Over 50y/o ? Saga paying 7.14% AER Fixed for 1yr via monthly interest

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  • Old_Slaphead
    Old_Slaphead Posts: 2,748 Forumite
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    Had it confirmed tonight - if they've already sent you an application form they will honour it into next week - so get them cheques in sharpish!
  • dougs
    dougs Posts: 617 Forumite
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    can confirm that this one is now closed and new rates will launch on 4th October.
  • Old_Slaphead
    Old_Slaphead Posts: 2,748 Forumite
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    Can anyone confirm how long it is currently taking Saga to process cheques.

    Sent it last Friday (prepaid 1st class envelope) & it's not hit my online account yet. Phoned this morning - they say they can't see it on their system. Couldn't give any indication as to how long it might be but they did say they were "very busy" (that was very helpful !!!)
  • gt94sss2
    gt94sss2 Posts: 5,642 Forumite
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    My father called them last night and was told that they had a backlog and were currently dealing with applications received last Friday.. - partly due to the Northern Rock problems resulting in increased demand.

    My dad is not that happy though - all the money is currently in a current account, earning a pittance, while he waits for them to cash his cheque.

    Regards
    Sunil
  • Old_Slaphead
    Old_Slaphead Posts: 2,748 Forumite
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    Ditto

    They say money will not start earning interest until they are in receipt of cleared funds
  • Hungerdunger
    Hungerdunger Posts: 964 Forumite
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    gt94sss2 wrote: »
    My dad is not that happy though - all the money is currently in a current account, earning a pittance, while he waits for them to cash his cheque.
    I don't know whether this is the correct thing to do, but for the last two investments I've made (Derbyshire BS and Saga) I've attached a covering letter in large type explaining that I don't want to lose interest; that the money is currently in my Nationwide e-savings account; and could they phone or email me when they need the funds transferred to my current account.

    It worked with the Derbyshire, but I haven't heard yet from Saga. However they wouldn't have got my form until last Tuesday so it sounds like they may not process it till next week. In the meantime I'm still earning 5.8% on £50,000 which works out at around £7.95 (gross) per day - not an insignificant figure if processing is delayed by a week.
    "The trouble with quotations on the Internet is that you never know whether they are genuine" - Charles Dickens
  • neil324
    neil324 Posts: 460 Forumite
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    Thast the problem with these accounts you have to wait for the cheque to be processed and the money is sitting in a low interest account which can take time, then it has to be returned to you which is more lost interest.
    Ive just put 100000 in a Nationwide bond paying 6.7% not the best rate but one click of the button and its done :beer:
  • DocProc
    DocProc Posts: 855 Forumite
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    Hungerdunger

    I don't know whether this is the correct thing to do, but for the last two investments I've made (Derbyshire BS and Saga) I've attached a covering letter in large type explaining that I don't want to lose interest; that the money is currently in my Nationwide e-savings account; and could they phone or email me when they need the funds transferred to my current account.

    What an absolutely simple and excellent idea!

    One 'Thanks' coming your way

    Plus.....I'm also going to propose you for the '£50 Post of the Month'. :-)
  • flossy_splodge
    flossy_splodge Posts: 2,533 Forumite
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    Is the phone number on the site the only one or is there a 'normal' one for those of us with 'inclusive' calls? :eek:
  • DocProc
    DocProc Posts: 855 Forumite
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    Try 08458 500664 - and 'quite chatty and helpful' was the lady too.
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