Saga savings account review
SAGA offers a select range of savings accounts with interest rates up to 4.55%.
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Saga is known for offering financial services specifically to the over-50s in the UK. Established in 1951, it has grown its financial product range steadily over the years to include insurance, equity release and savings.
Under its savings range it has a variety of different accounts and ISAs.
SAGA's top savings rate of 4.55% is available on one of its easy access accounts.
The best savings account depends on what you want from your savings. If you're after fast access to your money, then an easy-access account should suit you. However, if you're happy to lock your money away for a time to access a higher rate, then a fixed-rate bond is a good option.
Finally, if you're looking to maximise your returns and shield them from income tax, consider an ISA. Below, we've listed the different types of accounts SAGA offers, plus the highest interest rate currently available.
Savings account types include | Easy access, cash ISAs |
---|---|
Best easy access rate | 4.55% |
Best cash ISA rate | 4.55% |
Opening options | Website |
FSCS protection |
Accounts can be opened online. Once you have selected the account you want, select the “Get started” button.
Alternatively, you can call Saga’s customer care team who can help take you through the application. You will need internet access and access to your email account while on the phone to complete the application.
To open an account you will need the following:
You will also need to provide the sort code and account number of a UK current account in your name. As well as this you will need your own email address and mobile phone number.
Saga is fully authorised by the Financial Conduct Authority (FCA).
Its savings accounts are provided by Goldman Sachs and are covered by the Financial Services Compensation Scheme (FSCS) which protects eligible deposits up to a total of £85,000.
When you apply for a Saga savings account, you will be asked to provide details of a UK current account. This will then become your linked account and you can use it to move money into your Saga savings account.
You can also add money from another Saga savings account if it is provided by Goldman Sachs, is in your name and allows withdrawals. However, money from Saga accounts opened before 30 September 2019 with Birmingham Midshires cannot be transferred directly. You will instead need to move the money to your nominated account and move it in from there.
While Saga is known for being a brand for over-50s, anyone over the age of 18 can open an account. It has a decent range of savings accounts, so there is something for everyone. It typically has competitive interest, particularly on its 1-year fixed rate bond.
However, remember to check our other reviews first in order to compare Saga against the competition when it comes to rates, fees and accessibility.
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