Saga 1 Year Fixed Rate ISA
A tax free fixed term savings account to provide you with peace of mind. For the over 50s.
|Saga Savings accounts are provided by Birmingham Midshires|
How does it work?
1 Year Fixed Term ISA
How can it help
You may be saving for something special, or perhaps you’d like to supplement your income with the interest from your savings. Either way, a Saga 1 Year Fixed Rate ISA might be a good solution for you.
See our summary tables below for more information on each account option.
Saga 1 Year Fixed Term ISA
What is the interest rate?
We pay a fixed rate of interest on this account, as shown in the table below.
Can the interest rate change?
No. This account has a fixed rate of interest. This means we will not change your interest rate during the term.
What might the future balance be?
Below is an example of what the future balance might be, after interest has been paid.
This example assumes that:
How do I open and manage my account?
Can I withdraw money?
You may request withdrawals by post, subject to a charge.The charge will depend on the remaining term of the account and is the equivalent number of days' tax free interest. We’ll deduct the charge from your account balance.
Depending on when you make the withdrawal, this may result in you getting back less than you originally deposited. We apply charges as follows (equivalent in days’ tax free interest):
- Less than 1 year remaining on term = 90 days charge
Am I eligible?
To be eligible for a Saga 1 Year Fixed Rate ISA you must be:
- a UK resident for tax purposes
- aged 50 or over.
Frequently asked questions
If you have already saved in a cash ISA for this tax year but would still like to save in the Fixed Rate ISA, you can do so by transferring all of your current tax year subscriptions into the Fixed Rate ISA. You can also transfer in some or all of your previous tax years’ subscriptions. Please check with your current provider if there are any transfer costs.• You can transfer funds held in a stocks and shares ISA, innovative finance ISA or Lifetime ISA into a cash ISA. Your current stocks and shares ISA/innovative finance ISA manager may impose exit charges or other costs associated with transfer. You will be responsible for paying these charges so please check with your current provider.
• If you are transferring from a stocks and shares ISA, the investments you currently hold in this will have to be sold. It is possible that you could lose out if there is a rise in the market whilst the transfer is being completed and Saga Savings does not accept liability for any such loss.
• You will only be able to transfer into a Fixed Rate ISA as long as the issue remains open.
• You can transfer from this ISA to an ISA with another provider. If you have made a withdrawal from a previous years’ subscriptions and not replaced them before you ask to transfer your whole balance and close your account, you will not be able to replace these funds once the ISA transfer process starts. This will reduce the amount of money you are able to save tax free in your Account.
The maximum amount you can invest in the current tax year is £20,000. You can choose to invest your full allowance into a cash ISA, a stocks and shares ISA, or an innovative finance ISA or any combination of the three.
Alternatively you can split your allowance by investing up to £4,000 in a Lifetime ISA and the remaining allowance between any combination of the other three types of ISA, as long as you don't exceed £20,000 in total across your ISAs.
Your interest is calculated daily and you have a choice of interest options. If you have chosen to receive interest monthly, this will be paid on the first day of each month and can be paid to your Account, to another Saga Savings account or to another bank or building society account. If you have chosen to receive interest yearly, this will be paid 12 months after the date we credit your Account with your opening deposit, or if that is not a bank working day, the first bank working day after that. Interest can be paid into your account, to another Saga Savings account or to another bank or building society – you will make this choice when you open your Account. Interest payments to non Saga Savings accounts will reach that other account by the end of the next bank working day. Interest paid to another account can be replaced in the same tax year by replacement subscriptions to your Account. Annual interest for terms of 1 year or less will be paid back into your account.
50 years or older.
Yes. Please refer to our Account Summary for more information.
No, however, withdrawals are subject to the charges listed under Withdrawals explained above.
We can pay interest to another Saga account or to another bank or building society account. Just let us know where to pay your interest when you open your Account. Interest payments from a Saga Savings account to another bank or building society account will reach the other account on the next bank working day. Please contact us on 0345 850 0664 for more information. For terms of 1 year or less yearly interest must be paid back to the account at the end of the term.
For fixed rate ISAs, there is a 14 day cancellation period.
Payment of interest
If you choose yearly interest we’ll calculate it daily and pay you on the anniversary of your deposit. We can pay yearly interest back into the account, to another Saga Savings account or to another UK bank or building society account that accepts faster payments. Please note that where the term of the account is for 12 months or less, we must pay yearly interest into the Account. Please see the Account conditions for more information.
If you choose monthly interest we’ll calculate it daily and pay it monthly on the first day of each month. Monthly interest can be paid to your account, to another Saga Savings account or to another bank or building society account that accepts faster payments. Interest paid to another account can be replaced in the same tax year by replacement subscriptions to your Account.
Saga Fixed Rate ISAs have a 14 day cancellation period.
Notice of maturity
We’ll write to you prior to your account maturing to give you instructions on what to do next. If we receive no reinvestment instructions, we’ll re-invest your funds at maturity into a variable rate easy access ISA of our choice.
Please read the General Savings Conditions together with the Account conditions.
If there’s any conflict between the General Savings Conditions and the Account Conditions then the Account Conditions shall have priority.
The General Savings Conditions apply to all Saga Savings accounts provided by Birmingham Midshires.
To view the General Savings Conditions you'll need Adobe Acrobat Reader.
Fees and charges
Please refer to the “Withdrawals explained” section near the top of this page.
We can make a same day transfer of money from your account directly to another UK bank account electronically. This costs you £35 and we’ll require your instruction in writing no later than 2pm Monday to Friday.
Financial Services Compensation Scheme
Read full details of the Financial Services Compensation Scheme.
Review the historical rates of previous savings products.