Is your savings account working for you? In today’s financial climate, savings accounts seem to be paying less and less. Interest rates shrink so we’ll spend more – but what if you need to keep your money locked away?
For over 50s, sorting out your savings is a priority. Retirement may be just a decade or two away, and it’s important to know that you’ve got the funds to support yourself and supplement your pension in later life. So it may be worth considering an over 50s savings account, if it offers you a better rate. Here’s our guide to finding the right over 50s savings account for you.
Finding out more about over 50s savings accounts online
If you’re not sure what makes over 50s savings accounts different from regular savings accounts, this article by Moneyfacts.co.uk should help. Here, you’ll find a concise but detailed look at the advantages and disadvantages of over 50s accounts, so you’ll be better equipped to make the right financial decision for your savings.
Love Money, another top advice site, has some great tips for opening over 50s accounts too. This article compares two tables – the first looks at the best interest rates on over 50s savings accounts, while the second looks at top rates for savings accounts open to anyone. Importantly, it warns that while some over 50s accounts may have benefits for savers in this age group, their rates aren’t necessarily better than those offered by general savings accounts.
Consumer advice specialist Which? also warns against assuming over 50s savings accounts are the best choice for you if you’re over 50. In a study from June 2013, Which? identifies Chorley & District Building Society’s over 60s account as having the highest interest rate in this financial area. However, a few other savings accounts that are open to any age group still offered better rates. So it’s important to compare all the interest rates available to you before making a final decision.
Making the right savings choice
To find out more about what kinds of interest rates you can expect from over 50s accounts, Money.co.uk has a comprehensive overview. Here, you’ll be able to compare the best rates from a variety of providers, including Halifax and Aldermore. This is Money also has a good synopsis of deals for older savers. Remember, these rates change fairly frequently so if you’re not in a hurry to change accounts, consider waiting a few months – or even until the end of the financial year – to see if a more favourable deal has come up. And if it hasn’t, a general savings account may still be the best choice.
For more financial advice, MoneySavingExpert.com has an indispensable over 50s money saving guide. This page covers a range of essential topics, including retirement, pensions, energy grants, inheritance tax and insurance, as well as savings and interest. It’s also got a list of day-to-day discounts that could help you save money in the long run such as how to get a free bus pass, a free TV license (if you’re over 75) and several money off deals with major high street retailers.
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