By: Anne East | Updated: 6th August 2020.
Account protected by the FSCS up to £85,000
The Saga Easy Access Savings Account is provided by Goldman Sachs International Bank and gives you the chance to start saving with as little as £1. Interest rates might not be best in class, but with no fees, unlimited withdrawals, and online access, it’s a truly flexible way to stash your cash.
I’ve been writing about insurance and personal finance products since 2016, covering the ins and outs that enable consumers to make informed choices based on facts. Before that, I was a retail buyer working for some of the UK’s most popular brands both on the high street and online. My experience gives me insight into how the business, financial and consumer worlds interact and a clear view of the bigger picture.
If you’re looking for a savings account with instant access and minimal deposit, then the Saga Easy Access Savings Account is worth a look.
It’s true that the account doesn’t offer the most compelling interest rate. But, in most cases, access to accounts with higher rates will need you to stump up a much larger initial deposit.
You can also open a Saga Easy Access Savings Account online. That might not sound revolutionary, but several other savings accounts require in-branch set-up. As this isn’t possible due to the current Covid-19 crisis, some banks and building societies have temporarily suspended account opening.
While there are irks such as deposits and withdrawals are only possible through linked accounts, these are fairly minor and common for other easy access accounts without physical branches.
Confusingly, anyone 18 or over can open a Saga Easy Access Savings Account but you must be 50 or older to be eligible for the Possibilities membership scheme. Although it’s a nice nod to exclusivity for older customers, it feels a little discriminatory towards younger savers.
To open a Saga Easy Access Savings Account, you’ll need to:
If you already have a Saga account, you can log into your account and take it from there. If you’re a new account holder, you can open an account online at the Saga Savings website.
Easy by name, easy nature, this is an undemanding savings account that’s likely to appeal to you if you’re just starting to save or don’t want your cash tied up. With just £1 needed to set up an account, unlimited and penalty free withdrawals, this is a non-scary way to start squirrelling away your money.
If you’re after a savings account that gives greater rewards for your thrifty ways, take a look at these regular saver accounts and cash ISAs.