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Product Focus: ISAs for older savers

Product Focus: ISAs for older savers

Category: Savings

Updated: 06/10/2009
First Published: 05/10/2009

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Many retired savers who have worked and saved hard over the year's are finding themselves increasingly dependent on their savings to cover daily living expenses such as groceries and bills.

A number of providers offer products aimed at older savers, with the current top over 50s account at 3.20 per cent including a bonus of 1.20 per cent until 30th June 2010. Here is a snapshot of the current top 3 accounts.

Stroud & Swindon Building Society – 50 Plus Notice

This account, available for savers aged 50 and over, pays a rate of 3.20 per cent and includes a bonus of 1.20 per cent until 30th June 2010. A monthly interest option is available at 3.15 per cent with a bonus of 1.17 per cent until 30th June 2010. Savers can invest from £1,000 to £500,000. 90 days notice must be given to access funds. Early access is allowed, although this is subject to 90 days loss of interest. The account can be operated in branch, by post or telephone, although the minimum transaction by post or phone is £100.

West Bromwich Building Society – High Income Over 65 Notice

Available for savers aged 65 or over, this deal pays a rate of 2.80 per cent for deposits between £5,000 and £99,999. For savers with deposits over this amount and up to £250,000, the account pays a rate of 3.05 per cent. Interest is paid monthly. Savers must give 90 days notice to access funds and although early access is allowed, it is subject to 90 days loss of interest. All withdrawals must be made by BACS via a nominated account. The account can be operated in branch, by post or telephone and online.

Chelsea Building Society – Over 50's Instant

This deal's rate is also determined by the deposit amount. For deposits between £200 and £24,999, a rate of 2.47 per cent is paid, while savers with deposits of between £25,000 and £50,000 receive a rate of 2.72 per cent. Interest is paid monthly. Savers can access cash instantly without notice or penalty. The account can be operated in branch or by post by account holders aged 50 or over.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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