Short-term savings accounts are perfect for savers who want to grow their money securely for a few months.
Not only do these short-term bonds provide a safe haven for your funds, but they also offer fixed interest rates. This means you know exactly how much you'll earn over a set period of time. As a result, it’s easier to plan your financial goals – whether you’re saving for home upgrades, a sunny escape or a rainy day.
Managing these accounts is easy on the Saga Savings Platform, powered by Flagstone. Simply deposit your funds, then return three months later to find your balance has grown just as planned.
With a three-month fixed-rate savings account, you deposit your money and leave it there for three months. The interest you earn is added to your balance at the end of the term when the account matures.
During the three-month term, the interest rate stays the same and isn’t affected by the market. This means you can be sure how much interest you’ll earn when you sign up. And by knowing your earnings in advance, it’s easier to plan your financial future.
Fixed-term savings accounts could also be a good way to access competitive rates. As you can only withdraw your money when the account matures, you may find higher interest rates than with instant access savings accounts.
Your earning potential depends on the interest rate and the amount you deposit.
There are no hidden fees when you open a three-month fixed savings account on the Saga Savings Platform, the interest rate you see is the interest rate you’ll get. Our savings platform is regularly being updated with new rates, to check the latest rates, take a look at the Saga Savings Platform.
Move your money to another fixed-term account on the Saga Savings Platform and keep earning interest. This could be a 6 month, 9 month or 12 month savings account.
3.92% | 3.87% AER/Gross* (fixed)
*AER means Annual Equivalent Rate. This shows what the interest rate would be over the course of a year. Gross is the interest rate before tax is taken off.
The rate shown is subject to change at short notice. The rate you will receive is shown on the platform before you deposit. Once you open an account, the rate won’t change for the entire period of the fixed term.
The range of banks, accounts and rates you can access may differ for single and joint accounts. The range of rates may also differ due to factors such as what country you live in.
To open a three-month fixed-rate savings account, you need to sign up to the Saga Savings Platform. You must be 18 years or over, a UK resident, and have a valid UK bank account. The platform gives you access to dozens of fixed-term savings accounts from a wide range of banks. Offering fixed terms from one month to seven years, the savings accounts are all available in one place and you only need to register your details once.
At the end of the three-month term, you have several options:
The Financial Services Compensation Scheme (FSCS) supports you if a bank can't return your funds. It protects up to £85,000 (£170,000 for joint accounts) of deposits held with UK banks on the Saga Savings Platform.
This limit applies to the total amount you have with each bank. If you have a total amount with one bank that’s above the limit, it’s not likely to be covered. Banks that are part of the same banking group (and share a banking licence) are treated as one bank.
If a bank can't return your funds, the FSCS will take care of sorting things out. To find out more, visit the FSCS website.
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Find out more about the options we offer with Goldman Sachs International Bank and Flagstone.
