Money News
Saga Personal Finance has announced the introduction of two savings products - the new Saga Telephone Savings Account and the Saga One Year Guaranteed Equity Bond.
The Saga Telephone Savings Account, paying 6.00% gross/AER (and including a 0.75% bonus in year 1), has been launched for those customers wanting quick access to their savings via the telephone and wishing to always speak to a real person in the UK. Minimum opening balance is £1000. If the balance falls below £1000 the account reverts to the post bonus rate.
Meanwhile, the stockmarket linked Saga One Year Guaranteed Equity Bond is aimed at investors who don't require access to their money during the term of the investment, and are looking for exposure to potential increases in the FTSE 100 Index, safe in the knowledge their capital is not at any risk.
The Footsie linked bond offers a return of 8.00% gross/AER, assuming the average of the index hasn't fallen at the end of the one year term. Should it do so the investor will simply receive the original investment back in full.
Minimum investment is £500, maximum investment £5 million.
The bond is due to mature on April 30th 2009. After the maturity date, and in the absence of any written instruction being received, the proceeds will be transferred into a Saga account being offered - this selected at Saga's discretion.
19 March 2008 © Moneyextra.com
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