Saga Telephone Saver

Saga Telephone Easy Access

The convenience of easy access to your money when you need it.

For UK residents aged 50 and over.

The interest rates and the accounts available can change or be withdrawn, so check regularly to see what’s on offer.

Saga Savings accounts are provided by Birmingham Midshires

 Contact us on 0345 850 0664
 Apply now

Important information about Saga Savings

On 30 September 2019, Saga will be launching a range of savings accounts with a new provider. This means that from 28 September 2019, Birmingham Midshires will no longer provide any new Saga Savings accounts.

Saga Savings accounts opened before 28 September will continue to be managed by Birmingham Midshires and are not affected by this change. If you have an existing account, you do not need to take any action as there are no changes to the terms and conditions of your account and you can carry on using it as you do now. 

If any other changes are made in future that affect your account, you'll be informed in writing. For example, you'll be informed of your options at the end of a fixed rate term or at the end of an introductory interest rate period.

Further details of the new provider and savings products will be made available later in September.

How does it work?

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

Saga Telephone Easy Access

 Monthly interest
 Yearly interest

Earn up to


Gross/AER variable

Earn up to


Gross/AER variable

Saga Telephone Easy Access will pay a variable interest rate for 12 months.

At the end of the term your account automatically changes to a Saga Telephone Standard Saver.

Summary box

Account name

Saga Telephone Easy Access

What is the interest rate?

We pay a variable rate of interest on this account, as shown in the table below.
Annual Interest Monthly Interest
 £1+ 0.20% 0.20%
 £1,000+  0.55% 0.55% 
  • Interest is paid either annually on the anniversary of the first deposit, or monthly on the first bank working day of each month.

Can the interest rate change?

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
Illustrative Initial Deposit GROSS / AER Illustrative Balance at 12 Months
£1,000  0.55%  £1,005.50

Monthly Interest
Illustrative Initial Deposit
Illustrative Balance at 12 Months 
£1,000  0.55% £1,005.51

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.

Can I withdraw money?

  • Yes. You can make withdrawals from your account.
  • You can close your account at any time.
  • After 12 months the account will automatically change to a Saga Telephone Standard Saver.
  • Before this happens, we'll contact you to explain your options and next steps.
 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 Telephone Easy Access 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.


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 £10 million per customer (please note that the account balance must be at least £1,000 in order to earn the higher 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 Easy Access Account you must be:

  • a UK resident
  • aged 50 or over.

Frequently asked questions

What is the maximum deposit allowed?

£10 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.

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.

The Base Rate and your savings account

The recent announcement
On 2 August 20​18 the Bank of England announced an increase in the Bank of England Base Rate from 0.50% to 0.75%.

Changes to our interest rates
​To view the changes to our rates click here.

What is the base rate?
The base rate, also known as the Bank Rate, affects the interest rates offered by Banks, Building Societies and other financial institutions. It is set by the Bank of England, which regularly reviews it and can increase or decrease at any time. 

How can a Base Rate change affect your account?
The Base Rate is one of a number of things we look at when reviewing the interest rates of our savings accounts. 
How your interest rate is affected by a Base Rate change depends on whether it’s a fixed or variable account. If you’re unsure what type of account you have, you can check your terms and conditions.

Accounts with a fixed rate
Your account will not be affected.

Accounts with a variable rate
Your interest rate could change. Whenever the Base Rate changes, we review the interest rates of our variable accounts and could decide to change them. If we decide to lower your rate, we will write to you to let you know. We will not write to you if we increase your rate. If your account tracks the Bank Rate, your rate will change on the first working day of the month. 

How to check what your rate is
You can view all rates for accounts we offer on our interest rate pages or by signing into online banking and selecting your account.

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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