Fixed rate savings

Saga 1 Year Fixed Rate Savings Account

A fixed term savings account to provide you with peace of mind. For UK residents aged 50 and over.

Call to speak to an adviser

0345 850 0664 

Mon – Fri 8am - 8pm

Saga Savings accounts are provided by Birmingham Midshires  

How does it work?

The Saga 1 Year Fixed Rate Saving Account could be great for people who are happy to save their money over a set period to receive a better rate. Our rates change frequently, so check our website regularly.

We are currently offering a 1 year fixed term account.

Apply today to secure your rate:

Saga 1 Year Fixed Rate Savings Account

 Monthly interest
 Yearly interest

1.14% / 1.15%




Withdrawals not permitted.

How it can 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 Year Fixed Rate Savings Account might be a good solution for you.

See our summary table below for more information.

Summary Box

Account name

Saga 1 Year Fixed Rate Savings Account

What is the interest rate?

We pay a fixed rate of interest for 1 year on the account, as shown in the table below.

  Annual Interest Monthly Interest
£1+ 1.15% 1.14% / 1.15%
  • For the latest information about interest rates, please visit
  • Interest is paid either annually on the anniversary of the first deposit, or monthly on the first bank working day of each month
  • Interest will be added to the account prior to maturity.

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.

  Annual Interest Monthly Interest
Illustrative Initial Deposit GROSS / AER Illustrative Balance at 12 Months GROSS / AER Illustrative Balance at 12 Months
£1,000  1.15% £1,011.50 1.14%/1.15% £1,011.46

This example assumes that:

  • You don't withdraw any money and interest isn't paid out of the account,
  • You make your initial deposit payment on the day you open the account and you don't make any further deposits.

How do I open and manage my account?

  • You can open your account by phone or online, however, you can only manage your account by phone or by post.
  • You can open an account in a sole or joint names. 
  • You must be 50 or over and a UK resident.
  • The minimum opening deposit is £1.

Can I withdraw my money?

  • Withdrawals or early closure are not allowed during the term except in the event of the death of the account holder.
  • At the end of your Fixed Rate term, your account will change into a variable rate Saga Postal Standard Saver account. We will contact you before this happens.
  • A variable rate means your rates can go down or up at any time.
  • For the latest rates, please visit
Additional Information
  • Gross rate means we will not deduct tax from the interest we pay on money in your account. It is your responsibility to pay any tax you may owe to HM Revenue and Customs (HMRC).
  • AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product which quotes an interest rate will include an AER, it makes it easier for you to compare what return you can expect from your savings over time.

Withdrawals explained

Withdrawals are not permitted on terms less than 1 year.

You may request withdrawals by post, on terms of 2 years and above, subject to a charge. 

The charge will depend on the remaining term of the account and is the equivalent number of days' gross 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’ gross interest):
  • Less than 1 year remaining on term = 90 days charge
  • 1 to 2 years remaining on term = 180 days charge
  • 2 to 3 years remaining on term = 270 days charge
  • 3 to 4 years remaining on term = 320 days charge
  • 4 to 5 years remaining on term = 360 days charge


Am I eligible

To be eligible for a Saga Year Fixed Rate Savings Account you must be:

  • a UK resident
  • aged 50 or over.

Frequently asked questions

Are there withdrawal charges?

Withdrawals are not permitted during the 1 year fixed term.

Can I cancel my account?

For fixed rate accounts, there is no cancellation period.

Can I choose how interest is paid?

Yes, you can choose between monthly and yearly interest. If you’ve chosen to receive interest monthly, this will be paid on the first bank working day of each month. 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. If that’s not a bank working day, then the first bank working day after that.

How will my interest be paid?

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.

What is the maximum deposit allowed?

The maximum deposit is £10 million per customer or £20 million for a joint account.

Important information

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. This can be paid into the Account or away to another Saga Savings account or a UK bank or building society account that accepts faster payments.

Cancellation Period

Saga Fixed Rate Savings Accounts do not have a 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 savings account 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

Account withdrawal

Please refer to the “Withdrawals explained” section near the top of this page.

Telegraphic Transfer

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.

Historical Rates

Review the historical rates of previous savings products

Privacy Policy

Read our full privacy policy.

Who is the provider and how are they regulated?

The deposit taker for Saga Savings accounts is Birmingham Midshires, a division of Bank of Scotland plc, which is authorised 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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