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Product Focus: Silver Saver Accounts

Product Focus: Silver Saver Accounts

Category: Savings

Updated: 21/01/2010
First Published: 04/09/2009

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 It is now over 6 months old so the content may be out of date.
Retired customers make up a very large percentage of the savings market. A number of older savers are finding themselves dipping into retirement funds to cover everyday living expenses amid the current financial climate.

Thankfully banks and building societies have responded by offering a range of accounts aimed at savers aged 50 and over with appealing features such as monthly interest and high deposit limits. The following three deals do not offer bonuses.

West Bromwich Building Society - High Income Over 65 Notice account

This account pays a variable rate of 2.80 per cent for investments of £5,000 or over and 3.05 per cent for investments of £100,000 to £250,000. Interest is paid on the last working day of each month. To access funds, savers must give 90 days notice, although earlier access is available subject to 90 days' loss of interest. All withdrawals must be made by BACS to a nominated account. This account can be operated by post, telephone, online or in branch.

United Trust Bank – 50 Day Notice (Over 50s)

United Trust Bank currently pays 2.50 per cent on its 50 Day Notice account, which can be operated by either post, telephone or fax. Savers can invest between £500 and £500,000. To access funds, savers must give 50 days notice. Earlier access is not permitted.

Saffron Building Society - E-Saver 55 Plus – Issue 2

This online only account from Saffron Building Society offers a rate of 2.30 per cent to savers aged over 55. Investments range between £1,000 and £1 million. The initial deposit must be made by cheque, after which all operations have to be carried out online. The minimum withdrawal amount is £100. A monthly interest option is available to savers at a lower rate of 2.28 per cent. The account's gross rate is guaranteed to be equal to 0.80 per cent above Bank Base Rate until 31st August 2012.

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 Any products featured may be withdrawn by their provider or changed at any time.

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