The band's single 'Higher' saw off competition from 11 other songs, including Take That's 'The Flood', Jessie J's 'Do It Like A Dude' and Hurts' 'Stay'. The award was judged by a specially-chosen panel last night.
The single, which peaked at number ten in the UK charts, won the title after beating Nicola Roberts's 'Beat Of My Drum' in the final voting round.
The shortlist also included Adele's 'Rolling in the Deep' and Mark Ronson and Boy George's 'Somebody To Love Me'.
Responding to the news on Twitter, The Saturdays said that they were "thrilled" to have won the award.
Rapper Example won the prize last year for 'Kickstarts', while Girls Aloud have scooped the award five times in its nine years.
The Saturdays' latest single 'All Fired Up' is currently battling it out with Pixie Lott's 'All About Tonight' for the top spot on Sunday's Official Chart.
Watch the 'Higher' music video below: