New saga variable rate savings account

Tuesday 9 September 2014

• The NEW Saga Variable Rate Savings Account offers an interest rate of 1.50% gross/AER with interest paid annually* • Available from 9th September 2014 • Monthly interest option also available paying 1.49% gross / 1.50% AER • Limited issue Telephone Account • Minimum balance of £1,000, up to £1m • Withdrawals allowed • 12-month fixed bonus of 1.00% • The balance can drop below £1,000 but the daily rate will become 0.50%.

Saga launches new Best Buy variable rate savings account paying 1.50% gross/AER

Saga Savings today announces the issue of the new Saga Telephone Saver Account (Issue 14), rewarding savers who deposit a minimum balance of £1,000 up to £1m with an attractive 1.50% gross / AER* variable rate interest paid annually.

The new, limited issue, account is available from 9th September and customers will be able to access funds by telephone.

Andrew Strong, chief executive, Saga Personal Finance, commented: "We are delighted to launch this new account, with its table topping interest rate to complement our suite of savings accounts. 

"This new attractive rate is ideal for savers who want to make sure their money is working as hard as it can for them, while at the same time providing 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 their savings to boost their monthly income."

Full rate details are in the table below:

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..

 

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 Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation authority.

For further information regarding Saga Savings accounts, please visit www.saga.co.uk/savings 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 Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 169628. Registered office: The Mound, Edinburgh, EH1 1YZ (Registered in Scotland No. SC327000).

 

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