Skip to main content

Frequently asked questions

Find answers to the most commonly asked savings questions

Frequently asked questions

If you cannot find the answer to your question below or for questions relating to; opening an account, interest rates, sending documents, moving more or managing your account, you can find more information on this dedicated help page

Saga Savings accounts are provided by Goldman Sachs International Bank. Any occurrence of the words ‘we’, ‘us’ or ‘our’ throughout this document refers to Goldman Sachs International Bank.

About the accounts

To apply for a Saga Savings account you'll need to:

  • Be aged 18 or over.
  • Have a UK address and be resident in the UK for tax purposes, excluding the Channel Islands and Isle of Man.
  • Provide the sort code and account number of your UK current account. This will be your linked account which you’ll use to make payments to and from your Saga Savings account. The same linked account will apply to all your Saga Savings accounts.
  • Have a UK mobile phone number.
  • You have your own email address that you can use for your account and that you don’t share with your joint account holder or anyone else.

Opening an account is quick and straightforward too – just click the ‘Get Started’ button on the Saga Easy Access Savings Account or the Saga 1 Year Fixed Rate Saver pages.

Alternatively, if you need assistance applying for an account you can call the customer care team. The team can take you through the application journey over the phone, however you will still need your own email address and mobile number. You will also need internet access and access to your email account whilst on the phone to complete the application process.

Yes, the Saga Easy Access Savings Account and the Saga 1 Year Fixed Rate Saver can be opened jointly by up to two people. You will need to provide a different email address and phone number for each applicant.

Additional terms apply to joint accounts. For example, if you open a joint account, we’ll accept instructions on the account from either of you (unless we tell you otherwise) and we won’t usually check that the other account holder knows about it or has given permission.

This means that, for example, we will usually accept instructions from either joint account holder to transfer funds out of an account or to close an account completely. You can find out more in the terms and conditions for your account.

No, you’ll need to open a new account with the joint account holder.

We’ve made this process simple and straightforward to complete online. When you log in to Saga Savings click on 'Apply now' and follow the steps. If the joint account holder doesn’t already hold a Saga Savings account, we will ask them to complete a full application. This means we may ask them to upload documents, for example to verify their identity, address or source of funds.

Interest is calculated daily and applied to your account monthly on the date your account was opened. So, if you opened your account on 27 September, your interest will be applied at the very end of the day on the 27th of each month.

We'll add the interest to your account at the end of the day, not the beginning. When your interest payment date falls on a weekend or bank holiday, the interest will usually be paid in by the very end of the next business day instead.

Interest is calculated daily and paid monthly. Your money will be earning interest at the stated rate - including any bonus - every day that it remains in your account.

Your eligible deposits with Goldman Sachs International Bank are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit guarantee scheme.

This limit is applied to the total of any deposits you have with both Goldman Sachs International Bank and Saga Savings. Any savings above this limit that you hold between these brands are unlikely to be covered.

You can find out more about the scheme, including amounts covered and eligibility, by visiting or downloading the FSCS information sheet.

AER stands for Annual Equivalent Rate, and it's a rate used by UK banks to help customers compare savings accounts. The AER illustrates what your interest rate (called the gross interest rate) would be, if interest was only paid and compounded once each year.

For example, if interest is paid once a year then the gross interest rate and the AER would be the same, as interest is only applied once. But if interest is paid monthly - as with the Saga Easy Access Savings Account - then the AER will be higher than gross interest rate. This is because the AER will take into account the compounding interest that you will earn every month over the course of a year.

By showing the rate in this way, you can confidently compare accounts whether they pay and compound interest monthly, quarterly, or yearly.

At the end of every tax year, we provide you with a tax certificate. We don't deduct tax from your account. You can find more information on what tax you might need to pay on your savings at

No, interest is paid directly into your Saga Savings account.

Moving your money

When you first apply for a Saga Savings account, we ask you to give us the details of a UK current account held in your name. This is your linked account, and you can move money from it into your Saga Savings account.

You can also add money from another Saga Savings account but only if it:
  • is also provided by Goldman Sachs International Bank
  • is in your name
  • allows withdrawals.
If your joint Saga Savings account is with Goldman Sachs International Bank, both of you will be able to add money in this way.

Money from Saga Savings accounts opened before 30 September 2019 with Birmingham Midshires cannot be transferred directly into a Saga Savings account operated by Goldman Sachs International Bank. You will need to move the money from your old Saga Savings account to your nominated linked account and then into your new Saga Savings account.

