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

News

Moneyfacts.co.uk 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: 21/01/2010
First Published: 21/08/2009

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 It is now over 6 months old so the content may be out of date.
A growing number of older savers are relying on retirement funds to cover their everyday living expenses amid the current financial climate. Many banks and building societies have responded to this 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 2.80pc for investments of £5,000 or over and 3.05pc 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. Savers can investment between £1,000 and £1m, while 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 Any products featured may be withdrawn by their provider or changed at any time.

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.
 
Close