Fixed rate savings

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.

You can open a Saga Savings Platform account with a minimum of £10,000. Once your details are checked and your account is open, you can transfer funds to your Saga Savings Platform account. Then log in and select the fixed-term accounts that work best for you. If you want to open a Saga Savings Platform account, you can sign up today.

The Saga Savings Platform allows you to access fixed savings accounts that come with a range of rates and terms. The FSCS protects eligible deposits for all the accounts we offer.

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.

Funds in your Saga Savings Platform holding account are held in trust by HSBC. While Flagstone is the trustee, you are the 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.

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.

Sharia-compliant savings accounts are provided by banks that follow Islamic law. Instead of a fixed interest rate, they offer an Expected Profit Rate (EPR). The EPR is driven by profits from the bank’s Sharia-compliant activities. Savers receive a share of the profit, but not any interest – which is prohibited by Islamic law.

The EPR is shown as a percentage, so you can compare it to the interest rates offered by banks that don’t follow Islamic law. As the EPR is a target, it's not guaranteed and could be reduced. 

In the unlikely event that a bank changes the EPR after you’ve opened an account, we’ll notify you in advance. You will have the option to accept the new rate or terminate your fixed term account. Your original deposit will be returned to you plus any profit you’ve earned up to that date.

Saga Savings have written a useful article that explains in more detail how Sharia-compliant accounts save your money using the principles of Islamic finance.

All the banks you see on the Saga Savings Platform are FSCS-protected. You can find out more by reading each account’s terms and conditions.

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.

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 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.