Product focus: online accounts for silver savers

Category: Savings
Date: 7/20/2010

The increasing prevalence of online accounts has been good news for savers with busy lifestyles, but a number of older clients are turning to the internet as well

Transport or mobility problems can make regular trips to a provider's branch difficult, so the convenience of accessing account details from home is particularly appealing for many.

Here is a selection of the current best online accounts designed specifically for so-called silver-surfers.

SAGA – SAGA Internet Saver

SAGA's Internet Saver account for customers aged 50 and over pays 2.75% on its anniversary, including a 1.00% bonus for twelve months. After twelve months the gross rate has an underlying guarantee to be no lower than 2.00% below bank base rate. A monthly interest option is also available at 2.72% with the same bonus. Savers can invest between £1 and £1 million. No notice is required to access funds, although all withdrawals must be made via a nominated account. The account can be operated online only.

Market Harborough Building Society – onethedot Sixty+ Surfer

This account pays an annual rate of 2.35%. A monthly interest option is also available at 2.20%. Investments range between £1 and £150,000 and the initial deposit must be made by personal cheque. No notice is needed to access funds. The account is available to savers aged 60 and over and can be operated online only.

Saffron Building Society – e-saver 55-plus Issue 2

This account pays an annual rate of 2.30%. The gross rate is guaranteed to be equal to 0.80% above bank base rate until 31st August 2012. A monthly interest option is also available at 2.28%. Savers can invest between £1,000 and £1 million, although the initial deposit must be made by cheque. No notice is required to access funds, although all transfers must be made via a nominated account and the minimum withdrawal amount is £100. The account is available to savers aged 55 and over and can be operated online only.

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