Saga fixed rate savings account - safe?

miss_katrina

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For the latest best buys read our Fixed Rate Savings guide.

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I am thinking of investing £50k in a Saga fixed rate savings account which pays interest out monthly. Does Saga count as a UK regulated bank or building society and therefore will my money be safe?

ManAtHome

They're part of HBoS (Halifax, Bank of Scotland, Birmingham Midshires, the AA and maybe a few others) - as long as you have no more than £50,000 across all of them, is definitely covered by the compensation scheme (FSCS). So far govt has covered amounts over £50k, but this is a confidence thing rather than a cast-iron guarantee.

miss_katrina

I already have some money saved with lloyds tsb - this counts as well right?

savetilibleed

miss_katrina wrote: »

I am thinking of investing £50k in a Saga fixed rate savings account which pays interest out monthly. Does Saga count as a UK regulated bank or building society and therefore will my money be safe?

Birmingham Midshires is Saga Savings provider. If you go to one of their savings products on their website, say http://www.saga.co.uk/money-shop/savings/fixed-rate/ and scroll to the bottom that information is there.

Baldur

miss_katrina wrote: »

I already have some money saved with lloyds tsb - this counts as well right?

No. At the moment, LTSB & HBOS/B'ham Midshires, etc., are separately authorised - see the table and the note "What about HBOS/Lloyds and the other bank takeovers?" on the followin link http://www.moneysavingexpert.com/savings/safe-savings#whatcounts