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Saga Cash ISA

The Saga Cash ISA gives you the freedom to save tax free* with no fees or charges. Saga Savings accounts, provided by Goldman Sachs International Bank, are available to UK residents aged 50 and over.

Saga Cash ISA

The benefits

  • Save tax free* with no fees or charges 
  • 1.00% AER†/tax free* (variable) including a bonus rate of 0.10% tax free* fixed for the first 12 months
  • Interest calculated daily and paid monthly

* Tax free is the rate payable where interest is exempt from UK income tax. Your savings balance will be eligible for this tax benefit for so long as it is held in a valid cash ISA account. † AER stands for Annual Equivalent Rate and illustrates what your rate would be if interest was paid and compounded once each year.

A few things you need to know.

About withdrawals

Although you’ll be able to make withdrawals from this account, our Cash ISA is not ‘flexible’. This means whatever you take out can’t be replaced within your tax-free allowance. You’ll also lose the tax-free benefit on any future interest earned on that withdrawn amount. 

Your ISA contributions

It’s your responsibility to keep track of the contributions you make to the ISAs you open and hold. Each tax year, the government sets a contribution limit for ISAs, and for 2022/2023 it’s £20,000. That’s the total amount you can pay into any ISAs you hold, with any bank, this tax year. 


Applying on behalf of someone else


If you would like to open a Cash ISA on behalf of someone else, please call us on 0800 028 1701.

The interest rate on this account is variable, which means it can change at any time. However, the 12-month bonus rate is fixed and will not change. Please note that you won’t be able to transfer in another ISA you hold.

What is the interest rate?

Interest rate without bonus
(underlying interest rate)

0.90% AER / tax free (variable)

Interest rate with bonus
(bonus rate of 0.10% tax free fixed for first 12 months)

1.00% AER / tax free (variable)

Interest is calculated daily and paid monthly into this account.

AER stands for Annual Equivalent Rate. This illustrates what the interest rate would be if interest was paid and compounded once a year. Tax free is the interest rate payable where interest is exempt from UK income tax.

What would the estimated balance be after 12 and 24 months based on a £1,000 deposit?

Projected balance after 12 months
(interest rate of 1.00% AER, includes bonus rate of 0.10% tax free fixed for 12 months)

£1,010.00

Projected balance after 24 months
(only the underlying interest rate of 0.90% AER is paid for months 13 to 24)

£1,019.09

This projection assumes that you do not make any withdrawals or further deposits and that interest is paid into this account. This is for illustrative purposes only and doesn't take into account your individual circumstances.

How do I open and manage my account?

You can apply online. Once open, you can manage your account online. You can also give some instructions by phone.

You can’t pay in more than the annual allowance for ISAs set by the Government in any single tax year. You can find the current limit on our website. Your total payments into your Cash ISA over time also can’t go over £100,000. Neither of these limits apply to other Saga Savings accounts you hold with us which will have their own pay in limits.

To open a Cash ISA, your home address must be in the UK and you must be a UK tax resident and aged 18 or over. You also need your own email address, mobile phone number and National Insurance number.

During this tax year you should not have:

  • Paid into another cash ISA; or 
  • Already used your entire annual ISA allowance (e.g. in another ISA).

Can I withdraw money?

Yes, by logging into your account or by calling the customer care team. You can pay money to and from your Cash ISA from your linked account, which must be a personal UK current account in your name. If you have more than one Saga Savings account and those accounts allow you to move money, you can also transfer money between them.

This is not a flexible ISA. So if you do make a withdrawal, the amount taken out cannot be replaced and will still count towards your annual ISA allowance. By taking money out of your Cash ISA, you’re also giving up the tax-free benefits on the amount taken out. This means you might need to pay tax on any future interest you earn on that amount.

You can also transfer your Cash ISA savings in full to an ISA with another provider and keep the tax-free benefits on the money transferred.

There may be limits to how much you can take out of your Saga Savings account online, in one payment or per day. This is to protect your money against fraud.

Get started

If you need any help with your online application, please call the customer care team

Additional information

The interest you earn in your Cash ISA will be tax free so long as your account is managed in line with the Government’s rules. The tax treatment of ISAs and the applicable Government rules are subject to change. The benefits of your account for tax purposes will depend on your personal financial circumstances.

You can cancel this account within 14 calendar days of the date on which your account was opened by calling the customer care team. If you cancel within the 14 days, your account will be closed and any money you’d paid in won’t count towards your annual ISA allowance. Please see part 2 of the Saga Savings terms and conditions for more information about what happens when you cancel.

You can’t transfer from an existing ISA with another provider to Saga Savings. Saga Savings also can’t accept additional permitted subscriptions.

Financial Services Compensation Scheme

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

This limit is applied to the total of any deposits you have with Goldman Sachs International Bank (GSIB) under any brand, including Saga Savings (where the Saga Savings account is provided by GSIB), and Marcus by Goldman Sachs. Any total deposits you hold above the limit between these brands are unlikely to be covered.

You can find out more about how the scheme protects your money by visiting the FSCS page.

The Saga Easy Access Savings Account, Saga 1 Year Fixed Rate Saver and Saga Cash ISA are provided by Goldman Sachs International Bank. Goldman Sachs International Bank is registered in England and Wales (no. 1122503), authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The Financial Services Register number for Goldman Sachs International Bank is 124659 and the registered office is at Plumtree Court, 25 Shoe Lane, London, EC4A 4AU.

Saga Personal Finance is a registered trading name of Saga Personal Finance Limited: Company Registration No. 3023493.

How do I open and manage my account?

You can apply online. Once open, you can