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 18)

 Monthly interest
 Yearly interest
1.00 / 1.00%
Gross/AER
1.00%
Gross/AER

Including a fixed first year bonus of 0.75% on balances of £1,000+ Withdrawals are permitted without 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.

Close

Key Features

  • Minimum deposit: £1 per customer. Your account balance must be a minimum of £1,000 to qualify for the bonus rate.
  • Maximum deposit: £1 million per customer.
  • Monthly and yearly interest rates available.

  • A 12 month fixed bonus of 0.75% is offered on this account, making a total interest rate of 1.00% for 12 months. When your bonus ends we will contact you to advise on the new interest rates and your renewal options. Currently our post bonus rate is 0.25%.

  • 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 person responsibility to disclose and pay any tax due directly to HMRC.
  • Withdrawal requests by telephone only, paid directly to your linked account.

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

Summary box


Account name

Telephone saver (Issue 18)

Interest

Annual Interest:
Balances of £1 - £999.99 earn 0.25% gross/AER variable.
Balances of £1,000+ earn 1.00% gross/AER variable, including a fixed 12-month bonus of 0.75%.
After 12 months this rate will revert to the variable rate without bonus, currently 0.25% gross/AER.

Monthly interest:
Balances of £1 - £999.99 earn 0.25% gross/AER.
Balances of £1,000+ earn 1.00% gross 1.00% AER variable, including a fixed 12-month bonus of 0.75%.
After 12 months this rate will revert to the variable rate without bonus, currently 0.25% gross/AER.

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 person responsibility to disclose and pay any tax due directly to HMRC.

 Conditions for bonus payment     

A fixed bonus will be paid for the first 12 months from the date of your first deposit, as long as the account balance remains £1,000 or over.

For every day in the first 12 months your balance is less than £1,000, you will receive the variable rate without bonus, currently 0.25% gross/AER.

Withdrawal arrangements

Unlimited withdrawals through your linked account, with no charges or notice period.

Access

Telephone

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.

You may also be interested in