Over 50s savings accounts – finding the best deals
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.
The contents of this article are for reference purposes only and do not constitute financial or legal advice. Independent financial or legal advice should be sought in relation to any specific matter. Articles are published by us without any knowledge or notice of the circumstances in which you or anyone else may use or rely on articles or any copy of the information, guidance or documents obtained from articles. We operate and publish articles without undertaking or accepting any duty of care or responsibility for articles or their contents, services or facilities. You undertake to rely on them entirely at your own risk, and without recourse to us. No assurance of the quality of articles is given or undertaken (whether as to accuracy, completeness, fitness for any purpose, conformance to any description or sample, or otherwise), or as to the timeliness of the publication.
Latest posts by Silversurfer's Editor (see all)
- Win ONE of TEN Droplet Hydration Kits! - July 20, 2018
- Six hotels in Finland you simply have to stay at - July 20, 2018
- Explore the length and breadth of the USA in 2019 with new escorted tours from Cosmos - July 19, 2018
- One of the best opportunities for UK residents to invest in the UK? - July 19, 2018
- The best Summer tops - July 18, 2018
Leave a Comment!
Community Terms & Conditions
These content standards apply to any and all material which you contribute to our site (contributions), and to any interactive services associated with it.
You must comply with the spirit of the following standards as well as the letter. The standards apply to each part of any contribution as well as to its whole.
be accurate (where they state facts); be genuinely held (where they state opinions); and comply with applicable law in the UK and in any country from which they are posted.
Contributions must not:
contain any material which is defamatory of any person; or contain any material which is obscene, offensive, hateful or inflammatory; or promote sexually explicit material; or promote violence; promote discrimination based on race, sex, religion, nationality, disability, sexual orientation or age; or infringe any copyright, database right or trade mark of any other person; or be likely to deceive any person; or be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence; or promote any illegal activity; or be threatening, abuse or invade another’s privacy, or cause annoyance, inconvenience or needless anxiety; or be likely to harass, upset, embarrass, alarm or annoy any other person; or be used to impersonate any person, or to misrepresent your identity or affiliation with any person; or give the impression that they emanate from us, if this is not the case; or advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.
Nurturing a safe environment
Our Silversurfers community is designed to foster friendships, based on trust, honesty, integrity and loyalty and is underpinned by these values.
We don't tolerate swearing, and reserve the right to remove any posts which we feel may offend others... let's keep it friendly!