One year fixed rate annual interest ISA with return of 2.95% (tax free/ AER*)
One year fixed rate monthly interest ISA with return of 2.91% (tax free) 2.95% (/AER*)
Saga Personal Finance launches two new cash Instant Savings Accounts (ISAs) on 1st April 2009 giving customers the choice of receiving interest monthly or annually:
The Saga One Year Fixed Rate Cash ISA annual interest option has a rate of 2.95% tax free/ AER*.
The Saga One Year Fixed Rate Monthly Interest ISA monthly interest option has a rate of 2.91% tax free or 2.95% AER*.
With the average cash ISA paying just 2.09%**, Saga has launched two new ISAs that will help older savers maximise the return on their savings. At a time when interest rates are plummeting it is critical for savers to ensure they are making the most of their money and, in particular their tax free allowance of 3,600 whilst still having easy access to their money should they need it.
Saga, on behalf of its savings customers is also calling on the government to urgently increase ISA allowances to give a well earned break to those relying on their savings for income.
The minimum deposit is 1 and the maximum deposit is the total ISA cash allowance. Interest is calculated daily and there is no notice period if you wish to withdraw your money.
Andrew Goodsell, Chief Executive of Saga Group, commented: “Our approach is to offer an increased range of good value savings products to our customers, this is even more imperative at a time when savers, and pensioners in particular, are seeing their savings income reduced as a result of successive interest rate cuts.”
For further information about all Saga Saving Accounts please visit saga.co.uk/onlinesavings or call 0845 850 0664
*AER stands for Annual Equivalent Rate and represents the rate effectively received by the customer if interest applied during a year remained in the account and itself earned interest. As every advert for a savings product (where a rate is displayed) will contain an AER, you will be able to compare more easily what return you can expect from your savings over time.
** Moneyfacts, March 2009
For further press information please contact the Saga Press Office on: 01303 771529.