Saga Savings Account

Annie777

Hello. I have specifically joined the forum to complain about Saga. Their easy access account had been advertised as one of the best interest rates. We applied online successfully and then received a letter through the post requesting ID/cheque/signatures which we dutifully sent off. It has taken Saga three weeks to now write back to say that this account has been withdrawn and have returned all our paperwork. A complete waste of our time and a waste of making any money from interest! Not happy at all and using the forum to moan!:(
We will ensure we now avoid Saga at all costs.

jimjames

Now you've joined you might do well to read the threads here about getting the best rates.

No idea what Saga were offering but I bet it wasn't as high as the 5% current accounts so they may have done you a favour!

eskbanker

jimjames wrote: »

No idea what Saga were offering but I bet it wasn't as high as the 5% current accounts so they may have done you a favour!

They were offering 1.55% until earlier this month, which was competitive against other traditional instant access savings accounts, but clearly some way short of what can be achieved with the best current accounts just now.

As far as OP is concerned, I guess that whenever a product is withdrawn there will always be people who just miss out and who therefore feel (understandably) aggrieved, exacerbated by a slow return of documentation, etc, to advise them of this, but it's pretty poor form if they actually confirmed acceptance, even if subject to ID checks, so maybe worth a formal complaint....

[Deleted User]

Unless it was a fixed rate account it probably isn't worth complaining, the rate will drop anyway soon after they've got enough investors.

le_loup

erm?
Fixed rate? Drop?

mgdavid

le_loup wrote: »

erm?
Fixed rate? Drop?

Unless.......

eskbanker

jack_pott wrote: »

Unless it was a fixed rate account it probably isn't worth complaining, the rate will drop anyway soon after they've got enough investors.

Yes, I wasn't meaning that OP should try to cajole them into reversing their decision not to allow the application, which is likely to be (a) unsuccessful and (b) sub-optimal anyway, but that if questionable practices have caused inconvenience, loss of interest, wasted time, etc, then it should be possible to make a case for some sort of recompense.

Saga_plc

Hello Annie777,
I would like to help you with your complaint. Please message me your contacts details.
Kind regards, David.