Saga savings accounts

Who is Saga?

Saga specialises in products and services for people aged 50 and over, although some offers are available to younger age groups. As well as finance it also focuses on holidays, including cruises.

Its savings accounts are supported by Goldman Sachs, a leading global financial institution, offering security and competitive returns.

For fixed-rate savings, Saga also works with Flagstone, a platform that connects savers with a panel of banks to secure the most suitable rates.

What types of savings accounts does Saga offer?

Saga provides a variety of savings options to cater to different financial goals. These include:

• Easy access savings account: Allows you to start saving with as little as £1, offering a variable interest rate with a bonus added for the first 12 months. You have the flexibility to withdraw funds at any time without penalties

• Cash ISA: A tax-free savings option allowing you to deposit up to the annual ISA limit, currently 20,000, while earning interest on your savings. This ISA has a bonus rate added for the first 12 months, but is not flexible, meaning any funds withdrawn can’t be replaced within your tax free allowance

• Fixed rate savings accounts: Through the Saga Savings Platform, you can access fixed-rate savings accounts with varying terms and rates, provided by a panel of trusted banks. These accounts typically require a minimum deposit and offer a fixed interest rate for the chosen term.

Are there any fees or restrictions?

Saga's savings accounts are designed to be straightforward.

There are no fees or charges associated with Saga’s easy access savings account, you can deposit and withdraw funds as needed, with a daily online withdrawal limit of £20,000 for security purposes.

Restrictions on fixed rate savings accounts vary, but typically require a minimum deposit with additional deposits not allowed after the initial funding period. Withdrawals before the end of the term may not be permitted or could incur penalties.

How can I access my savings?

You can manage your Saga savings accounts online through the Saga Savings Platform, providing 24/7 access to your account information and transactions.

Can I transfer money from an existing cash ISA?

No, you can’t transfer from an existing ISA with another provider to Saga Savings, but more flexible cash account ISAs will allow transfer-ins.

Can I get a joint savings account with Saga?

Saga offers both single and joint account options for their savings products. Your joint account holder must be the same across your accounts.

When applying through the Saga Savings Platform, you can choose the type of account that best suits your needs.

Are Saga’s savings accounts good for over-50s?

Saga tailors its products to the over-50s market, offering straightforward savings accounts with competitive interest rates.

The flexibility of its easy access savings account makes it ideal for retirees looking to access funds when needed, while its fixed-rate options suit those who prefer long-term security.

Does Saga offer a mobile banking app?

While it offers a mobile app for other services, Saga does not currently run a mobile banking app, although you can manage your money through its website.

Is Saga regulated and safe?

Yes, Saga's savings accounts are provided in partnership with regulated financial institutions.

For example, the easy access savings account is offered by Goldman Sachs International Bank, which is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Eligible deposits are protected up to £120,000 by the Financial Services Compensation Scheme (FSCS).

How do I open a Saga savings account?

Opening a Saga savings account is a straightforward process:

1. Go to the Saga website and navigate to the savings section

2. Create an account with your email address and set a password

3. Choose the type of account, specify the amount you plan to deposit, and fill in your personal and financial details

4. Transfer the initial deposit from your nominated UK bank account

5. Manage your account online through the Saga Savings Platform.

Why compare savings accounts with MoneySuperMarket?

Comparing savings accounts with us ensures you’re getting the best deal for your money.

Interest rates, access restrictions, and bonus periods vary across different providers, and with MoneySuperMarket you can compare options side by side, making it easier to find the right account for your needs.

Whether you want instant access to your savings or prefer a fixed-rate account for higher returns, we help you make an informed choice.