Product focus: Silver saver accounts - Savings - News - Moneyfacts

News News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Product focus: Silver saver accounts

Product focus: Silver saver accounts

Category: Savings

Updated: 28/01/2010
First Published: 12/11/2009

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
Older savers make up a large portion of the market and tend to be quite careful where their cash is invested. Many providers offer accounts designed specifically for the so-called 'silver saver' market. Here are the current top three products for savers aged 50 and over.

Stroud & Swindon Building Society – 50 Plus Notice

This account pays a rate of 3.20pc including a bonus of 1.20pc until 30th June 2010. A monthly interest option is also available at 3.15pc with a bonus of 1.17pc until 30th June 2010. Savers can invest between £1,000 and £500,000. 90 days' notice is required to access funds. Early access is allowed, although this is subject to 90 days' loss of interest. The minimum withdrawal allowed by post or telephone is £100, although the account can also be operated in branch.

West Bromwich Building Society – High Income Over 65 Notice

This account pays a monthly rate of 2.80pc for deposits of between £5,000 and £99,999. For deposits of £100,000 up to £250,000, a rate of £3.09pc is paid. 90 days' notice must be given to access cash. Early access is allowed, although savers will incur 90 days' loss of interest. All withdrawals must be made via BACS to a nominated account. The account can be operated in branch, by post or telephone and online by savers aged 65 and over.

Chelsea Building Society – Over 50s Instant

The rates for this product also depend on the deposit amounts. For deposits between £200 and £24,999 a rate of 2.47pc is paid. Larger deposits of between £25,000 and £50,000 receive a higher rate of 2.72pc. Interest is paid each month on the last working day. Cash can be accessed immediately without penalty, as the account comes with a cash card. The account can be operated in branch or by post.

Find the best savings accounts for you - Compare over 50's 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 Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Just 44 savings accounts beat inflation

Inflation recorded another large jump during December, and predictably, this has had a devastating impact on the number of savings accounts that beat it, so much so that you’ll need to lock your money away if you want an inflation-beating return.

Just 47% have money in a savings account

We’re often told of the importance of saving, yet unfortunately, the message doesn’t always get through. Indeed, research shows that just 47% of those surveyed have money in a savings account, and 17% have no savings or investment whatsoever.

How much will you save this year?

Many of us have set savings goals for the year ahead, and planning to budget better and save more will be at the top of many financial resolution lists. But how much are you hoping to squirrel away? Encouragingly, many people have impressive targets.