Saga Savings has launched a range of savings products for those nearing retirement.
A fixed rate cash Isa, a variable rate cash Isa, and a telephone savings account are now offered through the savings provider with a monthly interest option.
The Saga Isa Saver allows customers to transfer other existing Isas into the product. There is no fee for withdrawals and the account pays a fixed rate of 0.9 per cent for the first 18 months, after which the interest rate will drop to 0.05 per cent tax free/AER variable.
The Saga 1 Year Fixed Rate Isa pays 1 per cent tax free/AER fixed on balances of £1 or more and interest is available monthly or annually.
Other existing Isas can be transferred into the product, and will be subject to a withdrawal charge equivalent to a loss of interest.
Saga Telephone Saverpays 0.8 per cent gross.AER variable on balances of between £1,000 and £1m, which includes a fixed bonus of 0.74 per cent for 12 months, after which time the interest rate will drop to 0.05 per cent tax free/AER variable. Balances below £1,000 will earn 0.05 per cent gross/AER.
The Isa Saver and 1 Year Fixed Rate Isa can be opened through post, online or phone, while the Telephone Saver can be opened by phone or online.
Gloria Barker, head of savings at Saga Personal Finance, said: “Many people over 50 are on a fixed income and looking for their money to work hard to provide them with an income.
“They tell us they are constantly looking for the best home for their money and we know that people value being able to save their money with a well-known provider that they can trust, so we’re really pleased to have launched these new accounts.”