Saga Savings Platform

Saga has partnered with Flagstone Group Limited, the UK's leading cash deposit platform to provide a range of competitive fixed-term savings accounts. Flagstone Group Limited is authorised by the Financial Conduct Authority (Reference Number 605504) under the Payment Service Regulation 2017 for the provision of payment services. Registered office: 1st Floor, Clareville House, 26-27 Oxendon Street, London SW1Y 4EL.

Saga is a registered trading name of Saga Personal Finance Limited. Company Registration No. 3023493. Registered Office: 3 Pancras Square, London N1C 4AG.

You can open a Saga Savings Platform account with a minimum of £10,000. Once your details have been checked and your account is open, you simply transfer your funds and then log in to your Saga Savings Platform account and select the fixed-term accounts that work best for you. You can get started and apply for an account today.

The Saga Savings Platform allows you to choose from a selection of accounts with competitive rates to meet your needs. All of the accounts provide FSCS protection on eligible deposits, and you can choose from a range of fixed-term accounts.

The Financial Services Compensation Scheme is set up by the UK Government to protect you when financial services firm fails. For eligible deposits, FSCS deposit protection is £85,000 per depositor (£170,000 per joint account) per bank.

Money in multiple accounts with banks that are part of the same banking group (and share a banking licence) are treated as one bank.

For more information, please refer to www.fscs.org.uk.

Funds in your Saga Savings Platform holding account are held in trust by HSBC. While Flagstone is the trustee, you remain the full beneficial owner. In short, you have full control over your cash at all times.

When you open any savings accounts through the the Saga Savings Platform, the funds are held by the bank. This means you don't have any credit exposure to Flagstone, and receive FSCS protection just as you would if you were to deposit directly with that bank.

Flagstone is not a bank, and does not hold your funds at any time.

Also known as term accounts, or fixed rate accounts. You have to be prepared to leave your money in there for the fixed amount of time, which can span from one month to seven years - there's no taking it out before this ends. Interest rates are fixed and the interest is added at maturity.

At maturity you can withdraw your money once it's back in your holding account. Alternatively you can select a new fixed term, provider and rate and move your money there.

We do not charge you to use the Saga Savings Platform. The interest rate that you see is the interest rate that you receive.

Flagstone receives payment from the partner banks in the form of a share in the interest that the bank pays. Flagstone then provides Saga with a part of this interest share.

It depends. Basic rate taxpayers can generally earn up to £1,000 a year tax-free on their savings, known as a Personal Savings Allowance. For higher rate taxpayers, it's up to £500. Interest above the Personal Savings Allowance will be added to your income and taxed at the relevant rate. 

Taxation depends on your personal circumstances and rules may change. It's always a good idea to talk to a tax advisor and you can find all the latest information at HMRC.

All Saga Savings Platform customers will receive an annual tax certificate for tax year end, giving you full clarity on interest earned, and helping you know if you need to complete a self-assessment tax return.