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
How does it work?
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.
- 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.
Telephone saver (Issue 18)
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.
Unlimited withdrawals through your linked account, with no charges or notice period.
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
Am I eligible?
To be eligible for a Saga Telephone Saver Account you must be:
- a UK resident
- aged 50 or over
£1 million per account holder.
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.
50 years or older.
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.
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.
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.