New Saga Internet Saver with interest rate of 2.75% AER*
Saga Personal Finance today announces it is expanding its range of savings products by launching the Saga Internet Saver, an easy access savings account with an attractive AER of 2.75%.
The product is launched this week and is available to UK residents aged 50 and over. The interest rate is variable and includes a first year bonus of 1.00% gross.
The account offers flexible saving on balances of £1 to £1million, as well as unlimited internet access to the account. There are no notice periods or fees for withdrawals and customers have a choice of yearly or monthly interest options. There is also no restriction on the number of transactions customers can make, providing peace of mind that their rainy day savings are close at hand, should they need them.
Following the Saga tradition of providing value for it’s loyal savers the account comes with a guarantee that after the first 12 months the interest rate will never be more than 2% below the Bank of England Bank Rate with a minimum rate of 0.25% AER.*** and a maximum cap of 8%.
Ali Crossley, C.O.O, Saga Personal Finance commented: ”We appreciate that the over 50s expect their savings to work hard for them and bring them a decent income in retirement. This variable account, allowing customers to access their savings online, is the latest addition to our range of high interest savings options to suit all needs.”
Notes to Editors -
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and added once a year.
** correct as at 12th May 2010
***Unless the Bank of England Bank rate exceeds 10%. In this instance the maximum amount Saga will pay on the accounts is 8% AER.
For more information please contact the Saga Press Office on 01303 771529