Fixed rate savings

What’s a savings platform?

Our savings platform is like a marketplace for fixed-term accounts. After completing just one application form, you can access multiple savings accounts from multiple providers. Whenever you open a new account through our platform, there’s no more application forms to fill in.

With access to lots of terms, banks and rates, you can easily shop around for a fixed account that works for you. You can also switch your money effortlessly as soon as a term ends.

The Saga Savings Platform is powered by our trusted partners Flagstone. Rated ‘Excellent’ on Trustpilot, they work with more banks than any other cash deposit platform. This means you always have a wide choice of ways to grow your money.

To be eligible, you must be a UK resident aged 18+ and have a valid UK bank account.

What our savings platform offers you

Simple set-up - Deposit at least £10,000 to the platform, then pick and mix the fixed-term accounts that suit your goals. When a term ends, you can withdraw your money or move it to another account on the platform.

Free to use - We won't charge you anything. Flagstone takes a small cut of the banks’ interest rates (up to 0.30%). They deduct this before rates appear on the platform, so the rate you see is always the rate you get.

Lots of choice - Spend less time shopping around as you can browse a wide range of banks, terms and rates in one place. Through one account, you can hold savings with multiple banks. And we add new products and market-leading rates regularly.

Always earning - We'll remind you when your account is a week from maturity and show you what new terms and rates are available. If you book a new account in advance, we’ll move your money over at maturity – so you can keep earning interest.

Added protection - All the banks on our platform are regulated by the Financial Services Compensation Scheme (FSCS). If any get in trouble, the FSCS protects up to £85,000 that you hold with each provider. By sharing your money across several eligible banks or building societies, you’re protecting even more of your savings. To find out more, visit the FSCS website.

Who provides the service?

Saga partners with Flagstone Group Limited, the UK's leading cash deposit platform, to provide a range of 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.

What does the FSCS protect?

The Financial Services Compensation Scheme protects you when a financial services firm fails. It will protect £85,000 of the eligible deposits you have (£170,000 per joint account) with each bank on our platform. Banks that are part of the same banking group (and share a banking licence) are treated as one bank. To find out more, visit the FSCS website.

Who holds my cash?

Funds in your Saga Savings Platform holding account are held in trust by HSBC. While Flagstone is the trustee, you are the legal owner and have full control over your cash.

When you open a savings account through the Saga Savings Platform, the funds are held by the bank. This means you don't have any credit risk exposed to Flagstone. The FSCS will protect your money, just as they would if you were to deposit direct to that bank (eligibility criteria apply).

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

What are fixed-term accounts?

Fixed-term accounts are also known as term accounts, fixed-rate accounts, and fixed-rate bonds. You must be prepared to leave your money in these accounts for the fixed amount of time. This can span from one month to seven years. You can't withdraw the money before the term 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. You could also select a new fixed term, provider and rate and move your money there.

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.

Flagstone take a small cut of the partner banks' interest rates (up to 0.30%). They deduct this before rates appear on the platform, so the rate you see is always the rate you receive.

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, and for additional taxpayers it’s £0. Interest above the Personal Savings Allowance will be added to your income and taxed at the relevant rate.

Taxation depends on your circumstances and rules may change. It's always a good idea to talk to a tax advisor. For more details, visit the HMRC website.

All Saga Savings Platform users receive an annual tax certificate at the end of the tax year. This provides details of the interest you’ve earned, helping you know if you need to complete a self-assessment tax return.