Product Focus: Silver Saver Accounts - Savings - News - Moneyfacts


Product Focus: Silver Saver Accounts

Product Focus: Silver Saver Accounts

Category: Savings

Updated: 21/01/2010
First Published: 10/08/2009

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 It is now over 6 months old so the content may be out of date.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 banks and building societies continue to offer a range of accounts aimed at savers aged 50 and over.

Growing numbers of mature savers are finding themselves reliant on retirement funds as a form of income, so account features such as monthly interest and high deposit limits should prove appealing.

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 2.80pc for investments of £5,000 or over and 3.09pc 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 day's notice, although earlier access is available subject to 90 days' loss of interest. The account can be operated by post, telephone, online or in branch.

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

United Trust Bank currently pays 2.50pc on its 50 Day Notice account, which can be operated by either post, telephone or fax. Investments amounts range from £500 to £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 recently launched e-saver account from Saffron Building Society offers a rate of 2.30pc to savers aged over 55. Investments range from £1,000 to £1m and 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 slightly lower rate of 2.28pc. The account's gross rate is guaranteed to be equal to 0.80pc 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 Any products featured may be withdrawn by their provider or changed at any time.

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