Saga launches variable rate savings account paying 1.55% gross/AER*

Monday 10 November 2014

• The NEW Saga Internet Saver (Issue 16) Savings Account offers a variable interest rate of 1.55% gross/AER from £1,000 with interest paid annually*. • Available from 10th November 2014. • Monthly interest option also available paying 1.54% gross / 1.55% AER from £1,000. • Limited issue Online Account. • Minimum opening balance of £1,000. Maximum balance of £1m. • Withdrawals allowed. • 12 month fixed bonus of 1.05% gross/AER. • The balance can drop below £1,000 but the interest rate is 0.50% gross /AER.

Saga launches variable rate savings account paying 1.55% gross/AER*

Saga Savings has announced the issue of the new Saga Internet Saver Account (Issue 16), rewarding savers who deposit a minimum balance of £1,000 up to £1m with an attractive 1.55% gross/AER* variable rate interest paid annually.

The new, limited issue account is available from 10th November and customers will be able to access funds online.

Jeff Bromage, chief operating officer, Saga Personal Finance, commented: “As more of our customers than ever are using the internet to find the best home for their hard-earned savings, we are delighted to launch this new online account, with its attractive interest rate to complement our suite of savings accounts.  

“This new rate is ideal for savers who want to make sure their money is working hard for them, while at the same time providing convenient access to their savings should they need them. As with all of Saga’s accounts there is the option for people to receive their interest monthly or annually, which is key for many over 50s who rely on savings to boost their monthly income.”

Full rate details are in the table below:

 

Balances below £1,000 receive 0.50% Gross / AER. After the first 12 months interest rate is 0.50% Gross / AER.

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


ENDS

Notes to Editors
*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. Gross is the contractual rate of interest payable before the deduction of income tax at the rate specified by law and is a code of conduct requirement for the advertising of interest bearing accounts.

 

 

 

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