Saga Personal Finance has today (May 17th) announced the launch of a new easy access online savings account
, which has an annual equivalent rate of 2.75 per cent.
The new savings account
, named the Saga Internet Saver, is available to all new and existing UK account
holders aged 50 and above and has a variable interest rate with a first-year bonus of one per cent gross.
It offers flexible savings on balances ranging between £1 and £1 million and allows unlimited internet access 24 hours a day, seven days a week. Saga has guaranteed that the interest rate on the account will never be more than two per cent below that Bank of England base rate, to a minimum of 0.25 per cent and maximum of eight per cent.
Also, there are no notice periods or fees attached to withdrawals, meaning that the account offers a quick and simple method of saving.
Ali Crossley of Saga said: "We appreciate that the over-50s expect their savings to work hard for them and bring them a decent income in retirement.
"This variable account, allowing customers to access their savings online, is the latest addition to our range of high interest savings options to suit all needs."
By Mark Hornby