Saga has unleashed a competitive two-year bond onto the market for older savers, securing it a prized place in the Moneyfacts charts.
2 Year Fixed Rate Savings has a competitive yearly rate of 2.10% (2.08% monthly), allowing it to sit comfortably among the top 10 accounts of its sector.
This account can be opened by phone and online and then managed by post. It requires an initial investment of just £1. Savers must be aged 50 and over in order to be eligible.
Further additions are not welcome, but it is possible to access funds early: an interest penalty of 90 days' loss will apply to withdrawals made with a remaining term one year or less, while a penalty of 180 days' interest will be applied if up to two years of the term remain.
Older savers are likely to welcome this new addition to the market, particularly as this deal offers a monthly interest option, which will appeal to those who are looking to secure a regular income. The ability to access funds early is also a bonus, although savers must be aware that an interest penalty of up to 180 days' interest will apply.
Moneyfacts rating: Excellent
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