Saga savings rates — compare every account, plus switch offers and guides

Who they are

Saga is a British company focused on serving the needs of those aged 50 and over. The business was founded by Sidney De Haan in 1951 and has since grown into a well-known name covering holidays, insurance, and personal finance. Saga Personal Finance provides savings accounts, credit cards, travel money, financial advice, equity release, and more.

On the savings side, things have recently shifted. Saga has announced a seven-year partnership with banking giant NatWest to launch a new range of savings products for the over-50s, with the collaboration involving NatWest Boxed, the banking group's banking-as-a-service arm. There is no high street presence - the account is managed entirely online, which is standard for savings accounts today but worth knowing upfront.

Savings accounts

Saga currently lists one savings product here on DepositScout: the Easy Access Savings Account. It pays 4.50% AER variable, which includes a 1.64% introductory bonus fixed for the first 12 months. Once that bonus period ends, the underlying base rate of 2.86% applies - so it is worth making a note of when the 12 months are up and revisiting the rate at that point. The bonus is available to new customers only.

You can open the account with as little as £1, and you can hold up to £1 million in your account. One thing to be aware of: you can withdraw up to £10,000 at a time, and £20,000 within a 24-hour period, which is less flexible than some easy-access accounts if you ever need to move a large sum quickly.

FSCS protection

Eligible deposits up to £120,000 are protected by the FSCS - and that limit applies to the total of any deposits you have with Saga Money, NatWest, and NatWest's associated brands. If you already hold savings with NatWest or any of its related brands, that shared licence is important to factor in when working out how much of your money sits within the protected limit.

Is it right for you?

While Saga is known for being a brand for over-50s, anyone over the age of 18 can open an account, so the door is open to a wider range of savers than the branding might suggest. The account is simple and no-frills, with no fees and instant access via Faster Payments. The headline rate is competitive, but like most top easy-access deals right now, it rests heavily on a 12-month bonus - after which the base rate is considerably lower. That makes Saga a reasonable home for your savings today, so long as you stay alert to the bonus expiry.

Always check the live rates shown on this page, as they reflect the current position and will be updated as things change.