Saga: Fixed-rate savings accounts launched

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Saga: Fixed-rate savings accounts launched

Fri 20th Mar 2009

Saga has announced the launch of two fixed-rate savings accounts, which it claims offer attractive rates of interest.

One of the new accounts offers an annual equivalent rate (AER) of 3.45 per cent on all balances of more than £1 for the eighteen month term of the account.

Meanwhile, the second account lasts for a term of two years, during which Saga guarantees customers a similar fixed AER of 3.5 per cent. Neither account enables customers to withdraw their funds before the end of the account term.

The financial services provider, which specialises in serving people over the age of 50, said: "An 18 month and a two year fixed rate saving account are available from today, both offering competitive interest rates. Interest can be deducted on a yearly or monthly basis for both accounts."

Recent research by Sainsbury's Bank revealed that fewer than four per cent of instant access savings accounts currently pay interest of more than three per cent.

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