER including a fixed first year bonus of 1.90%.

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 Telephone 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.

  • You will be sent a yearly statement on the anniversary of your account opening.

  • Joint accounts are available. Only one applicant has to be aged 50 or over. Joint applicants do not have to be husband and wife, or resident at the same address. However, each applicant must accept that the other has the authority to operate the account on behalf of both, and must be able to do so from one address.

  • 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.


To apply for the Saga Telephone Saver (Issue 4) please call the Saga Savings Team on 0800 111 4931 or apply 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.