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Saga Easy Access Savings Account

By: Anne East | Updated: 2nd February 2021.

Great for: Earning interest with flexible access
4.5 stars question mark

Saga Easy Access Savings Account

Saga logo
  • Interest Rate (AER):

  • Account Type:

    Easy Access
  • Account Minimum:

  • Account Maximum:


Account protected by the FSCS up to £85,000


  • Bonus 0.15% rate for the first 12 months
  • Start saving with as little as £1
  • Flexible account that allows easy access to your funds

what we like

  • Bonus 0.15% rate for the first 12 months
  • Start saving with as little as £1
  • Flexible account that allows easy access to your funds


  • Bonus 0.15% rate for the first 12 months
  • Start saving with as little as £1
  • Flexible account that allows easy access to your funds


Bottom line

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.

What I like

  • Low minimum deposit – you can open an account with just £1, helping you kick-start savings almost immediately.
  • Open online – if you meet eligibility criteria and have internet access, you can open account from the comfort of your living room.
  • Instant access – you can get to your money as and when you want. You’ll need a ‘linked account’ that money from your Easy Access savings can be transferred into. This can be with any other UK bank or building society or another Saga account.
  • No need for monthly deposits – no need to add money in every month, just as and when you can.
  • Flexible – you can open this as a joint account and have two different linked accounts so that you and your partner can deposit money. If you choose the joint approach, you won’t need joint approval for withdrawals.
  • No fees – there are no extra fees and you won’t be penalised for transferring your money, taking it out or cancelling the account.
  • Membership to Possibilities – if you’re over 50, opening an Easy Access Savings Account entitles you to join Saga Possibilities – an exclusive membership programme. You’ll get access to online content, partner offers and entry to exclusive events.

Why trust me

Anne East

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.

What could be improved

  • Interest rate – not the most competitive on the market and rates have already been cut twice in the last few months making it even less so.
  • Bonus time – the 0.15% bonus is limited to 12 months so the overall interest will fall again after this. If you’re an interest rate chaser then it potentially means shopping around and moving your savings elsewhere.
  • Deposits – you can only add money into your account via your linked account. While that doesn’t sound too difficult, if you’ve got several different accounts and manage your money like a conductor in charge of a symphony, it could become an inconvenience. Similarly, you can only withdraw money by transferring it into your linked account.
  • Limited withdrawals – withdrawals are limited to £20,000 online. If you need to take out more, you can call the Saga team to arrange this.
  • Limited to online and phone access – account management is online and by phone only.

How does it stack up?

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:

  • Be 18 or over.
  • Live in the UK, have a UK address and phone number – this excludes the Channel Islands and the Isle of Man.
  • Have a UK current account that you can use as your linked account. You’ll also need to provide your sort code and account number.
  • Have your own email address even if you open a joint account.

How to apply

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.

Is the Saga Easy Access Savings Account right for you?

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.

See the Best Easy Access Savings Accounts