Saga launches Internet Saver Issue 4 online savings account

Saga Personal Finance announces the launch of the Saga Internet Saver Issue 4, an easy access savings account, rewarding savers with balances of £20,000 or more with an attractive AER of 3.05% variable.

Launching this week, the account is available to UK residents aged 50 and over.  The interest rate is variable, and the account includes a 12 month fixed bonus of at least 2.07% for balances below £20,000 and at least 2.51% for £20,000 or more.  Savers have a choice of interest being paid monthly or annually and higher bonus rates apply if they choose yearly interest.  After 12 months, the variable rate without bonus applies, currently 0.50% gross/AER.

Roger Ramsden, Chief Executive, Saga Services commented: "Over 50s have on average £22,000 in their savings accounts, therefore we thought it fair to reward these diligent savers with a higher interest rate.  Two thirds of over 50s use their savings to boost their income therefore the option to have their interest paid monthly is very important."

The account offers flexible saving on balances from the minimum deposit of £1 to £1million. There are no notice periods or fees for withdrawals and there are no restrictions on the number of transactions customers can make.  Customers are notified by letter ahead of the bonus period ending.