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Product focus: Silver saver accounts

Product focus: Silver saver accounts

Category: Savings

Updated: 21/01/2010
First Published: 22/10/2009

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 It is now over 6 months old so the content may be out of date.

Research conducted by Moneyfacts.co.uk has found that building societies offer the highest number of consistently good savings products, accounting for 77 per cent of the savings market.

For savers aged 50 and over there remains plenty of choice, with the current top three notice accounts offered by building societies paying decent rates.

Leek United Building Society – 50 Plus Postal Account

The rate for this account, which can only be operated by post, varies depending on the investment amount. For savers who wish to make up to three withdrawals a year, a rate of 2.50 per cent is paid, while for four or more withdrawals it is 1.98 per cent. A monthly interest option is also available paying 2.47 per cent for up to three withdrawals a year and 1.98 per cent for four or more. Savers can invest between £500 and £250,000. A balance of £500 must be maintained. Failure to maintain this amount will result in the account reverting to the Pyramid Share account, currently paying 0.10 per cent for deposits of between £100 and £24,999. Funds can be accessed instantly without penalty. As the name suggests, savers must be aged 50 and over to hold this account.

Chelsea Building Society – Over 50s Instant

This account pays a rate of 2.47 per cent for deposits of between £200 and £24,999 and 2.72 per cent for larger deposits of up to £50,000. Interest is paid monthly and cash can be accessed instantly without notice or penalty. The account can be operated by savers aged 50 and over in branch or by post.

Leeds Building Society – Flexible Freedom

This account pays a rate of 2.00 per cent. The gross rate is guaranteed to be at least equal to 1.00 per cent below bank base rate until 1st September 2010. A monthly interest option is available at 1.75 per cent and with the same guarantee as the yearly rate. Savers can invest between £500 and £1m. Funds can be accessed instantly without penalty. This account can be operated in branch and by post by savers aged 50 and over.

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 Any products featured may be withdrawn by their provider or changed at any time.

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