Shutterstock/ Wongchoompan
This article is for general guidance only and is not financial or professional advice. It contains promotional content and links to financial products. All figures and information in this article are correct at the time of publishing. Laws, entitlements, tax treatments and allowances may change in the future. Before you make any decisions, you should get independent professional advice.
Whether it’s a leaky roof or ageing boiler, or even a special weekend away to enjoy some self-care, knowing you can cover surprise bills is an important safety net to have.
The key to that financial buffer is a safe and reliable savings account, and not all accounts are created equally. While some offer enticing rates that might seem to give you the best return, the small print can hide some less-appealing facts.
These include rates that nosedive in a matter of months, severe restrictions on your savings opportunities – such as the need for large deposits or restrictions on the amount you can save – or penalties if you withdraw your money. Some also insist that you have a current account with the same bank.
And if the rates plummet, you’ll likely be damaging your savings pot. Interest rates that fall below the rate of inflation mean that you’ll effectively be worse off. And, let’s face it, a new roof or boiler is not going to get cheaper.
Some well-known banks are paying as little as 1% on their savings accounts – sometimes less – which means your pot of money will be shrinking in real terms.
These concerns have been addressed by the Saga Easy Access Savings Account, in partnership with NatWest. As experts in the needs of those 50 and over, Saga has designed a savings account especially for over-50s, to make saving your hard-earned money both simple and effective.
The account offers a bonus rate in the first year, which is followed by a competitive rate. With over 130,000 people already choosing to save with Saga, you’ll be in good company, safe in the knowledge your money is growing steadily and securely.
Alex Edmans, Product Director for Saga Money, says: “If you’re saving funds for a ‘rainy day’, knowing that your pot is growing and that you can access your money whenever you need is key.
“The Saga Easy Access Savings Account is designed to offer exactly this. While you don’t need to use your money, it will be earning a healthy interest. As soon as you need to take some of the pot out, you can withdraw funds the same day* – with no hidden fees.
“There aren’t many products designed for people over 50, so we want to make sure that our account meets those specific needs.”
Your savings can enjoy a competitive 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 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, up to £120,000 of your money is protected under the Financial Services Compensation Scheme (FSCS), per eligible person, per bank.
You can also be assured the process for opening the account is simple, and if you have any questions, a UK-based call centre team is on hand to put your mind at ease.
So, while the idea of an unexpected expense isn’t the greatest, knowing your savings are right at hand is a welcome comfort. Now, where’s that spa brochure…
To open a Saga Easy Access Savings Account, you'll need to:
Get your money moving with our great rate.
In partnership with NatWest. Interest paid monthly. Available to UK residents 18+ only.
Tired of chasing headline rates that don’t last? Here’s a straightforward way to grow your savings.
Holding large amounts in cash can feel reassuring, especially in times of global crisis - but will it cost you in the long run?
