Saga launch new 1 year fixed rate ISA paying 1.55% tax free/AER*

Wednesday 2 July 2014

• The NEW Saga 1 Year Fixed Rate ISA offers interest rate of 1.55% tax free/AER* • Available from 1st July • Postal account • Minimum balance of £1, up to the current years ISA limits in addition to transfers in from previous tax years • Withdrawals allowed by post subject to a charge***

Saga launch new 1 year fixed rate ISA paying 1.55% tax free/AER*

Saga Savings announces the issue of the Saga 1 Year Fixed Rate ISA, rewarding savers who deposit a minimum balance of £1 up to the current years ISA limit, in addition to transfers in from previous tax years with an attractive 1.55% tax free/AER* fixed. The new account is available from 1st July and customers will be able to access funds by post subject to a charge***.

Andrew Strong, chief executive, Saga Personal Finance, commented: “We have campaigned long and hard for higher cash ISA limits as this is something our customers have told us they wanted to help manage their finances in the run up to retirement.  We are delighted to be able to offer this new account, enabling the over 50s to deposit the new ISA allowance in to a cash ISA”

Full rate details are in the table below:
  

 

 

Annual Interest

Monthly Interest

Term

Minimum Balance

Tax Free %

AER%**

Tax Free* %

AER%**

1 Year

£1

1.55

1.55

1.54

1.55

 

 

ENDS

Notes to Editors
* Tax free is the contractual rate of interest payable where interest is exempt from income tax. Tax treatment depends on individual circumstances and may change

**AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year.

*** The charge for withdrawing funds before maturity of the account is equivalent to 90 days interest. The charge will be taken from the account balance, and depending upon when the withdrawal is made may result in getting back less than originally deposited.

Saga Savings
Saga offers savings accounts to suit all needs, including fixed rate savings and ISA accounts:
•  All accounts offer the option to have interest paid monthly or annually
• Saga Savings accounts are available to UK residents over 50
• All Saga Savings accounts are provided by Birmingham Midshires, a division of Bank of Scotland which is authorised for accepting deposits by the Financial Services Authority.

For further information regarding Saga Savings accounts, please visit www.saga.co.uk/money or call 0800 111 4935    

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).

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