Saga savings account review

SAGA offers savings accounts paying interest up to 4%.

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SAGA

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 4.01% is available on its cash ISA account.

Easy access
Cash ISAs

Easy access savings accounts

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SAGA's best easy access rate of 4% is significantly lower than today's market-best rate of 6%.
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Account type Withdrawals Min. opening balance Rate Deposit protection Open via Incentive
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Saga Easy Access Savings Account
Variable
Easy access
£0
4% AER variable (includes a 1.25% bonus )
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Cash ISAs

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SAGA's best cash ISA rate of 4.01% is significantly lower than today's market-best rate of 6%.
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How to open a Saga savings account

Accounts can be opened online. Once you have selected the account you want, select the “Apply” button and fill in the online application form.

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.

What documents do you need to open an account?

To open an account you will need the following:

  • Proof of identity such as your passport or full UK driving licence
  • Proof of address such as a utility bill, council tax statement or UK bank statement
  • National Insurance number (for Saga Cash ISA)

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.

Is Saga safe?

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 £120,000.

How to switch to Saga

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.

Pros and cons

Pros

  • Decent interest rates. Some accounts come with a 12-month bonus rate.
  • Online banking. Accounts can be opened and managed online.
  • FSCS protection. Deposits are protected up to £120,000.

Cons

  • No high street presence. Online management is common among savings accounts now, but if a high street presence is important to you then maybe Saga isn't the way to go.
  • Very limited options. Saga doesn't offer a huge range of savings accounts.

Our verdict: Is a savings account from Saga worth it?

While Saga is known for being a brand for over-50s, anyone over the age of 18 can open an account. Its savings accounts offer competitive rates of interest, but there are limited options to choose from. That’s why it pays to check our other reviews first in order to compare Saga against the competition when it comes to rates, fees and accessibility.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables is provided by Defaqto. In other cases, Finder has sourced data directly from providers.

Sources

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Kate Steere is an editor and money expert at Finder, specialising in banking, savings and fintech. She has previously written for The Motley Fool UK and Fitch Solutions, where she covered a wide range of personal finance topics and kept a close eye on market trends. Kate has a Bachelor of Arts in Modern History from the University of East Anglia. When not working, she can usually be found curled up with a good book or heading out for a run. See full bio

Kate's expertise
Kate has written 170 Finder guides across topics including:
  • Banking
  • Savings
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  • Payments
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