Savings Interest Rates, Switch Offers and Guides for Saga

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 grown into a broad financial services and lifestyle brand covering insurance, travel, and cruises alongside savings. It is listed on the London Stock Exchange and is a constituent of the FTSE 250 Index.

When it comes to savings, Saga does not operate its own banking licence. Designed for people over 50, the Easy Access Savings Account is run in partnership with NatWest. That matters for FSCS purposes - more on that below.

Savings accounts

Saga currently offers one savings product through DepositScout: an Easy Access Savings Account paying 4.50% AER variable. That rate includes a 1.64% bonus for the first 12 months, after which the underlying rate drops to 2.86%. If you are drawn in by the headline figure, it is worth diarising the end of that bonus period so you can reassess. The account opens with as little as £1, and access is instant.

FSCS protection - a key detail

Eligible deposits up to £120,000 are protected by the FSCS - but this applies to the total of any deposits you hold across Saga Money, NatWest, and NatWest's associated brands. That higher-than-standard £120,000 limit is a feature of NatWest's licence arrangements. If you already hold savings with NatWest or its brands, your Saga balance counts toward the same pot, so keep that in mind when deciding how much to deposit.

Is it right for you?

Saga's savings offering suits over-50s who want a simple, no-frills easy access account and value having a UK-based support team on hand if something goes wrong. The bonus rate makes the headline figure appealing right now, but the base rate is what you will be left with after year one. As always, the live rates shown on this page are the most up-to-date figures - check them before you decide.