Saga launches over-50s savings account

Saga Personal Finance has announced the introduction of a new easy access savings account.

Launched this week, the product offers an AER of 2.75 per cent and is available to consumers aged 50 and over wishing to register between £1 and £1 million.

The interest rate is variable and includes a first-year bonus of one per cent gross, while there are no notice periods for fees or withdrawals.

After the first 12 months, the interest rate offered is guaranteed not to fall more than two per cent below the Bank of England base rate.

Ali Crossley, chief operating officer at Saga Personal Finance, said over 50s expect their savings to work hard for them and yield a decent income in retirement.

"This variable account, allowing customers to access their savings online, is the latest addition to our range of high interest savings options to suit all needs."

The Bank's base rate currently stands at the historic low of 0.5 per cent, having remained unchanged since March 2009.

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2010-05-18 13:44:57 © Moneyextra.com