Saga Telephone Saver

Saga Telephone Saver

The convenience of easy access to your money when you need it and earning interest when you don’t.

Saga Savings accounts are provided by Birmingham Midshires
Savings parent 
 Contact us on 0345 850 0664
 Apply now

How does it work?

The Saga Telephone Saver is a variable rate savings account that gives you the freedom to access your savings at any time.

Saga Telephone Saver (Issue 19)

 Monthly interest
 Yearly interest
0.75%
Gross/AER variable
0.75%
Gross/AER variable

Including a fixed first year bonus of 0.70% on balances of £1,000+ Withdrawals are permitted without charge

Summary box

Account name

Telephone saver (Issue 19)

What is the interest rate?

We pay a variable rate of interest on this account, as shown in the table below.
  Introductory 12 Month Period After the Introductory 12 Month Period
Annual Interest Monthly Interest
Annual Interest
Monthly Interest
 Balance GROSS / AER GROSS / AER
GROSS / AER
GROSS / AER
 £1+ 0.05% 0.05% 0.05% 0.05%
 £1,000+  0.75% 0.75%   0.05%  0.05%
  • For the latest information about interest rates, please visit saga.co.uk/savings
  • Interest is paid either annually on the anniversary of the first deposit, or monthly on the first bank working day of each month.

Can Saga change the interest rate?

Yes. We can move the interest rate up or down at any time. For example, when the Bank of England bank rate changes we will review our rates. We will tell you in advance, your account conditions explain when and how we will do this.

What might the future balance be?

Below is an example of what the future balance might be, after interest has been paid.

Annual Interest
  Introductory 12 Month Period After the Introductory 12 Month Period
Illustrative Initial Deposit GROSS / AER Illustrative Balance at 12 Months GROSS / AER
Illustrative Balance at 24 Months
£1,000  0.75%  £1,007.50 0.05% £1,008.00 


Monthly Interest
  Introductory 12 Month Period  After the Introductory 12 Month Period 
Illustrative Initial Deposit
GROSS / AER
Illustrative Balance at 12 Months  GROSS / AER  Illustrative Balance at 24 Months 
£1,000  0.75% £1,007.53 0.05% £1,008.03

This example assumes that:

  • You don't withdraw any money and interest isn't paid out of the account,
  • The interest rate stays the same,
  • 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 telephone.
  • This account can be opened in sole or joint names.
  • You must be 50 or over and a UK resident.
  • The minimum opening deposit is £1,000.

Can I withdraw money?

  • Yes. You can make withdrawals from your account.
  • You can close your account at any time.
 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 a 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

To make deposits and withdrawals to and from your Saga Variable Rate Savings Account, you’ll need to set up a linked account. This can be any personal current account at a UK bank or building society, as long as it comes with a chequebook and accepts both Direct Debits and Faster Payments.

The linked account must be in your name, but can be held with another person if you are both able to set up Direct Debits on the account.

Remember that we do not require a notice period or charge you for making withdrawals, so you’ll have unrestricted access to your savings.

Close

What are the benefits?

  • Freedom to access your savings at any time without fees or charges.

  • Offers either yearly or monthly interest payments, which provides flexibility depending on your income requirements.

  • Joint accounts available.

  • Flexible deposits of between £1 and £1 million per customer (please note that the account balance must be at least £1,000 in order to earn the bonus rate).

How can it help

Whether you are saving for a holiday, a new car or just a rainy day, it is important to choose an account that suits your individual needs. With a variable rate savings account you have the freedom to access your savings at any time without notice and without paying charges or fees to do so.

Am I eligible?

To be eligible for a Saga Telephone Saver Account you must be:

  • a UK resident
  • aged 50 or over

Frequently asked questions


What is the maximum deposit allowed?

£1 million per account holder.

Can I choose how interest is paid?

Yes, you can choose between monthly and yearly interest. If you have 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, or if that is not a bank working day, the first bank working day after that.

How will my interest be paid?

Interest can be paid into your Account, to another Saga account or to another bank or building society account – you will make this choice 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.

Can I cancel my account?

If you are not happy with your Account, you can cancel it within 14 days of opening it. Even if you miss the 14 day deadline you may still close your Account at any time. There are no charges for cancelling or closing your Account and you do not have to give any advance notice.

Important information

Payment of interest
Interest is calculated daily and is paid yearly or monthly. Interest can be paid into your account, another Saga Savings account or any UK bank or building society account that accepts Faster Payments.

Cancellation Period
If you are not happy with your Account, you can cancel it within 14 days of opening it.

Conditions
The General Savings Conditions should be read together with the Account conditions.
If there is 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
There are no fees or charges payable on a Saga Variable Rate Savings Account.

Financial Services Compensation Scheme
For details of the Financial Services Compensation Scheme click here.

Historical Rates
For historical rates of previous savings products please click here.

Privacy Policy
For our full privacy policy, please click here.

To view the privacy policy you'll need Adobe Acrobat Reader.

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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