Saga savings account guarantee announced

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Saga savings account guarantee announced

Saga Personal Finance has launched a new online savings account guarantee, which promises customers that the rate on their savings will not be more than 0.25 per cent AER below the average of the top five variable internet accounts.

That average rate currently stands at 6.25 per cent gross, or 6.43 per cent AER, the company said.

Existing Saga Online Savings Account customers will automatically receive the new rates, while new customers can apply online.

The account allows savers to access their money at all times, with no restrictions on the number of transactions allowed.

It can be opened with £1 and has a maximum limit of £5 milion.

Andrew Goodsell, Saga's chief executive, commented: "Saga's new account further demonstrates our commitment to offering savers a guarantee of stability."

The company launched two new savings products in March.
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