Fixed rate savings

Saga Fixed Rate Savings Accounts

A choice of fixed term accounts to provide you with peace of mind.

For the over 50s.

Call to speak to an adviser

0345 850 0664 

Mon – Fri 8am - 8pm

Saga Savings accounts are provided by Birmingham Midshires FSCS 
Contact us on 0345 850 0664
Open an account

How does it work?

Saga Fixed Rate Savings Accounts give you access to a number of fixed terms. This is great for people who are happy to invest their money over a set period to receive a better rate. Our rates change frequently, so come back regularly.

We are currently offering 1 and 2 year fixed term accounts.

Apply today to secure your rate:

1 year fixed term

Yearly interest 
£1 - £49,999
Yearly interest 
£50,000+
1.05%

Gross/AER

1.30%

Gross/AER

 Withdrawals not permitted

2 year fixed term

Yearly interest 
£1 - £49,999
Yearly interest 
£50,000+
1.25%
Gross/AER
1.50%
Gross/AER
 Withdrawals permitted subject to a charge
Monthly interest 
£1 - £49,999
Monthly interest 
£50,000+
1.04 / 1.05%

Gross/AER

1.29 / 1.30%

Gross/AER

 Withdrawals not permitted
Monthly interest 
£1 - £49,999
Monthly interest 
£50,000+
1.24 / 1.25%

Gross/AER

1.49 / 1.50%

Gross/AER

 Withdrawals permitted subject to a charge

Rates terminology

AER means Annual Equivalent Rate. AER illustrates what your interest rate would be if interest was paid and compounded each year and allows you to easily compare different offers.

Gross rate means that we will not deduct tax automatically from your interest. You are responsible for paying any tax due to HM Revenue and Customs.

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Key Features

  • Minimum deposit: £1 per customer. No additional deposits are allowed, so initial deposit should be for full investment amount.

  • Maximum deposit: £10 million per customer (£20 million for joint accounts).

  • A range of deposit terms with fixed rates of interest.
  • We will pay your interest Gross, this means that we will not deduct tax automatically from your interest.  Dependent on your personal circumstances tax may be due on the interest and it is your responsibility to disclose and pay any tax due directly to HMRC.
  • You can make withdrawal requests for terms greater than 2 years by post or phone. A charge applies for early withdrawals.

  • Monthly and yearly interest rates available.

Withdrawals explained

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 your 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

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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, Saga Fixed Rate Savings Accounts might be a good solution for you.

 

See our summary tables below for more information on each account option.

Account name

Saga 1 year Fixed Rate Savings Account

Saga 2 year Fixed Rate Savings Account

Interest rates (AERs)

Yearly interest
Balance £1 - £49,999.99
1.05% gross/AER

Balance £50,000+
1.30% gross/AER

Monthly interest
Balance £1 - £49,999.99
1.04% gross / 1.05% AER

Balance £50,000+
1.29% gross / 1.30% AER

All rates are fixed for 1 year

Yearly interest
Balance £1 - £49,999.99
1.25% gross/AER

Balance £50,000+
1.50% gross/AER

Monthly interest
Balance £1 - £49,999.99
1.24% gross / 1.25% AER

Balance £50,000+
1.49% gross / 1.50% AER

All rates are fixed for 2 years

Tax status

We will pay your interest Gross, this means that we will not deduct tax automatically from your interest.  Dependent on your personal circumstances tax may be due on the interest and it is your responsibility to disclose and pay any tax due directly to HMRC.

We will pay your interest Gross, this means that we will not deduct tax automatically from your interest.  Dependent on your personal circumstances tax may be due on the interest and it is your responsibility to disclose and pay any tax due directly to HMRC.

 Conditions for bonus payment

There is no bonus available on this account

There is no bonus available on this account

Withdrawal arrangements

Withdrawals are not permitted during the 1 year fixed term

Withdrawals are allowed by post subject to a charge. The charge will depend on the remaining term of the account and is equivalent of a number of days' gross interest as shown below. The charge will be taken from the account balance, and depending on when the withdrawal is made may result in you getting back less than you originally deposited. See the account conditions for specific withdrawal arrangements

Less than 1 year: 90 days gross interest
             1 to 2 years: 180 days gross interest

Access permitted subject to loss of interest depending on the remaining term of the product

Access

Postal Postal

Am I eligible?

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

  • a UK resident
  • aged 50 or over

Frequently asked questions


Are there withdrawal charges?

Yes. Please refer to our summary box for more information.

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. Monthly interest must be paid to a different 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. 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 into your Account, 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.

Is there a limit to the number of withdrawals I can make?

No, however withdrawals are subject to the charges listed in the summary boxes shown above.

What is the maximum deposit allowed?

This depends on the type of account. Please refer to the “How does it work?” section above.

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. We must pay monthly interest 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 at least 14 days 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.


Conditions

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 12.00 noon 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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