Press release

THIS RATE IS NO LONGER AVAILABLE -SAGA LAUNCHES BEST BUY 1YR FIXED RATE ISA PAYING 3.60%SAGA LAUNCHES BEST BUY 1YR FIXED RATE ISA PAYING 3.60%

Thursday 22 March 2012

Saga is launching a new one year fixed rate cash ISA this Thursday 22nd March giving customers the choice of receiving interest monthly or annually:

 

  • The Saga One Year Fixed Rate Cash ISA annual interest option has a rate of 3.60% tax free/ AER*.
  • The Saga One Year Fixed Rate Cash ISA monthly interest option has a rate of 3.54% tax free or 3.60% AER*.

 

The minimum deposit is £1 and the maximum deposit is the total ISA cash allowance, currently £5,340.  Interest is calculated daily and is paid on the anniversary of the first deposit or monthly for monthly accounts.
Saga, on behalf of its savings customers is also calling on the government to change the ISA rules to allow people to save the entire ISA allowance in cash, rather than just half of it. This would particularly help older people who rely on income from their savings and who have seen their savings and pension income slashed due to monetary policy over the last few years.

Roger Ramsden, Chief Executive, Saga Services, commented: “We are pleased to be able to add this ISA to our current range, for those who prefer to have access to their money quickly.  As always with Saga, people can choose to have the interest paid monthly, we know this is valued by our customers who like to live off the interest from their savings.”


For further information about all Saga Saving Accounts please visit saga.co.uk/savings or call 0845 850 0664.

For details of Saga's Cash ISA or to apply please Click here

 

-ENDS-

Editorial Notes:
*AER stands for Annual Equivalent Rate and represents the rate effectively received by the customer if interest applied during a year remained in the account and itself earned interest.

About the Saga One Year Fixed Rate Cash ISA
· Saga 1 Year Fixed Rate 3.60% ISA
· Yearly 3.60% tax free
· Monthly 3.54% Tax Free / 3.60% AER
· Interest is calculated daily and is paid yearly on the anniversary of the first deposit or monthly for monthly accounts.
· ISA Transfers are not permitted into this product. All deposits must be for the tax year in which it is opened.
· The maximum balance is £5340.00 ( £5640.00 for the new tax year).
· Minimum balance is £1
· Yearly interest must be paid back to the account