Saga is being accused of short-changing its customers after joining forces with Goldman Sachs to offer an easy-access savings rate that is lower than you can get direct from the Wall Street bank.
This week Saga offered customers an account operated by Marcus, the online savings arm of Goldman Sachs, paying 1.4 per cent interest. If they went straight to Marcus they could get a rate of 1.45 per cent.
Saga says its customers can open the account over the phone, while the Marcus account has to be opened online, and can also open a joint account allowing family members who may have a power of attorney to access the account on behalf of their relative.
Saga’s deal, available to those over 55, includes a