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.
Cash ISAs
Table: sorted by interest rate
SAGA's best cash ISA rate of 4.01% is slightly lower than today's market-best rate of 5%.
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.
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 £85,000.
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.
Flexibility. Saga offers a range of different savings accounts, from easy access to fixed rate.
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.
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. 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.
Frequently asked questions
Any UK resident who is over the age of 18 can apply for a Saga savings account. It is worth noting that US citizens, those who hold dual citizenship of the US and another country and US resident aliens will be unable to open an account.
Yes, you can. The whole process can be completed online including uploading your identity and proof of address documents.
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Kate Steere is an editor at Finder, specialising in fintech, banking and cryptocurrency. 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
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