UK Money News
7th May 2008
Saga revamps Online Savings Account
Saga has revamped its online savings account with a new guarantee on the return offered to account holders.
Under the new terms of the Saga Online Savings Account customers will be assured a rate of interest on their savings that is not more than 0.25 per cent below the average ER offered by the top five variable internet accounts.
Other features of the account are instant access 24 hours day and no restrictions on the number of transactions.
Andrew Goodsell of Saga said: "Saga's new account further demonstrates our commitment to offering savers a guarantee of stability.
"Unlike many providers we aren't just offering this rate to new customers, all of our existing online savings account customers will also automatically receive this enhanced rate".
Saga's decision to pledge to maintain rates on its online account comes amid increasing competition for customer deposits among financial institutions.
This is being fuelled by banks seeking an alternative means of funding in the light of strains in the money markets.
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