Is Saga a good savings account?

Gam2015

As title says I’ve never really heard of them but they are paying 2.5% easy access a bit better than 1.88% with my atom savings. 

Bigwheels1111

Don’t know sorry, but Al Rayan pay 2.81% and they are very good.

soulsaver

Saga is clone of Marcus - share banking licence.

Bigwheels1111

Go with Marcus, easy to use and talk to.
I have a Marcus account, to be fair I have about 15 or 20 accounts.
Easy access Al Ryan 2.81%, Gatehouse 2.80%, Santander 2.75%.
Have all 3 funded, but only Al Rayan still available.

Snapdragon

I've had a saga account for a few years, my feedback would be...

It's ok. Will rarely be in the top interest rate category, it's only in the top at the moment as they increased today but BOE are due to increase base rate again on Thurs 03/11, at which point Saga will no doubt slide down or off the best list again, as other accounts react considerably quicker to raise rates.

However, it is easy to set up, online access is basic but easy to use, withdrawal is very quick, usually in nominated account within minutes and confirmed by text. So if simplicity is a priority, it's fine. If best rate is a priority there are better options. I've moved the majority of my money elsewhere for the better rates.

Suspect other rates available will rise again after Thursday, but you'll probably wait another month for Saga to catch up. So either go for Al Rayan now (highest available to anyone but needs at least £5000) or wait a few days and keep an eye on soulsaver's brilliant list of top accounts by rate (link in his signature, post #3 above) and see who comes up with the best rates post the base rate change.

adindas

Could you pay by DDs to this account

Snapdragon

adindas said:

Could you pay by DDs to this account

No. They don't offer the option of adding money via a DD or a debit card. You nominate a linked bank account and all monies in and out, are transfers to your linked account, which is an easy process. You can apparently also add money from another Saga Savings account in your name.