Saga Top 5 Tracker account

nobby24

I opened one of these accounts about two weeks ago, in fact it was the last day before it was closed. I've been back to the Saga website to peruse the T&Cs and they're not there anymore. I'm going to get monthly interest, does anybody know if the interest is reinvested or is it paid into the linked account?

TIA

:rolleyes:

BandJB

The link http://www.saga.co.uk/money-shop/savings/online-tracker/ states that it is no longer available but if you log in to your account (last option on the left of the page) then it will tell you what the current month's rate is.

It's a condition of the account that the interest is 'paid away' to your linked account if you selected monthly interest. T&C reads:
"3. Interest is calculated daily and credited back to your Saga Online Top 5 Tracker Account annually on

the anniversary of the first deposit or paid away to your nominated linked bank account. Monthly interest
payments must be paid away on the first day of each month to your nominated linked bank account.
Interest payments could take up to 4 banking days to reach your nominated linked bank account."

nobby24

Thanks Bandjb.

WaltD

The interest rate today (the last day of the month) is 5.66% gross. I wonder what it will be tomorrow! They recalculate the interest each month, based upon what other providers are offering.


WaltD

ManAtHome

Probably a smidge above 4%...

Stompa

WaltD wrote: »

The interest rate today (the last day of the month) is 5.66% gross. I wonder what it will be tomorrow!

I don't know how well they correlate, but the similarish Investec High 5 account has just dropped from 4.66% to 4.63%.

nobby24

The interest rate today (the last day of the month) is 5.66% gross. I wonder what it will be tomorrow! They recalculate the interest each month, based upon what other providers are offering.

Still showing 5.66% today, Jan 2nd.

inearlygaveup

Looks like it might be Monday before they change it

Baldur

http://forums.moneysavingexpert.com/showthread.html?t=1388435

Cornishsaver_3

Yes, I've just checked my account and 4.34% it is, which as a basic rate taxpayer works out at about 3.47%. That's probably quite good at the moment but will probably fall further next month.

nobby24

Well the beauty of this account is you know it's always going to be a fairly good rate because it's tied to the Top 5 rates available.