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Product focus: Over 50’s internet accounts

Product focus: Over 50’s internet accounts

Category: Savings

Updated: 21/05/2010
First Published: 21/05/2010

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 It is now over 6 months old so the content may be out of date.

Although branch based accounts offer a personal, face-to-face service, they may pose problems for elderly savers who struggle with transport or mobility. As a result, many older savers are turning to the internet to help them conduct their finances with ease. Silver Surfers Day is a national campaign designed to promote the use of digital technology to the older generation and today sees it celebrate its ninth year. To commemorate this occasion, we have selected the current top online accounts for the over 50s.

SAGA – SAGA Internet Saver

SAGA's Internet Saver account pays 2.75pc on its anniversary including a bonus of 1.00pc for twelve months. A monthly interest option is available at 2.72pc, also including the 1.00pc bonus for twelve months. Savers can invest between £1 and £1m. No advance notice is required to access funds, although all withdrawals must be made via a nominated account. The account is available to savers aged over 50 and can be operated online only.

Market Harborough Building Society – onthedot Sixty+ Surfer

This account pays an annual rate of 2.35pc. A monthly interest option is also available at 2.20pc. Savers can invest between £1 and £150,000 and the initial deposit must be made by cheque. No advance notice is needed to access funds. Savers must be aged 60 and over to operate this account.

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

This account pays an annual rate of 2.30pc, with the rate guaranteed to be equal to 0.80pc above bank base rate until 31 August 2012. A monthly interest option is available at 2.28pc with the same guarantee. Investments range between £1,000 and £1m and the initial deposit must be made by cheque. No notice is required to access funds, although the minimum withdrawal amount is limited to £100. All withdrawals must be made via a nominated account. The account can be operated online only by savers aged 55 and over.

Find the best savings rates for you - Compare savings accounts

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 Any products featured may be withdrawn by their provider or changed at any time.

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