How does it work?
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.
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.
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 my money?
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.
Withdrawals are not permitted during the 1 year fixed term.
For fixed rate accounts, there is no cancellation period.
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.
50 years or older.
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.
The maximum deposit is £10 million per customer or £20 million for a joint account.
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.
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
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.