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Saga Savings Platform

Saving with a fixed-term account means knowing exactly how much you’ll earn in interest. Choose the banks and account types that best suit your needs.

Saga Savings Platform powered by Flagstone

Saga has chosen to partner with Flagstone to offer our customers a simple and convenient way to maximise your interest and cash savings. The Saga Savings Platform offers access to a choice of fixed-term savings accounts from a range of banks, all available in one place, with one application.

Flagstone is a secure, market-leading cash deposit platform that has helped over 600,000 clients transact more than £13 billion. Once you've set up and funded your Saga Savings Platform account, with a minimum deposit of just £10,000, you will have access to a range of fixed-term rates to suit your needs.

Some of our interest rates:

Below you can see examples of the banks and accounts that are on our platform. It also offers access to other banks and terms, ranging from one month to seven years.

12 months fixed - SmartSave

4.92% | 4.92% AER/Gross* (fixed)

9 months fixed - SmartSave

4.86% | 4.84% AER/Gross* (fixed)

6 months fixed - SmartSave

5.19% | 5.13% AER/Gross* (fixed)

3 months fixed - SmartSave

5.21% | 5.12% AER/Gross* (fixed)

*AER stands for Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once a year. Gross is the interest rate before tax is deducted.

The rates shown here are indicative and are subject to change at short notice. The actual rate you will receive will be shown on the platform before you deposit and won't change once the account has been opened for the duration of the fixed term.

Dependent upon whether you are an individual or looking to open a joint account, different banks, accounts and rates will be available to you on the platform. The number of rates available may be reduced depending on whether you live in the UK, consider the UK your permanent home, and other factors.

 

Three simple steps to accessing high interest rates

Apply for your Saga Savings Platform account

Answer a few questions about yourself to get started.

Transfer funds

Transfer the amount you want to deposit into your Saga Savings Platform account. Minimum deposit amount of £10,000.

Open savings accounts

Once you've transferred your cash into your Saga Savings Platform account, you can then move money into the savings accounts you wish to open.

Apply now

The features and benefits

  • Access and deposit to multiple fixed-term rates with a single application
  • The ability to spread your cash across multiple banks to maximise your FSCS protection on eligible deposits
  • No administration or management fees. Flagstone take a small cut of the partner banks' interest rates (up to 0.40%) and deduct this before any rates appear on the platform - so the rate you see will always be the rate you receive.
  • Reinvest your money at maturity to an account of your choosing with only a few clicks  

Here and ready when you are

Whether you have questions about the Saga Savings Platform or just want to find out more, the expert team are on hand to help.

0800 092 3398

Mon-Fri 9am-5:30pm
Sat - Closed
Sun - Closed
Excluding Bank Holidays

Apply now

Financial Services Compensation Scheme

All UK banks available on the Saga Savings Platform offer FSCS protection on deposits up to £85,000, or £170,000 for joint accounts, by the Financial Services Compensation Scheme (FSCS), the UK's deposit guarantee scheme.

This limit is applied to the total of any deposits you have with each of the banks you open a savings account with. Any total deposits you hold above the limit are unlikely to be covered. Money held in multiple accounts with banks that are part of the same banking group (and share a banking licence) are treated as one bank.

You do not need to do anything - the FSCS will compensate you automatically. 

You can find out more about how the scheme protects your money by visiting the FSCS page.

What is the Saga Savings Platform?

What it is and how it works.
Who provides the service?

Saga has partnered with Flagstone Group Limited, the UK's leading cash deposit platform to provide a range of competitive fixed-term savings accounts. Flagstone Group Limited is authorised by the Financial Conduct Authority (Reference Number 605504) under the Payment Service Regulation 2017 for the provision of payment services. Registered office: 1st Floor, Clareville House, 26-27 Oxendon Street, London SW1Y 4EL.

Saga is a registered trading name of Saga Personal Finance Limited. Company Registration No. 3023493. Registered Office: 3 Pancras Square, London N1C 4AG.

How does it work?

You can open a Saga Savings Platform account with a minimum of £10,000. Once your details have been checked and your account is open, you simply transfer your funds and then log in to your Saga Savings Platform account and select the fixed-term accounts that work best for you. You can get started and apply for an account today.

What are the benefits?

The Saga Savings Platform allows you to choose from a selection of accounts with competitive rates to meet your needs. All of the accounts provide FSCS protection on eligible deposits, and you can choose from a range of fixed-term accounts.

What is FSCS protection?

The Financial Services Compensation Scheme is set up by the UK Government to protect you when financial services firm fails. For eligible deposits, FSCS deposit protection is £85,000 per depositor (£170,000 per joint account) per bank.

Money in multiple accounts with banks that are part of the same banking group (and share a banking licence) are treated as one bank.

For more information, please refer to www.fscs.org.uk.

Who holds my cash?

Funds in your Saga Savings Platform holding account are held in trust by HSBC. While Flagstone is the trustee, you remain the full beneficial owner. In short, you have full control over your cash at all times.

When you open any savings accounts through the the Saga Savings Platform, the funds are held by the bank. This means you don't have any credit exposure to Flagstone, and receive FSCS protection just as you would if you were to deposit directly with that bank.

Flagstone is not a bank, and does not hold your funds at any time.

Account types

What are fixed-term accounts?

Also known as term accounts, or fixed rate accounts. You have to be prepared to leave your money in there for the fixed amount of time, which can span from one month to seven years - there's no taking it out before this ends. Interest rates are fixed and the interest is added at maturity.

At maturity you can withdraw your money once it's back in your holding account. Alternatively you can select a new fixed term, provider and rate and move your money there.

Charges and tax

Are there any charges for this service?

We do not charge you to use the Saga Savings Platform. The interest rate that you see is the interest rate that you receive.

Flagstone receives payment from the partner banks in the form of a share in the interest that the bank pays. Flagstone then provides Saga with a part of this interest share.

Will I pay tax on my savings?

It depends. Basic rate taxpayers can generally earn up to £1,000 a year tax-free on their savings, known as a Personal Savings Allowance. For higher rate taxpayers, it's up to £500. Interest above the Personal Savings Allowance will be added to your income and taxed at the relevant rate. 

Taxation depends on your personal circumstances and rules may change. It's always a good idea to talk to a tax advisor and you can find all the latest information at HMRC.

All Saga Savings Platform customers will receive an annual tax certificate for tax year end, giving you full clarity on interest earned, and helping you know if you need to complete a self-assessment tax return.