Saga

Who they are

Saga was founded by Sidney De Haan in 1951 and has grown into a well-known name covering holidays, insurance, and personal finance. The company is focused on serving the needs of those aged 50 and over , and that identity runs through everything it does - from package holidays to savings accounts. On the savings side, Saga has announced a seven-year partnership with 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 offers one savings product in our data: the Easy Access Savings Account. The headline rate is 4.25% AER (variable), which includes a 1.39% bonus fixed for the first 12 months, sitting on a base rate of 2.86%. You can open it with as little as £1, so there is no pressure to commit a large sum to get started.

You can hold up to £1 million in your account, but withdrawals are capped at £10,000 at a time and £20,000 within a 24-hour period - so it is less nimble than some easy-access accounts if you ever need to move a large sum quickly. 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.

On FSCS protection, there is an important detail to flag. Eligible deposits up to £120,000 are protected by the FSCS - but this limit applies to the total of any deposits you hold with Saga Money, NatWest, and NatWest's associated brands. If you already have savings or a current account with NatWest or one of its related brands, your combined deposits across all of them count toward that single £120,000 limit.

Is it right for you?

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. Set a reminder before the 12 months are up and be ready to compare again at that point.

There are no switch offers in our data at this time, and no current account or linked product is required to open the savings account. It is a straightforward, no-fees easy-access account - useful if you want simplicity and a competitive short-term rate without any conditions attached.

As always, the live rates shown on this page are the source of truth - check them before you apply, as rates can and do change.