Saga launch new three year fixed rate savings account paying 2.15% gross/AER*

Friday 27 March 2015

• The NEW Saga 3 Year Fixed Rate Savings Account offers a fixed interest rate of 2.15% gross/AER with interest paid annually* • Now available • Monthly interest option also available paying 2.13% Gross / 2.15% AER • Limited issue postal account • Minimum balance of £1, up to £10m • Withdrawals allowed by post subject to a charge**

Saga launch new three year fixed rate savings account paying 2.15% gross/AER*

Saga Savings announced the issue of the new Saga 3 Year Fixed Rate Postal Savings Account, rewarding savers who deposit a minimum balance of £1 up to £10m with an attractive 2.15% GROSS / AER* fixed with interest paid annually. The new, limited issue, account is available from 20th March and customers will be able to access funds by post subject to a charge**.

Jeff Bromage, chief operating officer, Saga Personal Finance, commented: “The announcement by the Chancellor last week to introduce a personal savings allowance, has been welcomed by the huge number of over 50s who rely on their savings to boost their monthly income.    This new account is ideal for savers who want peace of mind with a set rate of interest and like all Saga savings accounts there is the option for people to receive their interest monthly or annually.”

Full rate details are in the table below:

 

Annual Interest

Monthly Interest

Term

Minimum Balance

Gross* %

Net %

AER%**

Gross* %

Net %

AER%**

3 Year

£1

2.15

1.72

2.15

2.13

1.70

2.15

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..

 

** The charge for withdrawing funds before maturity of the account varies depending on the length of the remaining term at the time of withdrawal. If there is 1 year or less remaining it is equivalent to 90 days gross interest.  If there are up to 2 years remaining it is equivalent to 180 days interest gross 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 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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