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With the financial landscape constantly changing, it can be hard to know what to do with your savings.
It might be tempting to plump for the exciting-looking high introductory rates – or just to feel overwhelmed and leave your savings where they are, probably in a low-interest account.
The trouble is, many attractive higher-than-average interest rates come with strings attached. Some require large deposits, or have limits on deposits, or penalise you for withdrawing your money. Or they require you to open a current account with the same bank, or have interest rates that drop after as little as six months.
Meanwhile, low-interest accounts – which might include the savings account linked to your current account – may see the buying power of your money eroded by inflation.
As experts in the needs of people over 50, Saga Money is taking an approach that makes saving simple. It offers a bonus rate in the first year, followed by an above-average rate thereafter. It’s a win-win. Over 130,000 people already trust Saga with their money.
Knowing how much interest your savings earn will give you a clear idea of how your savings are working for you. No nasty surprises when you check your savings statements. And the money is easy to take out when you need it.
Alex Edmans, product director at Saga Money, says: “We know our customers don’t want to play games with their savings. High street banks often fail to reward loyalty, offering rates that sit below the market average and leaving customers feeling they have to move their money just to get a fair deal. That’s why the new Saga Easy Access Savings Account is here to make savings easy for our customers.”
The new Saga Easy Access Savings Account, in partnership with NatWest, has been specially designed for people over 50 to offer competitive interest rates minus the gimmicks. You can expect a rate of 4.00% AER/3.93% gross p.a. (variable), which includes a bonus of 1.25% AER (fixed) for 12 months. Interest is paid monthly.
The account is simple to apply for, meaning you can move your money with ease. You’ll have great customer service, with expert support when you need it from a UK-based customer care team.
On top of the great rates, the account also allows you to open it with as little as £1, and deposit up to £250,000 at one time (up to a maximum of £1 million). You can add or withdraw money whenever you want, with no fees. You can withdraw up to £10,000 at a time, and up to £20,000 in a 24-hour period.
As with other UK bank accounts, your money is protected by the Financial Services Compensation Scheme (FSCS) up to £120,000 per eligible person, per bank.
Alex Edmans adds: “This product comes with the quality of customer support that you can't put a price on, with a dedicated UK customer care team. It’s about giving customers peace of mind and confidence their money will continue to work hard for them.”
In a world that can be frantic and confusing, how nice to know that you can sort your savings quickly and simply.
To open a Saga Easy Access Savings Account, you'll need to:
Learn how interest on savings works – from how it’s calculated to the power of compound interest and what AER means.
Enjoy the freedom to withdraw your savings at any time.
