SAGA sets short term fixed rate pulses racing - Savings - News - Moneyfacts


SAGA sets short term fixed rate pulses racing

SAGA sets short term fixed rate pulses racing

Category: Savings

Updated: 14/03/2011
First Published: 14/03/2011

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

SAGA has unveiled some new short term fixed rate bonds sure to set pulses racing.

Its One Year Fixed Rate Savings account pays 3.20% on maturity (3.15% monthly), high enough to rank amongst some of the best one year bonds available.

Meanwhile, its Two Year Fixed Rate Savings account, of which an internet version is also available, pays 3.80% yearly (3.74% monthly), leaving them in the upper echelons of their respective fields.

Both bonds require a minimum investment of £1 and accept additional investments while the issue remains open.

However, one important difference is that while the one year account forbids any withdrawals during the term, money can be taken from the two year versions, albeit at a price.

Early access to funds on the two year accounts is permitted subject to 180 days' loss of interest in year one, and 90 days' loss of interest in year two.

As is SAGA's way, the accounts are only available to those aged 50 and over.

But four out of five Moneyfacts stars are well deserved.

Find the best savings rates for you - Compare savings accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Savings rates plummet to fresh lows yet again

It’s becoming a recurring theme, and unfortunately, it’s showing no signs of stopping. Savings rates have plummeted to fresh lows once again as the impact of the base rate cut continues – and this month, product availability has followed.

Less than half of savings accounts beat inflation

Official figures show that inflation jumped up during September, with CPI rising to 1%. Not only does this mean that consumers may begin to feel the impact on their wallets, but there are now far fewer savings accounts that will beat inflation.

Number of savings accounts falls to record low

As if the continued drop in savings rates wasn’t bad enough, our latest research reveals another blow to already hard-pressed savers, with the number of accounts available having fallen to a record low.