SAGA has released a new easy access account, which has gone straight into the Moneyfacts charts.
Telephone Saver (Issue 16) pays a competitive variable rate of 1.35% yearly, including a 12-month bonus of 0.85%. A monthly version is also available paying 1.34% with a 0.84% bonus.
The finer details…
This account is only available for those aged 50 and over with a minimum deposit of £1,000. As the name suggests, this account must be opened and operated by phone with all transactions made via a nominated account.
No notice is required to access funds and unlimited withdrawals can be made. Further additions are also permitted.
This account is operated by Birmingham Midshires and is covered by the Financial Services Compensation Scheme up to £85,000.
Why we like it…
This deal offers the more mature saver a competitive rate, which is sure to pique interest. The flexibility of unlimited withdrawals and further additions makes this account an attractive choice for those who are uncomfortable with locking money away, while the option of monthly interest will appeal to those who are looking to supplement their income. However, the competitiveness of this account must be re-evaluated in a year's time when the introductory bonus rate expires.
Four Moneyfacts Stars have been awarded.
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