Old before your time?

aroominyork

Saga has a 4.5% easy access account. At the moment that seems to be the best non-ISA rate for large amounts. Saga is marketed to over-50s but is available to over-18s. I ‘qualify’ on both counts but doubt I would have opened an account when much younger. What is your age and would you have opened a Saga account if you were 25? Be honest!

flaneurs_lobster

Dunno about Saga but I once opened an account designed for under-14s for a free £20 bribe - the T&Cs allowed it despite me being 50 years over their target demographic.

Kim_13

Under 40, would open one if I had the funds to make use of it (I only open speculatively if I am an existing customer, as it makes it easier,)

Initially assumed I wouldn’t qualify due to age but happy to be corrected and would have done the same at 25.

InvesterJones

At 25 and with a large amount to invest I would have considered a cheap global index tracker instead ;)

friolento

Now >70. Would have opened one at 25.

The T&Cs allow any UK resident over 18, so why would a 25 y/o not go for the market leading interest rate 🤷🏻‍♂️

masonic

Now >40. Would have opened one at 25.

But I probably wouldn't have told my mates that I had it!

PixelPound

https://forums.moneysavingexpert.com/discussion/comment/82076596#Comment_82076596

This ^^^^

If you have 30 years then you invest.

friolento

Now >70. Would have opened one at 25.

https://forums.moneysavingexpert.com/discussion/comment/82076707#Comment_82076707

Why not? Ageism in action?

friolento

Now >70. Would have opened one at 25.

https://forums.moneysavingexpert.com/discussion/comment/82076721#Comment_82076721

If you are a clever person with a 30+ years investment horizon, you would also have a ready easy-access cash account with your emergency fund in it. Goes without saying that you would plug for the account with the best interest rate.

Though as a septuagenarian, I concede, if you are in that 30+ years horizon age group, you would probably not entertain an account which doesn't have an app.I am now thinking twice myself before opening accounts which only have online and no app access (and have long given up on Branch-only accounts). Saga need to move into the 21st century as their 80+ years clientele won't be around forever.

InvesterJones

https://forums.moneysavingexpert.com/discussion/comment/82076770#Comment_82076770

Absolutely, but I wouldn't put a large amount (per OP) in an emergency fund.

friolento

Now >70. Would have opened one at 25.

https://forums.moneysavingexpert.com/discussion/comment/82076783#Comment_82076783

Sure.

But whether you have a little or a lot in your account, going for the most advantageous interest rate is never a bad strategy 😎.

I'd have very, very serious words with my grandson if he turned down a 4.5% instant access account, merely on the grounds that it's provided by a company that's known to market their products to oldies (in conjunction with a company which has one of the best youth accounts…….😂). Luckily, I don't have to, as he had got his account before telling me how easy the application was. As I did say earlier, though, he wasn't to pleased that there is no app, and neither am I. Can't look a gift horse in the mouth, though 🤣