If you are sending money from your linked account, you can just make a transfer the way you usually do from your current account. Use your Saga account number and sort code and put your name as the payment reference.

When you add money by bank transfer, it should arrive in your Saga account as soon as we’ve received it. This tends to be almost immediately (or at least within two hours) if your linked account provider uses Faster Payments. You’ll start earning interest on the same day we receive your money.

If you add money using a bank transfer over the weekend, it could take until the end of Monday to show in your Saga account depending on when we receive it.

When you send a payment from your linked account, you may be shown an extra verification step. This is a new scheme introduced by some banks that automatically confirms whether the account you’re trying to send money to is in the name of your intended payee.

The scheme is in its first phase, and we’re not included in that, but provided you’ve checked the details you’ve entered and you’re happy that they’re correct, you can still continue with your payment.

When you make a transfer to your Saga Savings account, you should check:

  • You’ve entered your full name correctly, as it appears on your Saga Savings account.
  • The sort code is displayed as 40-64-43 and shows Goldman Sachs International Bank.
  • Your Saga Savings account number is correct.

Fixed Rate Saver Accounts

Your account term starts on the date your account is opened. From that date, you have 14 calendar days to add money to your Saga 1 Year Fixed Rate Saver (your funding window). After this date you won’t be able to pay in any more.

You can add money from your linked account or from another Saga Savings account you hold with us in your name, if it allows you to make payments.

If your Saga Savings account is a joint account, both of you will be able to add money in this way.

You can make as many payments into your account as you like during the funding window up to the maximum pay-in limit. Any money received after the funding window closes will be returned to you.

If you don’t add any money during the funding window, we’ll close your account.

We will contact you towards the end of your term to let you know your options for what to do with your savings. We’ll ask you to let us know what you want to do with your money after the term ends.

Your term will end either on the one-year anniversary of your account opening, or on the next business day. We’ll contact you within the 30 days before it ends to remind you and to explain your options for your savings. We’ll ask you to tell us what you want to do.

We’ll do what you’ve asked us to do on the day your term ends. You won’t earn interest for that day, but you’ll keep earning interest daily until then. We’ll pay any interest you’ve earned into your account before we move your money.

If you don’t let us know what you want to do by the end of the business day before your term ends, we’ll transfer your money and any interest into a Saga Maturity Saver Account. We’ll let you know the current interest rate for the Saga Maturity Saver Account before we move your money and you’ll be able to access your money at any time.

The Saga 1 Year Fixed Rate Saver does not allow withdrawals, including during your funding window. So, you should be sure you will not need access to your money before you open one.

If you need to close your account early, you can call our Customer Care Team on  0800 028 1701. We’ll charge an early closure fee.

If you close your account within the first 90 days, the fee will be equal to the interest you’ve earned so far. If you close your account after that point, the fee will be equal to the interest you earned over the first 90 days of your account being open.

If you have a joint account, either of you will usually be able to give us instructions to close your Saga 1 Year Fixed Rate Saver early.

The early closure fee will not apply if a sole account holder dies or if we can see that you’re in unexpected or challenging circumstances, which mean you need urgent access to your money. If you find yourself in this situation, please contact us on  0800 028 1701.

Managing your account

If you notice any transactions on your account that you don’t recognise, or you’re concerned that someone has unauthorised access to your personal details, security details or information, please call us as soon as possible on 0800 028 1701, or +44 203 901 3794 if you’re calling from abroad. Our lines are open Monday to Friday, 8am to 8pm (excluding bank holidays).

We take the security of your account and finances very seriously. For more information on the measures you can take to protect yourself, please see our security page.

Sometimes your one-time passcode can take some time to come through. We recommend you wait up to 15 minutes for the code and check your spam or junk mail. If you have still not received it after 15 minutes, please give our Customer Care Team a call on 0800 028 1701, or +44 203 901 3794 if you’re calling from abroad.

Our opening hours are 8am to 8pm, Monday to Friday (excluding bank holidays).

If your account has been locked, you’ll need to give our Customer Care Team a call on 0800 028 1701, or +44 203 901 3794 if you’re calling from abroad.

Our opening hours are 8am to 8pm, Monday to Friday (excluding bank holidays).

If you have other questions and would like to speak to a member of the team call 0800 028 1701  Lines are open Monday to Friday 8am-8pm (excluding bank holidays).

We’ve noticed that a lot of pressure seems to be being placed on mobile phone networks. This means you might get a busy signal when you try to call us, but do keep trying – our lines are working and our Customer Care Team are available to answer your queries.