New account saving account from Saga

[img_assist|nid=7216|title=|desc=|link=none|align=left|width=100|height=100]Saga Personal Finance has launched a new online savings account and guaranteed that its rates will not be more than 0.25% AER below the average of the top 5 variable internet accounts, currently 6.25% gross (6.43% AER), 5% net.

The new service will be accessible round the clock and does not restrict the number of transactions. The minimum amount in the account is £1 and the maximum is £5 million.

All the new rates will be introduced on the first day of every month with the use of the top 5 best buy variable rate internet accounts. The process will be as follows: everyday they will take an average and find out the monthly average; on the basis of that monthly average they calculate a yearly rate. So, the next average is calculated on June 2nd, 2008.

"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", said Andrew Goodsell.